insurance
economically destroyed and will pay out different percentages of the horse’s value according to which option is taken. Companies do vary greatly in the way they handle this type of insurance and it is worthwhile checking how any policy you are considering deals with it. This type of cover can be very expensive depending on what the horse is being used for, but can also be very useful for the competition horse in his prime.
Veterinary Fee Cover This is the cover the vast majority of people require; often insuring their horses for a relatively small value just to have this protection. Cover can vary from company to company and although the most obvious points to check are the indemnity limit and the excess, it is also worth checking what is covered with regard to alternative therapies and hospitalisation. As with the ‘All risks of Mortality’ cover, older horses will normally have their cover restricted. Some companies restrict the cover given to lower priced horses so if you are insuring a horse for less than his realistic market value ensure that you do not go to a value so low that cover is restricted. Many companies will now give you the option of taking a higher excess and reducing the premium as you can do with car insurance, this is often a good option if insuring several horses as the savings can be quite substantial.
Third Party Liability Unlike with our cars there is no legal requirement to insure your horse against third party liability, however it is this type of cover that is advisable for no horse owner to be without. In this increasingly litigious society no one is immune from having a claim made against them and although you may think your youngsters in the field can do no harm you would be surprised by the number of claims we get for damage to property caused by loose horses. Membership of some societies such as the British Horse Society, British Eventing, British Dressage and British Showjumping offer third party liability cover as a benefit of membership but do check that you have adequate cover in place before deciding that it is appropriate to exclude it from your horse insurance policy. Although claims are not common, when they are made they can run into many hundreds of thousands of pounds.
Personal Accident The type of personal accident cover that can be added to a horse policy is usually a very low cost addition but the cover offered is also fairly restrictive, only paying out on death or loss of an eye or limb. If you wish to be covered for more than this you would need to take out a separate policy.
Make sure you are covered It is always worth taking the time and effort to ensure you have the right cover for you and discussing this fully with a specialist equestrian insurer is the best way to go about this. Be aware that many policies will require sight of pre purchase Vet Certificates and possible Veterinary History Printouts for your horse and without these full cover will not necessarily be in place. You can organise to have your horse’s insurance set up from the day you take ownership but do bear in mind that some policies also have a 14 day waiting period before you can claim for illness.
For more information about the services that Shearwater can offer tel: 01992 718666 or visit:
www.shearwater-
insurance.co.uk
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01992 707318 HORSE
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shearwater-insurance.co.uk Equine Page 15
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