insurance Are you covered?
Making the right choices when it comes to choosing an insurance policy can, quite literally, mean the difference between life and death. We asked the British Horse Society and South Essex Insurance Brokers for their advice to help you get it right.
Buying a horse is a considerable investment and it is vital to be protected against the financial trials and tribulations associated with equine ownership.
It is important to remember that every equine insurance policy is not the same and when insuring, the policy conditions must be carefully studied. It is comforting to know that if you need to make a claim a fast, smooth and helpful response can
be expected and you should understand in advance what is covered. There is nothing worse than having a sick or injured horse suffering from a condition that can be treated but not having the funds for that treatment.
The basic insurance policy will cover mortality (death of the horse) and it is wise not to inflate its price because the horse will only be covered for market
value. However, if the horse has a good track record and an increase in value is justified, there should not be a problem in increasing the sum insured. Check with the insurer which class of cover is required. For example, showjumping horses competing above 1.20 metres will cost more to insure as the jumps get bigger.
“It is important to remember that every equine insurance
policy is not the same.” With the ever-increasing cost of horse ownership and regular increases in the price of diesel and entry fees, insuring against veterinary fees is a sensible option. Most policies offer up to £5,000 per incident and by choosing to increase the excess to £250 or £500 or contributing towards the claim, the premium can be considerably reduced. Improved veterinary techniques have led to some horses with life threatening conditions returning to work. However, the veterinary costs can be high, but are often worth the expense.
When buying a new horse, priority should be given to considering insurance before you sign on the dotted line. Check with the insurance company, because depending on value, they may want a five-stage veterinary certificate or even x-rays, especially if ‘loss of use’ cover is required. If the horse has been vetted, discuss any findings with the insurance company before you complete the transaction to make sure that the horse is insurable and if there will be any exclusions. No insurance policy will cover a horse for pre-existing conditions, so it is important to find out as much as you can in advance and be honest with the insurer because it could save thousands of pounds in the long run. Read the small print, as some companies will only offer accident and injury cover for the first two weeks so, for example, if the horse gets colic in the first 14 days, it may not be covered.
Choosing the right insurance will give you peace of mind that if something untoward ever does happen, you will have help and support.
Equine Page 6
In this litigious climate, liability insurance is a must should the horse cause damage that leads to a personal injury or property damage claim. Legal fees for a defence can cost thousands, even if found in your favour, and compensation can sometimes add up to millions of pounds. Your family home and personal effects could be put at
www.farmnequine.co.uk
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