It's every parent's dream...or nightmare. Your son or daughter has become too advanced for the school horses, and now your trainer is starting to talk about purchasing a new horse or pony of your very own. Don't panic. You'll soon be joining the ranks of horse show parents. Our advice to you is to find someone who has been through this before and will be able to give you advice on the basics of horse showing. A good place to start would be with ShowMom.com. Here you will find articles, tips, and advice ranging from Horse Showing and Parenting to Packing Tips. While some of the topics might be specific to Hunter/Jumpers there are others, such as Learning to Set Goals, that will fit just about any situation. You might also enjoy looking at some of the pictures that have been posted. The site is constantly being updated, so be sure to check back often!
Now that you've figured out exactly why you've purchased this horse, and you have a better feel for how to deal with your newfound occupation as a horse show parent, we can discuss another topic. One of the first things you will want to do after you and your horse have become acquainted is to discuss with your trainer the idea of insurance. What? You can insure horses? Why would you want to do something like that?
Excellent questions. Here are the answers, and some other very common questions about equine insurance.
Why do I want to insure my horse?
Murphy's Law applies to horses just as well as it applies to humans. Anything often can and will happen. Equine insurance will help provide financial assistance should something happen to your four-legged friend, whether it be in the case of injury, illness, theft, or death.
How do I go about insuring my horse?
The first step is to find a qualified insurance agent. Ask your trainer, or speak with other boarders who carry insurance for their horses. Most trainers tend to prefer one agent, having developed a good relationship and a level of trust with that person or agency. The majority of equine insurance agencies have a website, so be sure to check that out for more information. Once you've found a good agent the next step is to obtain a quote. This may include completing the required applications. Be sure to ask the agent any questions you've come up with along the way. It is their job to answer them and assist you in this process. After you've found a satisfactory quote then you can tell the agent to bind coverage, and you've got horse insurance!
When will the coverage take effect?
This may depend on the agency. Equisport Agency, Inc. is able to bind coverage upon receipt of signed and completed applications. Other agencies may require payment before they can get coverage in place for you. Be sure to ask your agent when your coverage will be effective so there is no miscommunication!
How much will insurance cost?
This will depend on the types of coverage you choose. Most companies will require the age, breed, use, and value of the horse. A rate will be applied based on those four items, and then multiplied times the value. That will give you a base idea of how much you will be paying for your insurance. Please note that the more expensive your horse, the more you will pay. Should you have more than one type of coverage you will need to speak with your agent to obtain additional prices.
What types of coverage are available?
Believe it or not, there are several types of coverage that can be applied to your horse. The first, and most common, is Full Mortality. Full Equine Mortality coverage is provided for death of the horse as a result of injury, illness, humane destruction, and transportation anywhere in the continental U.S.A. or Canada (optional worldwide territories are available) and includes loss or death of the insured horse as a result of theft. For many companies this is the base policy available, and everything else will be in addition to the full mortality.
The second most common type of coverage is Major Medical with Surgical. Major Medical with Surgical coverage is provided for the cost of equine medical and surgical procedures performed by a veterinarian, including diagnosis as a result of accident, illness or disease. Major medical and surgical coverage is available for horses 30 days through 15 years of age. There will be an annual limit of $7,500 - $10,000, depending on the company. Most companies will also require a deductible, and that may range between $250 and $300 per occurrence. Please note that most major medical/surgical policies will not provide reimbursement for farm call fees and emergency call fees. Most insurance companies will not provide major medical/surgical coverage for horses that are currently racing or in training for racing.
For horses that might fall outside of the suitable age range of Major Medical with Surgical coverage, inquire about Surgical Only. Surgical Only coverage will cover specified costs. Companies will pay reasonable and customary charges for surgical treatment (including anesthesia) necessitated by accident, injury or illness. In addition to the surgical fees, they will pay up to 35% of the veterinary fees for hospitalization, X-rays, medication and lab tests that are necessitated as a result of the surgery. Costs may range from $85 to $150 annually with up to a $50 deductible for each claim, and a $5,000 limit per horse per year
What value should I place on my horse?
If you have recently purchased the horse, then the purchase price is a good place to start. Whether that be $2,500 or $100,000, most companies will accept the value. Check with your agent, because the insurance company may accept commissions and shipping expenses as part of the horse's value. If you have owned the horse for a few years and are just getting around to insuring it (tsk, tsk), then this might get a little trickier. A horse's value can be increased due to training and show records. If you wish to insure the horse for a value higher than the purchase price then ask your agent for a value substantiation form.
What is a value substantiation form?
This form is where you should list your horse's training, show records, breeding records, etc. Anything that will help support the value you would like to insure your horse for should go on this form. If you have insured your horse for a few years and now wish to increase the value, this is the way to go. It's not as complicated as it seems, I promise!
These are just a few of the basics. The equine insurance industry can do much more for you, should you decide to delve deeper into it. But for those who are trying to learn as they go, this is a good place to start. As always, if you are not certain of something, be sure to check with your insurance agent or your trainer for answers. There is no such thing as a silly question, and it is much better to know what you are dealing with than to make assumptions and have everything fall apart.
Now that you're done with the hard part (buying the horse, the insurance, and all necessary equipment for both horse and child!), go out and have fun! In the immortal words of Winston Churchill, "There is something about the outside of a horse that is good for the inside of a man." Now...did he mean the child, or the parent? I guess only time will tell!
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