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Protecting Your Equine Investment: Understanding the Ins and Outs of Insuring Horses

February 20, 2024

Horses serve many purposes. They can be used to work, race, ride or just to own as pets, but they are a significant investment that should be protected.

There are numerous types of insurance that can cover death, medical expenses, loss of use, and liability.

  • Mortality: Most often used for racehorses, this coverage reimburses the owner when a horse dies due to illness, injury or accident. It’s like life insurance for humans.
  • Medical Expenses: When a horse gets hurt, veterinarian bills can add up fast. Such insurance can cover diagnostic tests, medications, surgery and other treatments, anesthesia and post-operative care.
  • Loss of use: A horse owner can file a claim if the horse can no longer perform its intended duty, such as for racing.
  • Liability: Horses typically weigh about 1,000 pounds, which means their sheer size can cause damage to a person or property. Such coverage protects the owner against catastrophic lawsuits when such cases arise.

Things to consider

Equine insurance isn’t much different from many other types of insurance. There are oftentimes exclusions in place for pre-existing health conditions and extreme sports.

Premiums depend on many factors, such as the horse’s age, value, intended use, breed and level of coverage you’re seeking. The more coverage you buy, the higher your premiums.

Documentation will be necessary when filing a claim. Keep a file that includes veterinary records, purchase price, appraisal value, and information about the breed of the horse. This will help your claim progress smoothly.

The team at Oswald can help you determine which coverage is needed to protect your horse and related activites. We can also help you find the right insurer for your needs and regularly review your policies to ensure they continue to fit your needs.

To learn more, visit our Personal Risk page or contact me below:

Property & Casualty - Personal Risk | Cleveland