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New pet insurer enters with a charitable goal

Currently available in 30 states, Toto pledges to ‘pay it forward.’

New pet insurer enters with a charitable goal

The roster of U.S. pet health insurers grew by one in July with the launch of Toto Pet Insurance Inc., which vows to donate 20 percent of its earnings to support veterinary care for needy animals.

Licensed in 30 states, the Richmond, Virginia, company, offers basic policies covering accidents, illnesses and prescriptions. Coverage options for cat and dog owners include veterinary exams, hereditary and congenital conditions, preventive care and end-of-life services.

Policyholders are paid by check within days of a claim submission at a reimbursement rate of 90 percent, Toto stated. There is no annual reimbursement limit.

The company expects to receive B Corp certification in September, proof of its commitment to social and environmental leadership.

“We believe Toto not only has the responsibility to be the best pet insurance in America, but also the best for America,” said CEO and co-founder Bruce Trowbridge, MBA. “Our main mission is to inspire pet parents to use pet insurance not only for their own dog or cat, but also to pay it forward for pets in their communities that otherwise would be put down too soon.”

Toto policies are underwritten by Independence American Insurance Co. and administered by PetPartners Inc., the provider of AKC and CFA pet insurance. The company plans to expand soon to all 50 states and Washington, D.C.

Toto enters a market comprising about a dozen insurers covering more than 2 million pets in the United States and Canada, according to the latest figures from the North American Pet Health Insurance Association. The North American industry’s gross written premiums in 2017 totaled more than $1 billion, a 15 percent rise from the previous year, NAPHIA reported.

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