| > | | | | the insured's professional equine activities. |
| | | | Mortality |
| Whether you are the owner of a single horse, the | | | | This is the type of insurance that can be most |
| proprietor of a boarding stable, or a horse trainer, | | | | confusing to the horse owner. Whether or not to |
| chances are you should be protected by equine | | | | insure your horse, and for how much, basically boils |
| insurance. The question is, what type of insurance do | | | | down to how much you need the horse, whether you |
| you need, and how much? We've outlined several | | | | can afford to replace him, and your risk tolerance. If |
| different types of equine insurance below. Before | | | | your horse is a source of revenue to you, chances |
| making any final decisions, always consult with your | | | | are you will want to insure him for his full value. In |
| insurance agent and/or your lawyer to determine the | | | | contrast, you may be able to afford to replace your |
| type and amount of coverage you need. | | | | beloved family pleasure horse (we're talking money |
| Individual Horse Owner's Liability | | | | here, not emotionally!) and insuring this horse might not |
| If you are an individual horse owner, it is important to | | | | be worth the premiums. A mortality policy pays the |
| be covered for any property or bodily damage that | | | | actual value of the horse at the time of the accident or |
| you horse might cause. Sometimes your homeowner's | | | | illness causing the horse's death, not to exceed the |
| policy will cover damages caused by your horse, so | | | | value specified in the policy. |
| check your policy carefully. If your policy does not | | | | Major Medical |
| cover these things, contact an equine insurer to | | | | This type of insurance is available to horses insured |
| determine what types of additional coverage you | | | | for mortality. Major medical insurance reimburses the |
| need. How much do you need? That depends on your | | | | veterinarian's fees for surgery, major illness, and |
| situation and your agent, or a lawyer, can help you. A | | | | disease. Because these things can be quite expensive, |
| good rule of thumb is the more personal assets you | | | | major medical is worth it to the horse owner without a |
| have, the more coverage you need. Coverage should | | | | lot of cash on hand. Deductible and per year limits vary |
| include the promise to pay all sums you are legally | | | | by policy. |
| obligated to pay for bodily injury and property damage | | | | Loss of Use |
| arising from horse ownership, plus the cost to defend | | | | This is an important type of insurance for those who |
| you. | | | | use their horses for livelihood. It covers you in the case |
| Commercial Equine Liability | | | | that your horse becomes totally and permanently |
| Commercial liability is needed by those who perform | | | | incapable of fulfilling the functions for which it is used. |
| any commercial equine activities such as boarding, | | | | Most policies pay a percentage of the horse's value |
| instruction, training, and breeding. This coverage | | | | when it has been determined that it can not be used in |
| protects you in the case you are sued by a third party | | | | the way stated on the policy. Many policies reserve |
| who is injured or whose property is damaged. As any | | | | the right to take the animal upon payment. Other |
| damage that exceeds your policy limits will come out | | | | policies pay a percentage but still allow you to keep |
| of your personal assets. Again, the more personal | | | | your horse. |
| assets you have, the more coverage you need. | | | | These are some of the more common types of |
| Equine Professional Liability Coverage | | | | insurance available to horse owners. For insurance |
| If you derive any income from horses, this type of | | | | tailored to your specific individual or business needs, |
| insurance provides coverage and defense fees | | | | contact an equine insurance specialist. |
| resulting from any negligent act, error, or omission by | | | | |