What Does Equine Liability Insurance Cover?
What Does Equine Liability Insurance Cover?
Equine liability insurance is a type of policy that protects against claims for bodily injury or property damage caused by horse-related activities. It can be purchased by businesses such as boarding, breeding and racing facilities, pony rides, shows, sales, riding instruction or any other activity involving horses.
Your business and the risks it entails will determine what kind of equine liability coverage is necessary. Some equine businesses also require premises liability insurance to safeguard against claims made by people injured due to horse-related activities on their premises.
If your horse dies or becomes disabled due to an accident, loss of use insurance can cover the income that would have been earned had the animal not been disabled. It may even assist in covering veterinary care that would have been necessary for healing from his injuries.
Contrary to other types of personal insurance, it is not usually possible to add an equine rider or clinician to your general liability policy. However, you can purchase additional coverage as Independent Riders or Trainers for these individuals.
A comprehensive equine liability policy is essential for any business involved in horse-related activity. It will cover defense costs and any claim made against you up to the limits of coverage of the policy.
There are numerous ways to reduce your liability risk, such as having adequate rules and waivers in place and understanding the state's equine activity statutes and how they apply to your operation. Furthermore, an experienced insurance agent can offer valuable suggestions on avoiding losses.
For instance, a stable owner can post a sign on the premises reminding all riders to wear boots and helmets when riding their horses. Doing this helps avoid accidents that could cause severe or fatal injuries to riders, while also minimizing liability exposures for both the stable owner and insurer.
Another way to protect your equine facility is by purchasing a care, custody and control insurance policy. This coverage fills in any gaps in your general liability or commercial equine liability policy that excludes coverage for property damaged or lost by horses belonging to others while under your care.
The cost of horse insurance is typically determined by its value. This coverage can be invaluable in covering medical expenses and replacing your horse should he pass away or become disabled.
If your farm runs a large number of horses, consulting an equine insurance expert about the appropriate coverage is important. They can advise you on which type of liability coverage best suits your farm and its staff's livelihoods.
To guarantee you get the best coverage, select an equine insurance agent who specializes in livestock. They should have a good reputation and be rated by either your state's insurance commissioner or A.M. Best–a global credit rating agency which measures an insurer's financial strength.
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What Does Equine Liability Insurance Cover? Equine liability insurance is a type of policy that protects against claims for bodily injury or property damage caused by horse-related activities. It can be purchased by businesses such as boarding, breeding and racing facilities, pony rides, shows, sales, riding instruction or any other activity involving horses. Your business…