You invested a substantial sum into building a stable to train and race thoroughbreds. You love getting out there and rooting on your favorite horses, and you even relish the training and preparation. But thinking about track insurance can make you feel overwhelmed. Whether you operate your own race track and own your own horses – or whether you are simply an owner of thoroughbreds – you crave a more solid way to control costs and reduce your exposures.
Types of Horse Racing Insurance to Consider
Medical/surgical insurance covers a horse — much like life and health insurance covers a person. If a thoroughbred that you plan to race gets sick or unfortunately passes away, these coverages will pay for things like veterinary bills and lost track wages based on the calculated value of the thoroughbred. Another coverage to consider is loss of use. This is self-explanatory — essentially if your performance horse cannot perform as expected (not able to jump, cut, rein, or participate in dressage), you get compensated. In general, loss of use does not apply to pleasure or breeding horses. Infertility coverage protects you if your horse cannot foal.
You may also need liability protection – such as a commercial equine liability policy as well as a care, custody or control policy. These coverages protect you if your horse causes injury to somebody (a jockey, a visitor to your stable, etc) as well as if your horse gets hurt or dies while under your care. You may also need separate insurance to cover your stable, vehicles, and other assets of your horse racing or track business.
Rather than shopping for horse racing insurance policies "ad hoc" and cobbling together a solution, you can opt for a complete, pre-packaged track insurance deal which bundles a lot of relevant coverages together for you.
Lock into a Quality Horse Racing Insurance Policy
Believe it or not, the discussion above no doubt vastly oversimplifies your concerns and potential exposures. Before you get too overwhelmed, bear in mind that a qualified and credentialed horse racing insurance agent can walk you through options and address holes in your coverage to minimize your exposure.
What should you do? To start, take great care of your horses, equipment, and workers. Secondly, recast your quest for top caliber horse racing insurance as an ongoing mission. You will not be able to completely solve it through some one-time action and then never have to worry about it again. You must reconsider your track insurance regularly – at least once a year, if not sooner — especially if you make dynamic changes to your business, such as buy a new horse, change stables, or purchase new equipment for your company.
To eliminate overwhelm and to make sure that your policy solutions stay grounded, always seek good information and real time data. To "pick the brains" of insurance carriers, all you have to do is get free quotes through companies like NetQuote. It takes just minutes to complete the NetQuote online quote form to get 5 + free horse racing insurance quotes now.
See how much you could save today on your insurance. Get your free business insurance quotes today!