While no one likes to think about a catastrophic loss, horse ownership is an inherently risky undertaking. Horse insurance provides peace of mind in the event that a worst-case scenario occurs, giving you financial protection. It’s essential to discuss your options with an experienced insurance specialist to make sure that you have the best coverage available for your horse and business needs.
Insurance companies offer a wide variety of policies with different options, from basic mortality to full medical and third party liability. A policy with basic mortality will cover the cost of a death, theft or straying, but you can also add on a range of additional coverage including vets fees, loss of use and third-party liability. You may also be able to include other coverages such as colic surgery and stallion infertility insurance.
Liability insurance is important for people who run a business involving horses, such as boarding, breeding or training facilities. This type of policy will provide payment to others if your horse damages their property or injures them. It’s often included in your home or farm policy, but it’s wise to talk with an insurance adviser about a separate liability policy specifically for equine activities.
Equine owners who want to protect their investment should consider a full mortality policy. This covers the cost of a death, theft or injury, typically up to a predetermined value. This amount can be established in a number of ways, says O’Dell, such as the price at which you purchased the horse and any money you have invested in it, such as tack, show fees and winnings.
Other popular horse insurance options include major medical coverage, which reimburses you for the costs of veterinary care up to a certain limit. The policy usually includes a deductible and annual coverage limits and typically does not cover pre-existing conditions, preventative care or alternative therapies. You can also get a limited mortality policy that doesn’t require a full mortality policy and instead reimburses you based on a percentage of a predetermined value, which is usually higher for breeding or race horses.
Some horse owners generously stable or trailer other people’s horses to shows and trail rides. This type of responsibility can create a liability situation for those who are not the owner, so it’s wise to ask your insurance adviser about a special type of horse insurance called care, custody and control coverage. This provides coverage for non-owned horses that are in your care, custody or control for bodily injury or property damage and is an excellent supplement to a general liability policy. There are also policies that cover tack and other equipment in case they are lost or stolen, such as saddles, bits, cinches or girths, harnesses, headgear and martingales.
At Nicholson Insurance, we specialize in finding the best comprehensive equine insurance coverage to horse owners throughout the United States. We understand the unique risks associated with owning and caring for horses. We have the experience and expertise to find the perfect policy that meets your specific needs. We offer a variety of insurance products, including mortality, significant medical, stallion infertility, and loss of use coverage.
