View Full Version : Insurance
Jan. 20, 2011, 07:45 PM
I may be in the wrong forum but since all the people in my barn event - I need new equine business insurance. I need for horses who board here and kids are given lessons and horses trained but there are only 8 of them and NO one boards here who is not being trained and in lessons.
I started out just letting them be here - and it was just two kids so I had simple farm insurance and liability - and had them sign contracts to hold me harmless etc etc - but now its grown to 8 so looks like I have accidentally grown into a small business. Zikes.
So what insurance do you all have and any recommendations?
Jan. 21, 2011, 10:09 AM
Talk to your current insurance agent about your existing policy. I suspect you have basic coverage that just needs to be tweaked with some endorsements. If your current agent isn't helpful, then go to an equine specialist agency.
Jan. 21, 2011, 01:24 PM
If I remember correctly, Broadstone Equine Insurance also offers horse farm insurance. They may be able to point out gaps in home owners insurance vs. a running a horse business. As a side note, I recently selected Broadstone Equine Insurance agency to cover my event horse. I did some comparision shopping and found their coverage to be very competitive and customer service was outstanding. I hope this helps!
Jan. 21, 2011, 02:16 PM
The other thing is are you the instructor/trainer of these boarders or do trainers come there. If trainers come then you might need to confirm they have insurance as well; if you are training then you might need to bump up your insurance to cover. Also some insurance discounts your rates if you store hay/shavings in separate building from barn (if you do, make sure you mention to insurance company and inquire about discount- as every bit helps)
Jan. 21, 2011, 08:24 PM
I think you will need two types.
Care custody and control covers the horses and the boarding.
Liability covers the instruction of students, having the people on your property, and the training of the horses.
They should be added to existing coverage; and separate from your homeowners.
It would be very good idea to consult with an insurance professional, and if they are good at their job, they will know what you need to cover and how to cover it.
Make CERTAIN your release form follows the legal requirements of the equine activity law in your state. If you have left out one phrase or missed a sentence, it makes your release and signage invalid. Not a loophole you want to miss.
Not all insurance coverage gives a discount for storage management. You can get often a better rate by combining a couple of different coverages and / or selecting cheaper or more expensive deductibles.
Good luck and let us know what company gives you the best deal! :)
Jan. 21, 2011, 08:48 PM
Care, custody and control is not a stand alone coverage. It is an endorsement on a commercial general form (or a specialty liability policy form, if the insurance carrier filed one). Ditto instructors liability, ditto trainers liability, breeding liability, etc. Basically the underlying policy is tailored to your individual risk by endorsement. It could even be packaged with property coverage if so desired.
A liability insurance application is somewhat long but asks questions to help target coverage to the risk exposure. That is why I would start with my current insurance carrier. If you have a good relationship with that carrier and an existing policy, I would see what it would take get that policy to fit my current risk profile. It's probably going to be the easiest and cheapest way to do it.
Jan. 21, 2011, 10:19 PM
I just went thru a similar insurance search for our small private farm. We host clinics occasionally. I used Broadstone and they do have an extensive questionnaire that addresses many of the activities that you describe Joannie.
We ended up with a commercial policy and I'm not sure if this is really what we need. So I too would like to hear suggestions from COTH'ers on tailoring an insurance "program" for specific needs.
Jan. 22, 2011, 10:08 AM
Farm Family does have Care, custody and control as a stand alone coverage, Iron. I used to have to buy it. Many racehorse trainers have it and they don't have farms. They rent stalls at training centers and don't keep horses where they live. You can get any insurance you want, just depends on what you want to pay for it.