We have teamed up with Dennie Harms of Albracht Insurance to answer some questions on Equine Insurance and Other Insurance types that revolve around the horse industry. Equine insurance can be complicated, frustrating, and intimidating if you are unfamiliar with it, and hopefully the information below will give you a better idea on what insurance you might be interested in for your horse, facility or equine business.
- Should I insure my horse?
- Absolutely, unfortunately horses do die. If you think about it, everything you own of value, you already have insured in case of loss; home, car, your life, and your health. Your horse is also a valuable asset, and while we don’t want to think of losing them, we do want to be prepared.
- How do you determine the initial insurance value of the horse?
- The value of the horse is usually determined by purchase price. If you raised the horse or didn’t pay much for it initially, breeding plus training and money earned, show points, awards, ect. will factor into the value.
- How do I know if I should ask for an insurance value increase on my horse?
- Anytime you have anything above the initial value of the horse you can in most cases increase their value. These things include show record, training, etc. If you are unsure, contact your agent, that’s what they are for.
- What is the difference between mortality insurance and medical insurance?
- Mortality insurance is a death only policy. The horse has to die for you to get paid.
- Medical insurance covers health issues such as surgeries and most things that require a veterinarian services. It does not cover routine medical care. You should contact your agent if you are not sure of coverage needed. There is a deductible per each claim.
- What is instructor insurance?
- You can get a Commercial General Liability (CGL) policy for your riding instruction that will follow you wherever you teach and coach (i.e. Various facilities, horse shows and events). It can also cover you for any clinics you may give.
- What is Barn Insurance?
- Care, Custody & Control ( CCC ) is what protects you in the event a horse that is in your care that you do not own (a boarded horse, horse in training, etc.) is injured or dies, and the owners sue you because they believe you or your employee were at fault. The standard CGL policy does not cover these situations, but you may add CCC coverage to your CGL policy or obtain CCC coverage by itself.
- Do I need special insurance to trailer other people’s horses?
- It is recommended that you have at least a CCC policy to protect yourself, especially if you are charging a fee. There are a lot of situations that can happen when you haul horses that put you at risk.
You should contact a professional agent for recommendations on equine insurance. This is just a small snapshot about horse insurance in general. The things I have outlined are very affordable, and much cheaper than hiring an attorney. Most professional agents are more than glad to give you information, and its free!
If you would like to speak with Dennie directly, here is his contact info: