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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: 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 homeowners’ 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 # 2: A Common “Little Mistake” That Leads To Big Disasters - Failing To Have The Correct Named Insured On The Policy

It may seem like a teeny little piece of paper work, but failing to name the correct person(s) and/or
organization(s) on your policy may mean that you might have NO INSURANCE PROTECTION! For example, let’s say 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. Or let’s say you’re in business with others. You must show all the legal entities as named insureds. Or, consider where you might rely on a business partner to obtain the insurance protection needed and that partner failed to name you and/or your partnership as a named insured. The result of the failure to name you and/or your partnership is there would be no protection! There are other examples too numerous to mention.
Action: Immediately review the named insureds listed on your policy for completeness and accuracy.

COSTLY MISTAKE # 3: Failing to Obtain Proper Coverage When Caring for Horses Owned by Others

Your business insurance probably does not protect you if you board or care for animals – and one of them gets hurt! For example, let’s assume that you’re training a $25,000 horse...then he gets hurt and needs to be destroyed. Would your commercial liability policy cover the cost to replace the horse? Probably not, unless you also you carry an important coverage referred to in the insurance industry as “care, custody and control” insurance. Property not owned by you but in your care, custody and control is excluded from the basic commercial liability policy. So you may be reaching into your own pocket to replace that $25,000!
Action: Have an Equine Insurance Audit performed to make sure you have proper – and complete – coverage!

COSTLY MISTAKE # 4: Failure to Notify Your Insurance Company on Time!

Seems like a silly “administrative detail” – but miss this deadline and you could miss out completely! 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. If you don’t notify the insurance company and later file a claim under the policy, 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 your Equine Insurance Policies with your Equine Insurance Specialist so that you understand what your personal requirements are!

COSTLY MISTAKE # 5: Failure to Notify Company of Injury or Illness of the Horse

Owning and managing horses is such a pleasure – that’s why we “horse people” love to do it! But...it comes with certain responsibilities too. One of them is to “notify the insurance company or their authorized representative when a horse is injured or ill.” Check with your insurance agent BEFORE you need to file a claim so you are prepared if and when you need to give notice of a claim. Posting the information on the stall door of each horse in your stable is a good idea. This may not be necessary if one company insures all the horses in your stable. However, if you have a stable of horses owned by others you will want to obtain information from each owner about the mortality coverage carried on their horse.
Action: Review the above items with your Equine Insurance Specialist – and be prepared!

COSTLY MISTAKE # 6: Failure to Require Independent Contractors To Provide Evidence of Insurance For Their Operations Conducted on Your Premises

Here’s a “little trick” that can save you from unnecessary pain and suffering! Be absolutely certain that you require – and get – proof of coverage from any independent trainers and/or instructors in the form of a certificate of insurance. Make sure it names you and your business as an additional insured on their policy for operations they conduct on your premises. This way, it is likely their policy will respond to the claim resulting from their operations.
Action: Make this “non-optional requirement” in your horse operation – and discuss other “non-optional requirements” with your Equine Insurance Specialist!

COSTLY MISTAKE # 7: Not Using an Equine Insurance Specialist!

Doctors get their medical insurance from specialists. Lawyers get their legal insurance from specialists. If you care about your own financial protection, you must do the same! Liability suits involving horses can drain a family and kill a business. Huge, painful multi-million dollar claims are as common as accidents, injuries and mishaps. The field of Equine Insurance is complex, confusing and rapidly changing.
Action: Be completely positive you’re trusting your Equine Insurance to an Equine Insurance Specialist!

Protect yourself from perilous gaps in your insurance coverage,
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