Sorry if this has been covered lately- my forum search isn't turning up anything related to insurance - can't figure out what's wrong there.
So, I've been self insuring for a couple of years, but a new horse going to shows makes me feel I need to get coverage again. Especially after listening to some horror stories from some competitors last weekend. I know there have been changes, so I need to read carefully. We had major medical and mortality before with Great American, but never covered loss of use. Kinda wish we had now. So how many of you carry it and feel it's worth it? Even if it is at less than the market value, it might give some protection?
If you make a loss of use claim and the insurance company pays, they become the de facto owner of the horse. If that's OK with you and you can afford it, maybe it's worthwhile. I have always thought it completely worthless when you read the fine print.
No not worth it - unless you don't care what happens to your horse. Once you file a claim then the insurance company can take your horse and sell it at auction if it wants - you have no control over what happens. They have to make sure the horse isn't used again for its original intended purpose. Read the fine print!!
"When a horse greets you with a nicker & regards you with a large & liquid eye, the question of where you want to be & what you want to do has been answered."CANTER New England
I'm actually most concerned about a career ending injury since we've experienced that before. From those I talked to last week, their insurance companies paid out but had no interest in taking control of their horses. The catch was if the horse returned to competing within 3 years. Has anyone dealth with this?
When i spoke to insurance companies they said yes they can take my horse if I file a claim for loss of use but that rarely ever happens. To me even that rarely is to much of a risk to risk my partner being taken and done who knows with. I'd much rather eat the money and let him retire here happily. But that's a personal choice truthfully and only you can decide that. from my understanding if you file that claim and get to keep your horse and they pay you out I do not believe you can 3 years later bring that horse back to the work. But I could be misunderstanding what they told me.
Horses aren't our whole life, but makes our life whole