With the considerable value of some racehorses and the injury risks associated with racing, equine insurance is a must for any racehorse owner. Aside from the unpredictable nature of the beast, there are inherent expenses for which insurance provides financial protection for breeders and owners. Before selecting an insurance plan for your horse it would be advisable to consult with a bloodstock agent, vet or specialist equine insurance broker to make certain you choose the best option. This article will provide you with a brief outline of the options to consider:
Insurance coverage is based on the horse’s value by examining the price paid for the racehorse, the bloodline, current career values and other fees, as well as the age, sex and intended use. With racehorse ownership comes an increased risk of injury than those that would be considered for just breeding stock. The options of cover typically respond to the demands or the expenses faced by racehorse owners. In what are termed Restricted Perils, cover for the death of the horse is limited to means of transit accident, fire and lightning, wind and smoke.
A full mortality policy offers greater financial protection in the event that the horse has to be destroyed for any reason. It would also include cover for death by poisoning, or in the event of kidnapping, also as a result of injury or disease. Invariably, an investigation and full post mortem will be conducted to rule out any “malicious or deliberate injury caused by the insured” should there be any inexplicable reason for a horse’s demise.
Other options to consider can include the following: Accident, Falling ill to sickness or disease, Being infertile, Stallion Availability, Barrenness, Prospective Foal, General Liability, Employer’s Liability
A more important reason than ever to take out equine insurance came about with the introduction of the Animal Act 1971 and later with the House of Lords 2003 whereby the horse own or even the rider became liable for the damage or injury which came about as a result of a horse’s actions. The owner can face prosecution if their horse gets loose and causes a road accident or causes injury or damage. In the face of such possible claims, third party liability insurance, also known as Public/Personal Liability Insurance is excess cover that indemnifies the insured for legal liability arising out of their ownership of any racehorse.
Ultimately, the existence of such protections comes with some very strict policies and procedures which in turn enforce compliance from those who are responsible for racehorse ownership. As owners are held responsible, it becomes crucial that they maintain complete awareness of what cover their insurance provides, especially when it comes time to make the claim.
If you have a passion for horseracing and would like to have further involvement then racehorse trainers can provide you with the vital next step, whether it be buying a racehorse or becoming part of a racehorse syndicate.