If you have a horse, you need insurance
If you're a horse owner, a horse business owner or both; you need insurance.
For the business you may need commercial general liability, an umbrella liability policy and "care, custody and control" coverage.
As a horse owner, you may want mortality and theft, or something to cover colic and non-elective surgeries as well as major medical for accident, sickness or disease. If you are in the breeding business there is coverage for stallion and mare infertility; if you are showing, you may opt for a "loss of use" (the function insured must be named) policy.
Whatever you are considering, you must weigh the costs against the risks against the possible losses.
If you are in business, the risks are high that sooner or later there will be a claim; be prepared.
If you're not in business, then a horse is not an investment, he's a liability…still, you may wish to insure for his "value" and you may wish to protect yourself against a claim by having a "liability" policy.
The keys to getting good coverage at a fair price: Rating, Reputation and Exclusions.
The rating of the company is, in a sense, its ability to pay a claim. Don't accept a policy from an agent whose underwriter has a rating less than "A+".
Check a company's reputation by talking with other horse owners; if they've had a problem, they'll be delighted to tell you. Your relationship with any company will be great as long as you pay the invoice and there is no claim; problems do develop when you make a claim, and you don't want problems.
When you buy a specific policy you expect specific coverage. But often it is more important to know what is being excluded than what is being covered. Make the company provide a complete listing of the "exclusions." Ask for the "exclusions" to be separated out of the policy so nothing is missed.
Now comparison shop! (Insurance is covered in more detail in the online course: Legal Aspects of Horse Management at www.horsecoursesonline.com)
Questions and Answers
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