Horse Insurance: Protecting Your Equine Assets
Horse Insurance
Hello, I'm Rebecca. If you own or care for horses, then you know what a special bond it is that develops between the horse and rider. It is our job to ensure we provide the levels of care and protection required to help both get the most out of this relationship.
That's why we've created this special page within the site to provide information on an often overlooked aspect of horse ownership and care. Horse insurance is a way of providing protection for for the rider and their equine partner.
If you own or care for a horse today, you are responsible for more than just the general feeding and care of the animal. In the event of an accident resulting in property damage or personal injury, you can be held legally accountable for damages. In the past if you kept horses confined within a well managed stable or pasture you were reasonably well insulated from charges of negligence, but this is no longer the case.
If you do keep horses you should consider carrying third party liability horse insurance. This insurance can protect you in the event that a horse in your care is involved in an accident. This could be anything from the horse kicking someone, to it running out on a road and being struck by a vehicle. The cost associated with this kind of coverage is relatively small when compared to the expenses incurred in defending ones self from claims of negligence.
Any one of us can be held legally liable, either as an
individual, or
as a member of a club or an association. This liability can be claimed
for injuries sustained to a third party or their property, if we
negligently allow injury to occur too that party by failing to exercise
the degree of due care the law requires. This can also be caused by
allowing an unreasonably dangerous condition to exist on or off our
property, which causes injury to another person or their property. The
list of possible circumstances that could lead to this kind of
situation could be almost impossible to foresee, and for this reason
alone it is well worth having the protection of equine insurance
It should be rather obvious that participating in the sport of horses can contain inherent,and well known risks of injury beyond those normally associated with day to day life in modern society. For this reason it is necessary to take broader precautions to protect yourself and also those associated with you, and in this case, your animals.
A person cannot generally sue and win for injuries or property
damage
if that person knowingly and voluntarily assumes the risks relevant to
the sport. What this means is, whether the rider is an expert or a
novice, it is extremely important you can prove you made the person
well aware of the inherent dangers. It is equally important that you
have taken steps to protect yourself in the event you are sued for
damages.
A person cannot generally sue and win for injuries or property
damage
if that person knowingly and voluntarily assumes the risks relevant to
the sport. What this means is, whether the rider is an expert or a
novice, it is extremely important you can prove you made the person
well aware of the inherent dangers. It is equally important that you
have taken steps to protect yourself in the event you are sued for
damages.
Under today's system of law, anyone can sue you if they can
convince a
lawyer to take their case. While you may be eventually cleared of any
responsibility and can perhaps recover your expenses, any court
proceedings cost money, energy, and take time. It is worth making an
effort to protect yourself before you find yourself in this kind of
situation. Having equine insurance should be viewed as an investment
that one makes in themselves and their animals as part of a well
rounded approach to animal husbandry.
It is generally the case that a homeowner or tenant's insurance policy will provide you with personal liability coverage for activities that are not business related. This personal liability may or may not cover you for all, or indeed any, of the activities you are involved in with horses. This will depend on the wording of your policy, and the interpretation of the Insurer.
Your home owner's or tenant's policy may not even cover losses related to your horse that are not liability based.This is an important concept to understand, as it can affect you in many unexpected ways. A shop or garage that stores horse or farm equipment/machinery may not be covered in the event of a loss due to a fire that could be linked to the equipment, if the insurer determines that your policy did not address the issue of horses and the equipment needed to care for them.
If you are involved in any business related activities such as boarding other peoples horses, giving lessons, standing a stallion for a fee, having a brood mare and selling the foals, if you have any hay rides, sleigh rides, barn dances, the chances are very good that your potential liability is not covered by your homeowner or tenants insurance policy. If you trailer horses for others, either for a free or for fee, your horse trailer insurance does not protect you from the liability that relates to the horses.
Other activities such as those undertaken as part of an association
or
club where you might show your horse off the property, do trail rides,
have horses on a pasture that is off of your property etc., will
probably not be covered under a homeowner or tenants insurance policy.
If you are involved in activities of a commercial nature that put you
in care or control of horses, you should have a farm policy with
farmer's comprehensive or commercial general liability to ensure you
have the right horse insurance to protect you.
Some of the other common types of equine insurance policies purchased by horse owners are those related to equine mortality and major medical coverage. Insurance products also cover horse trailer insurance, farm property, liability coverage for trainers, and horse shows. You will require the equine insurance coverage that best suits your needs, and this can be very specific to your personal situation. It is well worth the effort to get a number of horse insurance quotes to choose from in order to select a horse insurance package that is right for you.
Horse insurance is also designed to provide coverage to protect the
owner against the possibility of losing a horse to a broad list of
causes. It provides a cost effective way for individuals to protect the
investment made in the animal, which can of course be substantial. The
emotional toll experienced when one loses a horse is compounded when
the added burden of an unexpected expense is factored into the
equation.
While no one likes to contemplate the possibility of such a thing occurring, it is the responsibility of all caring horse owners to take any and all steps to look after their animals properly. Having the right kinds of equine insurance can ensure that the owner has also taken care to protect themselves.
Horse insurance is available in two basic forms. One of these is called specified perils. As the name suggests, the horse’s life will be insured for death arising from a specific list of causes (perils). This list can vary amongst insurers, but it can typically include fire,theft, lightning,transport,impact with a vehicle, entrapment, accidental shooting, collapse of a building etc.
True specified perils horse insurance policies do not provide coverage if the horse dies from some type of sickness, and because of this exclusion, are often very inexpensive. Equine insurance coverage can usually be obtained through stand alone policies, and can also be obtained under farm property policies by way of an extension. These types of protection are often available at very reasonable rates.
Another type of life insurance available for horses is called full mortality, which again as the name suggests, covers death. This equine insurance is far more comprehensive than specified perils, and will cover losses arising from most any accident or sickness including the need for the horse to be put down by a veterinarian. As one might expect, full mortality insurance is inherently more expensive than specified Perils, but considering the coverage, is still reasonably priced and should fit within the budget of most seeking equestrian insurance.
In order to set up coverage, and before receiving horse insurance quotes, it should be expected that the insurer will need a veterinarian to examine the animal and provide documentation to confirm the health of the horse before coverage can be placed. Eligibility requirements for this type of insurance can be more restrictive as well, and will be based on a number of things including age, medical history and in some cases, the use of the horse.
The cost of insurance really is minimal when you compare it to the overall costs of maintaining your horses. In many cases a good farm horse insurance policy can take the place of your existing homeowners policy, and give you better protection for about the same price as your old policy. If you belong to a club or association you may want to look into group horse insurance quotes if they are available. The rates for coverage as a club member can often save enough to pay for the membership, and can come with added benefits that are not available to the individual.
If you've just purchased a horse or horses, it may be a good idea
to
carry some form of horse insurance. The benefits associated with this
coverage become quite apparent when you have taken the time to become
informed about the consequences of not having any equine
insurance.