You’ve always loved horses. You want to find out what it’s like to have a horse. So, before you decide to buy your own, you decide to lease one as a trial.
You find a horse you love, speak with the owner and are about to sign a one-year lease.
Before you close the deal, you should think about equine insurance.
Have you considered:
- Insurance you’ll need if you don’t own the horse?
- Ways to protect your lease fees?
- Housing your horse?
- Transporting your horse?
- Liability if your horse injures someone or damages property?
Horse Insurance
When you take on a lease, you assume some responsibility for the leased horse and much of the liability. So, even though you don’t own the horse, you’ll need equine insurance.
The horse’s current owner will want to make sure you insure the horse. Typically, the owner of the horse needs to complete our Henry Equestrian forms to apply for insurance.
As the lessee, you should always have your own horse liability insurance. The owners will have you sign a written agreement that clearly states the terms and responsibilities of the agreement, and the owner may ask for a specific minimum limit of liability.
Make sure you’re clear on the terms of the lease, including:
- Agreed use of the horse (pleasure, riding, breeding, etc.)
- Where the horse will stay and the conditions of these premises
- Level of care
- Use and misuse
- Return of the horse
- Who pays for feed, farrier and vet expenses
- Who carries major medical expenses
Lease Fees
You’ll want to protect the lease fees you paid the horse owner. That’s why you should consider the lease fee protection plan from Henry Equestrian. This gives you coverage to protect the lease fee you pay if the horse you’re leasing dies.
Farm Insurance
Whether you have a barn or stables for the horse you’re leasing, or if you’re boarding your leased horse at someone else’s farm, you want to know what your insurance needs are.
If you have your own stables where you can keep your horse, you likely already have your barn covered under your farm owners insurance or hobby farm insurance policy. This would include all your building structures and their contents, including tack.
If you’re boarding your horse at someone else’s farm, you want to make sure they have the right insurance. Ask them if their farm liability coverage is extended to include boarding of horses and if they have care, custody and control coverage.
Transportation Coverage
If you’re moving the leased horse to its new home yourself, you’ll need a trailer. Your horse trailer also needs to be covered by insurance.
With Henry Equestrian you can insure your new horse trailer under your Henry Equestrian plan policy. The Henry Equestrian policy would insure your trailer for collision, upset and specified perils coverage such as damage caused by fire, lightning, theft and windstorm. Once you attach your trailer to your truck, the liability coverage for the trailer would extend from the pulling vehicle.
We can also provide separate trailer insurance (depending on the type and use of your trailer), or a combined truck and trailer coverage. These policies would provide you with coverage such as:
- liability and comprehensive coverage
- Protection against vandalism, theft and other types of damage
- Coverage for tack and other equipment stored in your trailer (If added to your Henry Equestrian policy)
- Cash value or full replacement options
- High limits of coverage
Liability and Injuries
When you lease a horse, you need to worry about more than the horse’s health. You also need to worry about the health of those who come in contact with the horse, along with damage to third parties’ property. In these instances, you could be drawn into a lawsuit.
Even if you haven’t had a lot of experience with horses, you know they can sometimes act unpredictably. By making sure you have the right insurance, you’ll protect yourself from any financial issues due to a lawsuit or claim.
Our equine insurance policy covers liability up to $2 million. We would also recommend seeing what liability coverage your provincial equestrian association membership can provide to you.
Contact Us Today
At Henry Equestrian, Powered by NFP, we understand horses and we want to make sure your horse is protected. Contact us today to learn more or click below for a free, no-obligation quote.