Pet Insurance

The Boost Pet Health program is designed as a modular offering that allows significant flexibility. The multitude of available endorsements, limits and deductibles means that Partners can build an insurance offering that best suits their specific customer base, or that they can opt to let the customer choose from a wide range of available options.

The Boost Pet Health product is an Admitted Personal Lines product in all filed states.

Coverages and Forms

Below is a list of the myriad of available coverages with a short description and a link to the filed forms.

Countrywide Form

Description

Pet Accident and Illness

Covers veterinarian costs caused by Accidents and Illness including: exams, x-rays, medical supplies and hospitalization

Accident is defined as "A sudden or unexpected event that causes injury to Your Pet"

Illness is defined as "Any change to the normal healthy state of Your Pet, a sickness, disease, or Medical Condition that is not caused by an Accident

Pet Accident Only

Covers veterinarian costs caused by Accidents including: exams, x-rays, medical supplies and hospitalization

Application Page

Standard application laying out the questions a customer answers to determine rate and provide coverage. A completed application is necessary to issue a policy

Declarations Page

Delivered at time of purchase the Dec Page lays out the terms and conditions around a specific customer's coverage

Advertising and Reward Endorsement

Covers the cost, up to the limit, for advertising and offering a reward for a lost pet

Alternative Therapies Endorsement

Covers therapies such as acupuncture, chiropractic and physiotherapy performed by, or under the supervision of, a vet

Wellness Endorsement

Covers specified preventative and routine treatments including: (2) wellness exams/year, some vaccines and tests and spaying/neutering

Boarding Kennel and Cattery Endorsement

Covers the cost of boarding a covered pet when the owner is hospitalized as a result of their own sickness, disease or injury

Cancer Coverage Endorsement

Adds cancer to the definition of a covered illness

Dental Endorsement

Covers medically necessary endodontic treatment of dental injuries (i.e. root canals) and dental extractions

Loss Due to Theft or Straying Endorsement

Covers the price paid for the pet, up to the limit or $150 if the price is unknown, if the covered pet is stolen or missing and not found within 30 days

Mortality Benefit Endorsement

Covers the cost of burial/cremation (up to $250) and the price of a pet if a pet passes away or must be euthanized as a result of illness or injury

Prescription Drug Endorsement

Covers up to 50% of the medications prescribed by a vet to treat an injury or illness

Vacation Cancellation Endorsement

Covers any paid accommodations or travel costs that cannot be recovered due to a pet needing lifesaving treatment

Policy Change Form

The Change form is utilized for certain changes to the policy, something like an address change would be handled through a policy change form

Electronic Delivery Selection Form

Customers must agree to have their policy documents delivered digitally rather than by postal mail

Multiple Pets

The product allows a customer to cover up to 5 pets on a single policy with a multi-pet discount (see below) applied for each furry friend after the first.

Waiting Periods

This product includes a set of waiting periods before certain coverages become available to the policyholder. Longer waiting periods decrease the overall cost of the policy.

Available Waiting Periods for Accident and Illness

  • 3 days (default)
  • 5 days
  • 10 days
  • 15 days

Available Waiting Periods for Cancer Endorsement

  • 3 days
  • 15 days
  • 21 days (default)
  • 25 days
  • 30 days

Coinsurance

Coinsurance is the maximum amount that the insurance will cover for a claim. It is listed on a percentage basis so 100% coinsurance means that the insurance will cover 100% of the cost. The product offers the following coinsurance options, as the coinsurance percentage goes down the overall cost of the policy decreases.

  • 100% coinsurance: policy will pay 100% of the claimed amount after deductible is met
  • 90% coinsurance: policy will pay 90% of the claimed amount after deductible is met
  • 80% coinsurance: policy will pay 80% of the claimed amount after deductible is met
  • 70% coinsurance: policy will pay 70% of the claimed amount after deductible is met

Per Incident Limits

The Boost Pet Health product sets per incident limits. These are the maximum limits that can be claimed for a single incident. Currently there are four options available, as the limit increases so does the overall cost of the policy.

  • $50,000
  • $25,000
  • $10,000
  • $5,000

Lifetime Maximum Benefit

The lifetime maximum benefit sets the maximum aggregate amount a policyholder can claim over the lifetime of their pet. The policy will no longer pay for claims once the maximum lifetime benefit has been reached. There are two options available, each with pricing implications:

  • $100,000
  • $200,000

Deductibles

Deductibles are the amount that the customer pays before the insurance kicks in. Higher deductibles lead to lower initial policy costs, but mean more out of pocket for a consumer when there's a loss. Deductibles can be chosen by Pet.

Per Incident Deductibles are available up to $500 with options of:

  • $0
  • $50
  • $100
  • $250
  • $500

Annual Deductibles are available up to $1,000 with options of:

  • $0
  • $250
  • $500
  • $750
  • $1,000

A policyholder can choose either a Per Incident or Annual, not both. If Lifetime Deductibles are not applicable, the per-incident OR annual deductibles will apply per policy period.

Discounts

Boost will work with each Partner in order to determine which discounts they may be able to offer to their customers.

Name

Discount %

Description

Multi-Pet (2 pets)

Up to 5%

For a customer with more than 1 pet on the policy

Multi-Pet (3 pets)

Up to 10%

For a customer with more than 2 pets on the policy

Military Personnel

Up to 10%

For eligible personnel include serving and retired members of the Army, Navy, Air Force, Coast Guard, Reserves, National Guard, and other Armed Forces

Veterinary Staff

Up to 10%

For customers working at a veterinary clinic

Medical Service Personnel

Up to 10%

For customers that provide medical services

Strategic Partnership

Up to 10%

For Strategic Partners that work with Boost Partners to produce marketing initiative in order to generate sales and communication around the importance of pet insurance

Affinity Group

Up to 10%

For large-scale network partnerships like gyms, property management companies, etc. Single-location businesses do not qualify

Humane Staff

Up to 10%

For customers affiliated with the Humane Society

Corporate Group

Up to 10%

For Corporate Groups that are companies who enroll a group of their employees (i.e. if Boost employees had the option to sign up for pet insurance through Boost's employee benefits offering)

Claim Free

Up to 10%

For renewal customers that have never had a claim

Renewal Retention

Up to 5%

For renewing customers

There is a Detailed state by state discount breakdown available to all partners. Please remember that All discounts are subject to individual state approval. The availability and total amount of any discount is subject to change without notice due to reasons outside Boost’s control.

Exclusions

There are a variety of exclusions in each of the base forms available. Some of the aforementioned endorsements will remove some of the exclusions in the base form, mainly on wellness treatments (Wellness endorsement) and cancer treatments (Cancer Coverage Endorsement). Partners can refer to the Policy for a full list of exclusions either Pet Accident and Illness Base Form or Pet Accident Only Base Form.

Policy Mechanics

Eligibility

  • Pre-existing conditions are not covered as part of this policy.
  • The Product is available for pets that meet the following eligibility criteria:
    • All domesticated dogs and cats.
    • Minimum age of 8 weeks and up to a maximum of 15 years at the time of new business enrollment.
      • If a pet is 15 or younger at policy issuance, we will provide a renewal quote for that pet until they pass away.
      • In NY, a pet may be non-renewed when they are 18 at the time of renewal
    • Pets must be owned and in the physical possession of the policyholder.
    • Pets must live in the residence of the policyholder.
    • Cloned dogs and cats are not eligible.
    • Breeders are not eligible.
    • Hybrid dogs and cats (domestic animals that are bred with wild animals) are not eligible.
    • There is a maximum of 1 policy per household.
    • There is a maximum of 5 pets per policy, per household.

Base Policy Mechanics

  • The policyholder can choose one limit option and one deductible option for their policy, and the limit and deductible will apply individually to each pet.
  • There is a minimum premium of $50.00 per year.
  • The Insured may make any changes to the policy at renewal, including changing deductibles, limits, endorsements, within Your offered policy options, subject to Your underwriting guidelines.
  • Policies are continuous until cancelled and will renew automatically as long as premium payments are current and the pet remains within your approved underwriting guidelines.
    • In NY, a policy cannot be non-renewed for a period of three (3) years from the effective date of the first policy period.
  • You will own all aspects of customer service including sales, premium collection, and the First Notice of Loss intake of all insurance claims.
  • Your insurance agency entity will be listed as the Broker of Record on the Declarations page.

Endorsement and Policy Changes Mechanics

  • The Mortality Benefit endorsement can be added at policy inception or renewal only. It cannot be added midterm.
  • Midterm policy changes should be placed via Your portal and sent via the API to Boost for processing in accordance with the underwriting guidelines. Acceptable midterm policy changes include:
    • Address changes: Change to the physical address of the policyholder may require a re-rate or a re-write of the policy in order to apply accurate rates
      • If the old address and the new address have the same rate, there will be no change
      • If the new address is in a different state, the policy will need to be cancelled and re-written to match the state coverage and state amendatory endorsements.
        • Any existing credits (i.e. renewal retention discount, claims-free discount) would carry over to the new policy.
        • The new policy would not be subject to new waiting periods.
      • If the new address is in a state where the product is not yet approved, the policy would be cancelled as of the date of the move.
    • Decrease in coverage (i.e. an increase in deductible) is allowed once per pet, per policy term and at renewal;
      • A decrease in deductible is not allowed during the policy term and can only be made at renewal.
    • No endorsements can be added midterm;
    • Any endorsement can be removed midterm; and
    • Pets can be added midterm, up to the maximum of 5 pets per policy. The same pet cannot be removed and added back within the same policy period.

Backdating of Policy Effective Date

  • There is no backdating of the policy effective date for this program.

Policy Quoting and Issuance

This section deals with the insurance and operations requirements related to the quoting and issuance of policies for the pet health product. For technical guidance on the quoting and issuance process in the API, please refer to the [Quoting(https://getstarted.boostplatform.io/v1.3/docs/intro-to-quotes)] section above.

Quote Generation

  • The minimum information required to return a quote is:
    1. Policyholder zip code;
    2. Type of pet (cat or dog);
    3. Age of pet;
    4. Breed of pet; and
    5. Number of pets (if more than one pet is selected, the customer must answer questions 2-4 for each pet).

If only the above information is provided then the initial quote will be returned as indicative meaning that the rate has been established, but the policy cannot actually be issued without additional data. These indicative quotes allow a partner to optimize your front end experience by asking the customer as few questions as possible to determine a price. If the customer proceeds to purchase the policy you will need to collect and send their name and address to Boost. At that point the quote will move to bindable and then convertible at which point the policy can be issued.

If permitted under your product structure and UI, customers can modify various coverage aspects - including limits and deductibles - to see the rating impacts prior to final selection and checkout. Since the policy allows a user to pay in full upfront or in monthly installments the quote will include both annual and monthly premium breakdowns. Where approved (not all states) the policy premiums will include a one-time policy admin fee of $6.00 per policy, not per pet. This fee will only be charged at inception and does not apply to policy renewals. Finally insurance requires that All taxes and fees must be paid at issuance, so the first installment in the monthly payment option will be higher than the remaining 11 installments.

Policy Issuance

Policies do not become legally binding until the customer electronically attests to the veracity of information provided in the application (by attesting to the Terms and Conditions), provides their full mailing address, and pays the applicable premium (annual or the first monthly installment). Partner is responsible for letting Boost know that payment has been received. Once these steps are complete the quote can move to convertible and then the policy can be issued. The policy, including the base form and any selected endorsements, will be issued via the Boost API and sent via webhook or email for delivery to the Insured.

Questions?

Reachout and we'll be happy to help you get going on your new pet program!


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