As a potential horse owner, familiarize yourself with the variety of insurance products that are available for equestrians. The intended use of your horse whether personal or an income generator will determine the type of insurance coverage you need to purchase. In this article, we will present a snapshot of insurance policy types that are appropriate for horse owners or horse professionals.
If you own or rent a home, your homeowner’s or renter’s insurance policy may or may not cover horse-related incidents. Call your insurance representative to check the endorsements on your policy. If you have a farm or ranch owner’s policy then horses should be covered as long as you do not have any commercial exposures.
Some situations may necessitate additional insurance coverage. For example, if you are a regular participant in equine recreational activities, you may want to consider an Equine Personal Liability Policy. This type of policy provides liability protection to the owner or lessee of a horse that may cause bodily injury or property damage while under your control. If you board non-owned horses with your own horses, a Care, Custody and Control (CCC) policy will provide liability coverage for the non-owned horses in the event that they are hurt or cause damage while in your care.
So what are the types of policies and who needs their coverage?
- Equine Personal Liability – Provides liability protection for individuals or businesses whom own or lease horses for personal use.
- Commercial Equine Liability – Provides liability protection for most horse-related operations such as boarding, training, instruction, trail riding, buying and selling horses. Endorsements can be made to these policies to cover specific risks such as errors and omissions or personally owned race horses. This type of policy will not cover non-owned horses.
- Care, Custody and Control – Extends liability protection to horse professionals such as horse trainers, riding instructors, boarding facilities, horse clubs or associations and facilities that host equine activities or have exposures related to non-owned horses. This coverage includes transport of horses within 100 miles of the covered facility. Transit coverage extending to the continental United States and Canada can be purchased at an additional cost. This coverage is not available to commercial livestock haulers.
- Equine Event Coverage – Obtained by a horse or facility owner to cover a specific horse show, event or clinic. It can cover the event days as well as the days of setup and takedown.
- Major Medical – Provides the horse owner coverage for the veterinarian and surgical expenses incurred by their horse’s injury or illness. Your agent can assist you in selecting a plan that will best meet your needs.
Now that you have some basic background knowledge on equine liability products available to the horse owner and horse professional, procure protection that sufficiently meets your needs or those of your clients.
More specialized equine-related insurance products are advertised by various insurance companies. An internet search can provide you with some promising leads if you need a more personalized coverage portfolio for your equine venture.