Discussing Different Types of Horse Insurance And Their Importance
"Many people value their horses, but fail to appreciate how important it is to have a horse insurance policy. A horse is a valuable possession, just like a vehicle. Therefore, it needs to be protected. Before choosing an insurance policy, you are bound to do some research first. You will try to find a reputable insurance company that can offer you a good coverage at an affordable rate.
Show horse or Work horse
You need to distinguish whether your horse is a show horse or a work horse, and make this clear to the insurance company. A basic cover may be all you need for a work horse. In these cases you can usually make arrangements so as to cover your horse by asking for an extension of your farm property insurance policy. But, if your horse is used to take part in equestrian competitions you will need a different kind of policy. It is a good idea to ask around so as to see what other people recommend in this regard.
Usually most people choose a Specified Perils policy as part of a Full Mortality policy. Before being approved, the insurance company will ask you to provide a detailed report of your horse's health from a certified veterinarian. They will also need to know the age of the horse, and inevitably what types of tasks it is used for. Any changes to its value over time will also be taken into account.
Specified Perils policy for horses
This type of policy will serve as a safeguard against various perils that your horse may be exposed to, which could eventually lead to its loss. These will vary from one insurance company to another. Some of the most common ones include theft, fire, impact by a vehicle, entrapment and accidental shooting.
This type of policy will not include the loss of the horse as a result of an illness. Before opting for a separate policy make sure to check whether the insurance company can offer you an extension on your existing farm property insurance policy.
Full Mortality policy for horses:
Another type of insurance policy you may wish to consider is the Full Mortality policy. This offers a wider level of coverage since it will also include any illnesses and health problems your horse may develop over time. Make sure to check what each insurance company covers, as policies will vary from one company to another. However, the majority of the companies will cover any expenses relating to unforeseen illnesses or medical problems, as well as any medical emergencies. Obviously there will be a number of restrictions, such as grooming and elective treatments that will be considered as normal care expenses.
Liability insurance for hoses:
This type of policy will cover any expenses that could arise as a result of your horse's actions. These could include accidents such as if your horse injures somebody, or causes some type of damage to a property or vehicle. This type of policy is generally referred to as Private Owner's Liability Coverage. Any such expenses will be covered by the policy.
Commercial Equine Liability insurance for horses:
This type of coverage is ideal for those who use horses so as to offer riding lessons, or for some other form of commercial activity. This policy will generally cover any possible losses you may incur as a result of accidents or damage caused by your horse's actions.
It is imperative to appreciate how important it is to take proper care of your horse. You have to ensure that it is healthy and at the same time avoid the possibility of having any accidents arising. Therefore a suitable insurance cover should be found so as to protect you and your horse against such challenges and possibilities."