Good morning everyone!
For those of you who are new to the equine industry, or have just purchased your first four-legged athlete, you may be wondering what the difference is between the types of equine insurance. Although we try our best at all times to not only serve our clients, but make it easy for them, sometimes "insurance lingo" can get a bit confusing.
If you own a horse, even if you don't ride or drive it, you should consider buying insurance. The offerings of insurance companies can be very confusing, leaving you wondering what type of insurance would be best in your situation. There are basically three types of insurance you can buy for the backyard horse, not being used in any business activity: mortality, health and liability. Of these three, liability insurance is the most important for the backyard horse owner who does not use their horse for any business-related activities.
Today we will talk about part 1, Liability Insurance:
Liability Insurance
Liability insurance is intended to protect you should your horse hurt someone else. Most homeowner's insurance policies do not cover horse-related accidents. So check your policy and ask your broker or agent to be sure. You may purchase separate insurance, or you may be able to add liability insurance to your existing homeowner's policy. The cost of coverage varies. Cost can be as low as two million dollars worth of liability insurance for about $30 per year. Liability insurance usually covers damage your horse may do to another property such as rearing on to someone's car and denting the hood (I've seen this happen). And liability insurance covers any injury or death caused by your horse, such as your horse kicking someone who walked too close behind at a horse show. Liability insurance of this type may not cover you for any money making use of your horse, such as your horse is used for lessons or pony rides for which you are paid.
Did this help at all? Stay tuned for Part 2 next week!
To see the original article, click here.
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