The Seven Deadly Sins of Equine Insurance
Tragic & Costly Mistakes Horse Owners Make about Protecting Their Horses and Their Own Financial Security!
- COSTLY MISTAKE #1: Not Using an Equine Insurance Specialist
Doctors get their medical insurance from specialists. Lawyers get their legal insurance from specialists. Horse owners should do the same. Liability suits involving horses can drain a family and kill a business. An every day accident, injury, or mishap involving a horse can quickly escalate into a multi-million dollar insurance claim. The field of Equine Insurance is complex, confusing and rapidly changing.
Action: Be completely positive you trust your Equine Insurance to an Equine Insurance Specialist.
- COSTLY MISTAKE #2: Relying on Your Homeowner Policy for Business Coverage
Ouch! Big mistakes lead to big claims, big lawsuits and lots of suffering. Sure, if a casual visitor gets injured at your home, then your homeowner’s insurance will probably protect you. But if you have any business operations, you must discuss your business liability with your Equine Insurance Specialist.
Action: If you do have an equine business of any sort, discuss this immediately with your Equine Insurance Specialist. The saddest words we ever heard: “I thought I was covered.”
- COSTLY MISTAKE #3: A Little Mistake That Leads to Big Disasters- Failing to Have Correct “Named Insured” on the Policy
Failing to name the correct person(s) and/or organization(s) on your policy may mean critical consequences: you may have no insurance protection. For example, if you operate your business under a separate corporate name and that entity is not listed as a named insured, your entity would not be protected under the policy. Another common mistake is not to list all horse owners and/or business partners on a policy. You must show all the legal entities as named insureds.
Action: Immediately seek the advice of an Equine Insurance Specialist.
- COSTLY MISTAKE #4: Failing to Obtain Proper Coverage When Caring for Horses Owned by Others
Your business insurance may not protect you if an animal you board or care for is injured. For example, if you are training a $25,000 horse and he gets hurt and needs to be destroyed, would your commercial liability policy cover the cost to replace the horse? Probably not. Property not owned by you but in your care, custody or control is often excluded from basic commercial liability policies.
Action: Have an Equine Insurance Tune-up performed to make sure you have proper and complete coverage.
- COSTLY MISTAKE #5: Failure to Notify Your Insurance Company in a Timely Fashion
Not sure if your situation warrants filing a claim? Contact us [provide link to contact info] immediately and we’ll help you understand your options. All Mortality Insurance policies have a provision that requires you to notify the company promptly if your horse is injured, lame or sick, whether there is an immediate claim or not. Miss this deadline and you could miss out completely: there is a possibility coverage might be denied for failure to notify promptly as required by the policy terms.
Action: Be sure to review all of you Equine Insurance Policies with a specialist to ensure that you understand any policy requirements.
- COSTLY MISTAKE #6: Failure to Notify Company of Injury to, or Illness of, the Horse
Owning and managing horses is a pleasure – but it comes with certain responsibilities, too. An essential component of your horse’s mortality insurance is to notify the insurance company or their authorized representative when a horse is injured or ill. Check with your insurance agent before a situation occurs so you are prepared if and when a situation does become a claim.
Tip: Post contact information on the stall door of each horse in your stable. If you have a stable of horses owned by others, you will want to obtain information on each horse’s mortality coverage.
- COSTLY MISTAKE #7: Failure to Require Independent Contractors to Provide Evidence of Insurance
Before allowing a trainer, instructor, or any other independent contractor to work on your property, be sure to require that they be insured and get proof of coverage in the form of a certificate of insurance. Make sure it names you and your business as a certificate holder. You also need to be named as an additional insured on their policy for operations they conduct on your premises. Without this, you (and your insurance) may be responsible for any claims resulting from their actions on your premises.
Action: Make proof of insurance a “non-optional behavior” in your horse operation.
Protect yourself from perilous gaps in your insurance coverage; schedule a FREE EQUINE INSURANCE TUNE-UP immediately.