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Understanding Insurable Interest in Horse Insurance Policies: Leases, Horses on Trial, Purchases over Time

Categories: Broadstone Equine

Understanding Insurable Interest in Horse Insurance Policies

Leases, Horses on Trial, Purchases over Time

The concept of insurable interest is a common topic in equine insurance, especially when clients are working on insuring a horse that they  lease, are taking on trial, or are purchasing over time. Basically for a party to have an insurable interest in a horse, they would need to be at risk for suffering a financial hardship in the event of damage or loss of that insured horse. In the case of a horse that is owned 100% by one party, insurable interest is a pretty straightforward concept. Following are some scenarios where this can be a little more complicated.

Tips for Completing the Horse Insurance Application

Categories: Broadstone Equine

Tips for Completing the Horse Insurance Application

Completing the application to request insurance on a horse that you own or lease can be a bit confusing, so we have put together the following to help clarify the frequent questions we hear from potential clients.

Equine Insurance Coverages for Race Horses

Categories: Broadstone Equine

Equine Insurance Coverages for Race Horses

Occasionally our office receives inquiries as to whether or not we can help insure race horses, and since the types and availability of coverage for race horses is very different from what we consider pleasure, sport and show horses, we thought the subject deserves its own blog.

Foal Insurance Explained

Categories: Broadstone Equine

Foal Insurance Explained

Late Winter/Early Spring is foaling season for most of the country, so if your evenings will soon revolve around foal watch, now is the time to consider how to insure the next addition to your equine family.

2023 New Year’s Resolution - Get Horse Insurance!

Categories: Broadstone Equine

2023 New Year’s Resolution - Get Horse Insurance!

2022 is coming to a close, and after taking a collective sigh of relief, let’s plan for 2023! It is fair to say many of us are still dealing with the fall out from the chaos and anxiety of life in a pandemic and the resulting kind of/sort of/still possible recession, so it’s likely that no one wants to kick off 2023 pondering all the ways our horses could rack up high dollar vet bills, or heaven forbid, pass away.

But if the last two years have taught us anything, it is to prepare for the unexpected! While no one wants to hang out at the barn chatting about worst case scenarios, as in many areas of life, what you don’t know can hurt you, and putting your head in the sand is rarely a successful strategy. So without being too morbid, and in the spirit of my personal 2023 philosophy of the old proverb “Forewarned is Forearmed,” and in the interest of helping you protect your horses and your bank account, here are some reasons you should put “Get A Horse Insurance Policy” on your 2023 to-do list.

Establishing Your Horse's Insured Value

Categories: Broadstone Equine

Establing Insured Value

If you are considering purchasing a horse insurance policy (or even working on renewing your horse’s policy or looking to make a value change mid-policy) but aren’t sure how to determine your horse’s value for the Mortality (life) insurance coverage, you are not alone. The process can seem confusing, and while there isn’t necessarily an exact formula, hopefully the following will help.

‘Get Horse Insurance’ Still on Your To-Do List?

Categories: Broadstone Equine

On the Fence When it Comes to Insuring Your Horse?

Then Consider This

Have you seen the sale prices horses are bringing? Or invoices for a colic surgery or major lameness issue? It seems that just like about everything else in this economy, the costs of horse ownership are skyrocketing.

But considering many of us have been dealing with the chaos and anxiety of life in a waning pandemic and economic uncertainty, it’s likely that most horseowners haven’t spent their time at the barn chatting with friends about all the ways our horses could become injured or ill, or heaven forbid, pass away, leaving us with a pile of a vet bills and scouring the internet for our next partner and finding the market’s eye popping prices.

I realize that is scary language, but if the last several years have taught us anything, it is to prepare for the unexpected. Don’t get me wrong, I realize that most horseowners don’t want to spend their time envisioning worst case scenarios, but as in many areas of life, what you don’t know can hurt you, and putting your head in the sand is rarely a successful strategy. So, without being too morbid, but in the interest of helping you protect your horses and your bank account, here are some reasons you should finally put a check mark on the box next to ‘Get Horse Insurance’ on your to-do list.

2022 New Year’s Resolution - Get Horse Insurance!

Categories: Broadstone Equine

2022 New Year’s Resolution - Get Horse Insurance!

Well, 2021 has finally come to a close, and after taking a collective sigh of relief, it’s time to plan for 2022. Considering most of us are still dealing with the chaos and anxiety of life in a pandemic and economic uncertainty, it’s likely that most haven’t started off 2022 pondering all the ways our horses could rack up high dollar vet bills, or heaven forbid, pass away.

I realize that is scary language, but if the last two years have taught us anything, it is to prepare for the unexpected! Don’t get me wrong, I realize that most horseowners don’t want to hang out at the barn chatting about worst case scenarios, but as in many areas of life, what you don’t know can hurt you, and putting your head in the sand is rarely a successful strategy. So, without being too morbid, but in the interest of helping you protect your horses and your bank account, here are some reasons you should put “Get A Horse Insurance Policy” on your 2022 to-do list.

Heat & Horses

Categories: Broadstone Equine

I wrote a blog post a couple years ago on how best to deal with heat stress, and was about to re-post it last year, and then I saw an article by Dr. David Marlin on the U.S. Eventing Association's website, and honestly, he said it much better than I did. And just a few days ago, The Horse posted an article on a recent study that looked at the most effective ways to cool horses after exercise.

On a day when temperatures in areas of the US and Canada are 30+ degrees higher than normal, this information can help ensure our horses are given the best chance to perform safely and successfully.

"Published Study Finds Equine-Assisted Therapy Effective" - from BloodHorse magazine

Categories: Broadstone Equine

Blood Horse Magazine published details of a recent study showing the effectiveness of equine-assisted therapy. Visit their site here.

Risky Business - Part III - Additional Coverages

Categories: Broadstone Equine

Risky Business Part III - Additional Coverages

In our last installment, we discussed the importance of Commercial General Liability (CGL) insurance coverage for professional horse people. A CGL insurance policy is what helps in the event you are sued by a third party for bodily injury or property damage they feel were caused by your negligence. There are a few other types of equestrian insurance to consider, including Care, Custody and Control, as well as liability insurance for clubs and associations as well as independent horse shows and clinics, and therapeutic riding programs.  Following are some basic details.

Risky Business Part II - Commercial General Liability Odds & Ends

Categories: Broadstone Equine

RISKY BUSINESS – PART II

In our last installment we discussed the importance of Commercial General Liability (CGL) coverage for professional horse people. A CGL policy is what helps in the event you are sued by a third party for bodily injury or property damage they feel were caused by your negligence. Following is some additional information to consider when it comes to protecting yourself and your business.

2021 Is Here (Thank Goodness!) - Make Horse Insurance Your New Year's Resolution

Categories: Broadstone Equine

2021 Is Here (Thank Goodness!) - Make Horse Insurance Your New Year's Resolution

I am willing to bet that like pretty much everyone on planet Earth, you were relieved/thrilled/doing a happy dance to see the calendar tick over to 2021. Considering most of us are still dealing with the chaos and anxiety of life in a pandemic and economic downturn, it’s likely that you didn’t start off 2021 pondering all the ways your horse could rack up high dollar vet bills, or heaven forbid, pass away. I realize that is scary language, but if 2021 has taught us anything, it is to prepare for the unexpected! 

Risky Business Part I - Commercial General Liability Insurance

Categories: Broadstone Equine

Risky Business Part I - Commercial General Liability Insurance

Working with horses provides an up close understanding of the inherent dangers of dealing with a 1,000-pound-plus animal with an instinct to blindly flee first and ask questions later.  The risk associated with the management of horses increases exponentially for anyone who chooses to be paid for their services, such as boarding, teaching, training, and hosting competitions and clinics.  With those activities now you are responsible for not only your own safety, but also for the safety of your clients and their horses, anyone they happen to bring along with them, and even the safety of uninvolved parties who just happen to be in the vicinity. And no matter how hard you try to keep everyone safe, if the unthinkable happens you may face a lawsuit that could bring an end to your business, as well as drain your personal and business finances and damage your reputation.

Handling the Heat

Categories: Broadstone Equine

Handling the Heat

I had written a blog post a while ago on how best to deal with heat stress, and was about to re-post it, and then I saw this article by Dr. David Marlin on the U.S. Eventing Association's website, and honestly, he says it much better than I did. On a day when Death Valley is 130 degrees, a global (yes, global!) record, we can all be thankful we aren't dealing with that kind of heat, but temperatures across the U.S. are high enough that we need to ensure our horses are given the best chance to perform safely and successfully.

Horse Mortality Insurance & Humane Destruction

Categories: Broadstone Equine

Horse Mortality Insurance

Humane Destruction - A Common Source of Confusion

Horse people are by nature a pretty optimistic bunch--somewhat of a prerequisite considering the nature of our sports. So, it’s understandable that most of us spend as little time as possible pondering the possibility of our horses being injured or dying.  Not a bad idea considering that a pasture accident, a bad step while training, a trailer accident, or a serious colic are just a few of the worrisome scenarios that could keep us up at night if we let them.

New Year's Resolution - Get Horse Insurance in 2020!

Categories: Broadstone Equine

2020 New Year's Resolution - Get Horse Insurance! 

It’s a good bet that you didn’t start off 2020 pondering all the ways your horse could rack up high dollar vet bills, or heaven forbid die. Scary language, I know. And not a fun topic of conversation with your friends at the barn.

Unfortunately, as in many areas of life, what you don’t know can hurt you. So, without being too morbid, but in the interest of helping you protect your horses and your bank account, here are some reasons you might want to consider putting “Get Horse Insurance Policy” on 2020’s list of New Year’s resolutions.

Winter Safety

Categories: Broadstone Equine

Winter Safety

For many of us, Winter brings with it a delightful menu of snow, ice, mud, and cold temperatures, all of which lead to unique horse management challenges. Consider the following scenarios to ensure you and your horse have a safe and healthy winter season.

5 Common Horse Insurance Myths & Misconceptions

Categories: Broadstone Equine

Five Common Horse Insurance Myths & Misconceptions

As part of Broadstone Equine Insurance Agency, my career has given me the opportunity to travel around the country to events and competitions as diverse as local horse club meetings, national championships, and association conventions. What I most enjoy is meeting horsepeople from all walks of life to hear their opinions when it comes to horse insurance.  After countless conversations, combined with more than two decades of experience in the business, I’ve seen a pattern in the types of myths and misconceptions that the average horse owner has when considering their equine insurance options.

Private Horseowners Liability Insurance

Categories: Broadstone Equine

Private Horseowners’ Liability Insurance

If you own or rent a house, or own a car, you have liability insurance, right?  If not, you should consider coverage if you want to help protect yourself if, for example, legal action is taken against you when a visitor slips down your front steps, or you take your eyes off the road for just a second and cause an accident.

Something you might not have thought about: What about damages caused by your horse?

Insuring Your Horse - Commonly Asked Questions

Categories: Broadstone Equine

Horse Insurance - Commonly Asked Questions

While talking about horse insurance to prospective clients every day, our agents field a lot of the same questions, so I thought I would share some of the more common inquiries in this blog.

Horse Insurance 101

Categories: Broadstone Equine

Horse Insurance 101

Let's face it, insurance falls way to the bottom of the list of topics any horse owner wants to talk about.  Discussing worst case scenarios doesn't exactly make for enjoyable barn aisle or ringside small talk.  Unfortunately, as in many areas of life, what you don't know can hurt you.

So without being too morbid, but in the interest of helping you protect your investments--following is some information that might help you consider putting "Get Horse Insurance" on your to-do list. And if you would like a free Quote, click Here.

Five Tips to Help Ensure a Smooth Claims Process

Categories: Broadstone Equine

Five tips to Help Ensure a Smooth Claims Process

Occasionally when a potential new client calls to find out about insuring their horse, they are already a bit hesitant because they’ve heard horror stories of claims not being covered, and they want to know, in the words of a recent potential client who was considering insuring her horse and asked me, “Is this whole horse insurance thing is just a scam.”

My answer is, in a word, “No.” And I say that after nearly two decades in the industry, with literally thousands of claims paid.  I would not be involved in an industry that did not take care of my clients, and their horses, nor would I be in business with companies that don’t keep their word as to the contracts they make with their customers.

My Least Favorite Cliché - “Don’t look a gift horse in the mouth"

Categories: Broadstone Equine

My Least Favorite Cliche - "Don't Look a Gift Horse in the Mouth"

The idea is that it's rude to closely inspect a gift to see if it meets your standards, such as checking the gift horse’s teeth to determine its age.  To extrapolate from that idea, I am amazed at how many people purchase a horse without doing any sort of pre-purchase exam, or if they do some sort of vetting, it’s pretty much just a cursory one.  And typically the reason they give is because the horse was either a gift, or very inexpensive, such as an off-the-track Thoroughbred or a rescue.  Or even stranger, they will spend thousands of dollars on a horse, but not invest at least a few hundred more for at least a somewhat thorough vet exam.

Making Sense of Recent Changes to Medical and Surgical Coverages

Categories: Broadstone Equine

Making Sense of Recent Changes to Medical and Surgical Coverages

There are a lot of changes happening in today’s equine insurance market, and a few of those impact horse owners in significant ways, so I thought I would address one specific area – coverages that help reimburse for veterinary expenses.

In the last several years, due in large part to drastically rising claims costs—most significantly related to medical and surgical claims—insurance companies throughout the U.S. have made changes to their coverages, often referred to as Major Medical/Surgical, Veterinary Assistance, and Medical Assistance. These changes range from the easily understood increases in premiums and deductibles, and additions of co-pays and coverage sub-limits, to only allowing these coverages on horses valued at certain amounts, or restricting the limit of coverage based on the horse’s insured value.  In the following blog, I’ll try to address these areas in more detail.