All of us think about insurance for our homes
and cars, but most of us forget about insuring our animals. Most horse owners think that their home
insurance includes horse activities, but find out differently once a tragedy
happens on their farm. That is because
most home insurance does not include claims from business activities. It’s a good idea to check with your insurance
provider to make sure you are covered for the horse activities that you are
involved in. You also want to make sure
you are covered if your horse gets out of the fence and into the road where a
car might hit the animal or if you take your horse to a horse show and it kicks
someone. Animals are unpredictable and there
are lots of different situations and scenarios that can play out. There are many different types of equine
enterprises that need to think about insurance such as boarding, breeding,
transportation, training, racing, and niche businesses.
The different types of insurance are:
- Animal medical/mortality/theft/fertility/lose
of use
- Farm/Ranch Owners
- Commercial Equine Liability
- Care, Custody, & Control Liability
Major Medical Coverage provides you with
reimbursement for the cost of medical and/or surgical bills caused by accident
or disease. Full Mortality and Theft
insurance insures your animals against death arising from any injuries,
illness, disease, transportation, or theft.
Stallion Infertility insurance provides coverage in case your stallion
becomes permanently unable to produce offspring because of an accident or
disease. Loss of Use insurance will
compensate you if your horse becomes permanently unable to perform the duty
that you have it insured for.
Farm and Ranch insurance can protect you from
fire and theft of barns, dwellings, farm buildings, stables, and riding arenas. It can also cover computers, equipment,
medication, vitamins, and tack.
Commercial Equine Liability insurance protects
horse trainers and instructors. It
covers bodily injury and property damage from business activities such as
breeding, boarding, clinics, instruction, sales, and training.
Care, Custody, and Control Liability insurance
provides protection to those who care or board horses. This might include claims from horse injury
from trying to jump a fence, horses that die in a barn fire, horse death from
eating poisonous substances, and broodmares that get injured and lose their
foals.
These types of insurance can be pricey, but
they are essential for any equine enterprise.
You will need to factor the cost of insurance into the fees that you
charge your clients.
The North Carolina Horse Council has partnered
with the American Horse Council for value added services such as a discounted
rate on a million dollar insurance policy.
They also sell liability signs that need to be posted at entrances and
gates to premises, riding arenas, trails, etc.
You can order them from: http://www.nchorsecouncil.com/store When
hiring Certified Public Accountant and Attorneys, its important that they understand
the horse industry.
Information provided by: Dr. Mike Yoder, Associate Director & State Program Leader, 4-H/FCS; Coordinator: Emergency Programs and Dr. Amy McLean, Assistant Professor & Extension Horse Specialist