Equine Insurance and Property Information
I had to opportunity to sit down with my insurance agent, Nalin Bateman of Nalin Bateman Insurance Services to talk about what horse owners need to safely cover themselves. Our discussion went way beyond insuring the horse.
We reviewed everything from horse owners with a home to farm/ranch owners to horse training/boarding operations. Each scenario requires a unique guideline to best cover those who need to be insured. It is imperative to be forthcoming with your agent and understand how liability works and is applied in certain circumstances. Keeping in mind each and every claim is subject to its specific nuances.
Let’s begin with a person having a home and a horse at home, did you know, personal horse owners’ labiality is a must for the homeowner to be covered for your horse at home and off premises. If your homeowner’s policy does not extend the coverage a stand-alone personal horse owners liability policy is offered through some carriers/companies. This is also an endorsement that is offered on some equine mortality policies offer this as well.
How to cover your tack? It is recommended to schedule anything that you wouldn't just go out and buy. It can be quoted by your agent. Nalin also recommends that you make a list or record of personal property items, keep a digital copy, and update as needed.
Horse Trainers/business owners should explore entity structure (i.e. the business LLC and/or personally) how to best insure those entities to best protect them. It is recommended to sit down with your accountant and attorney to draw this out. Trainers and/or facility owners should have coverages that include care, custody and control and professional liability to name a few. Also, make sure your policy and any liability release forms are tailored to fit you and your needs.
Property owners also need to make sure they are covered and make sure they are listed as an additional insured on a trainer’s polices that are leasing stalls/space from the facility owners/entity depending on what the entity structure looks like.
Equine Mortality insures the horse itself. Within that policy you can add various endorsements for coverages such as, major/medical, and surgical expenses. Your agent can discuss the policy limits.
As a horse owner, having the conversation with the trainer your sending your horse to is always a good idea and to ask your agent if the location of your horse needs to be added to any of your polices to ensure that your liability coverage extends to the training facility or any off site location you may go to with your horse.
A good agent with an Equine background will be able to help you and your family navigate the best policy that fits your needs.
To hear more about this subject, check out our Postcast