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The average cost of equine liability insurance depends on whether it is for business or personal use, the amount of insurance purchased, the type and size of the commercial or personal operation and the number of horses. The prices for various types of coverage from major horse agencies are in the same range. With equine insurance, always make sure the insurance covers a particular event or activity. It's smart to read the policy thoroughly, speak with an agent about your individual needs and concerns, and make certain any questions receive answers.
Personal Equine Liability
People who keep their horses at home and use them only for pleasure or showing, not for any business use, are generally covered by their homeowner's insurance policy. However, those who board their horses at commercial or private stables are often not covered under the homeowner's policy. Boarders may want to take out equine liability insurance in case of accidents, such as a horse getting loose and getting hit by a car, or otherwise injuring someone. The average price for $500,000 worth of coverage is $250 annually, and covers up to four horses. Most insurance companies charge an extra $40 to $50 annually for each additional horse. With personal liability equine insurance, applicants must submit the name, breed and use of each owned horse to the company.
Commercial Equine Liability
Anyone involved in commercial equine activities needs liability insurance. This includes business owners who involve in equine-related boarding, training, teaching, breeding and sales. Stable owners may also purchase premises coverage for independent horse professionals, such as trainers, when those individuals work at their barn. This particular type of coverage is very specific to the type of operation, prior claims history and what is included or excluded, so the applicant must discuss annual fees with the equine insurance agent.
Care, Custody and Control
This coverage is recommended for stable owners training, boarding or breeding horses owned by other people. Care, custody and control covers the owner's liability if a horse dies or is injured under their care. It provides for veterinary care or the horse's value up to the policy limit. The average cost for up to 10 horses at $100,000 each for veterinary care or mortality if the stable owner is deemed negligent is $1,500 annually. While this policy does not cover commercial haulers, it generally covers accidents to the horse occurring while the stable owner trailers it within a certain radius of the farm.
Veterinary and Mortality Insurance
Equine liability insurance generally does not cover equine injuries, diseases or the loss of a horse. For that, horse owners must purchase veterinary or mortality insurance. Many companies offering equine liability insurance also offer this type of insurance, and may offer discounts to clients who purchase liability and veterinary/mortality packages. This type of insurance depends on the value of the horse and the amount of veterinary coverage, and certain age or breed restrictions may apply. The average annual cost for mortality insurance is 3 percent of the horse's stated value.
Jane Meggitt has been a writer for more than 20 years. In addition to reporting for a major newspaper chain, she has been published in "Horse News," "Suburban Classic," "Hoof Beats," "Equine Journal" and other publications. She has a Bachelor of Arts in English from New York University and an Associate of Arts from the American Academy of Dramatics Arts, New York City.