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Factors You Need to Consider When Looking For an Equine Liability Insurance Policy

When looking for equine liability insurance, there are a few factors you should consider. These factors include the Cost, Requirements, Exclusions, and Policy length. The right policy for your needs can help protect your business.

Exclusions

Equine liability insurance has many exclusions. For example, most policies do not cover false statements, disparaging remarks, or privacy violations. Nowadays, social media has become a popular way for people to vent about unpleasant situations. A policy may also exclude coverage for injuries sustained during the first 14 days of the policy. Therefore, riders should be careful about the advertising they put out about their equine business.

Equine activity liability laws are different in each state. While some states have passed legislation limiting horse activity liability, others have not. These statutes protect activity sponsors and professionals but don’t provide coverage for spectators. These statutes are intended to protect equine operators from liability lawsuits but contain many loopholes.

Cost

Whether you own your horse farm, run a riding stable, or run a horse-related business, equine liability insurance can protect you from lawsuits. It covers the costs of defense and any damages up to the policy limits. However, it is important to consider the potential costs of a lawsuit, as they can cost millions. Therefore, equine liability insurance is a must for any equine operation.

Equine liability insurance can be purchased under your farm owners’ policy or separately. You can also bundle liability coverage with your property insurance policy to save on premiums. There are two types of liability limits – one per occurrence and a general aggregate limit. The former gives you a limit of $1 million for any one claim, while the latter provides maximum coverage of $2 million for the entire policy year. You can also choose to attach deductibles to your liability coverage, which can reduce the total cost of your policy.

Requirements

When looking for equine liability insurance, review the coverage’s terms and conditions carefully. Liability policies protect the insured against loss due to negligence or omissions and property damage. Equine liability insurance providers will ask you for detailed information about the activities you perform on your farm. The more activities you conduct and the income you generate, the greater the risk of a claim.

In addition, it is important to consider your budget and objectives. It would help to consider the coverage options available for your horse’s age, breed, and discipline. Lastly, ask about past medical conditions or injuries your horse may have had. Equine liability insurance is a complex process, so ask questions and get a quote from a reputable insurance company.

Policy Length

When looking for equine liability insurance, consider how long you want the policy to cover your operations. A liability policy covers the insured for loss or damage caused by a third party, either due to negligence or an act of omission. In most cases, liability coverage comes with a single limit, although you can also split the limit between two separate policies. For example, a $1m per occurrence liability limit would cover the insured’s liability for one claim, while a $2m general aggregate limit would provide coverage for all claims. Some companies also allow you to attach deductibles to your liability coverage, which can provide you with savings.

Once your horse turns 16 years old, equine liability insurance companies will begin to put restrictions on their policies. Although they are still available, most policies do not cover a horse over that age. For horses under 15 years old, you can obtain a mortality insurance policy. However, a mortality policy only covers your horses from acts of God, theft, and certain accidents. Named perils include objects falling from airplanes, boats that burn, and accidental shootings.

Requirements

Equine liability insurance protects the owner of a horse from legal claims made against them by third parties as a result of negligent or wrongful acts. In addition, the policy is designed to protect the horse and its owner from financial hardship and even bankruptcy. It covers medical expenses and replacement costs for horse injuries or damage caused to another person or animal while in the care of the insured.

Equine liability insurance is especially beneficial for horse owners who own several horses. Whether they are hobbyists or are in business for themselves, equine liability insurance can protect them. In addition, it can cover the costs of lawsuits and defense costs up to policy limits in case of a claim.

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