Whether you just set up a stable, or you are an experienced horseman (or horsewoman) who wants to make the cultivation of thoroughbreds your career, you need serious race horse insurance solutions to ensure the protection of your animals and assets. Although people don't like to dwell on "worst case scenarios" in horse racing, we must consider these contingencies and plan for them: remember, this is your business as well as your passion. This article can introduce you to core principles for improving your race horse insurance options.
Types of Race Horse Insurance
Kinds of insurance to consider include: commercial equine liability insurance; care, custody or control (CCC) insurance; loss of use insurance; major medical/surgical insurance; and mortality insurance. A word about mortality insurance: in many ways, it's analogous to human life insurance. Essentially, if the horse dies, you collect money based on its "value" as a thoroughbred. You can also get insurance for infertility and other named perils.
Essentially, thoroughbred insurance policies aim to mitigate against the likely financial risks that you face. These might include: the horse cracking a hoof while training for a race, the horse getting sick and being unable to race for months, and the horse not being able to breed.
If you employ multiple people (e.g. groomers, trainers, jockeys, etc), you likely need workers' compensation insurance. If, for instance, one of your jockeys falls in a race and breaks his leg, this coverage will pay for his medical bills and rehab as well as potential wages lost.
Cost Control Solutions
All these insurance options may seem overwhelming. Fortunately, solutions abound. Horse race insurance packages, for instance, "pre-bundle" relevant coverages, so that you don't have to shop for them individually. Often, these packages are fine tuned for your needs — and don't come loaded down with "extra" insurance that's not really important or applicable. Of course, even pre-packaged race horse insurance policies may not meet all your exposures. For instance, they may not cover assets such as the van that you use to transport your horse and the equipment in your front office, such as computers, furniture, art on your wall, etc.
To hedge your bets, speak with a race horse insurance agent to identify and prepare against diverse exposures. And get thoroughbred insurance tips from other owners (whom you trust – and with whom you are not in direct competition). Lastly, be prepared to review your race horse insurance needs on a regular basis – every time you add a horse to your stable, for instance. As your business expands and changes – and your horses grow and gain experience – the value of your investments will change, and your coverage needs will also change.
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