equine insurance: protecting yourself, your horse, and your equine business investment

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February 25, 2012

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A presentation from the Equine Business Conference presented by Michigan State University, University of Minnesota, University of Nebraska, and Iowa State University, and partly funded by the North Central Regional Center for Rural Development. Presenter: Wade Ellerbroek, licensed insurance broker, real estate broker, and appraiser.

TRANSCRIPT

Page 1: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

February 25, 2012

Page 2: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Equine InsuranceUsing Insurance to Protect Your Equine Business Investment Wade Ellerbroek Licensed Real Estate Broker, Insurance Broker and AppraiserEllerbroek & Associates

Page 3: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Overview

IntroductionCoverage for your horseCoverage for your equine activityUmbrella liability coverage’sTake home message

Page 4: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Coverage for Your Horse

• Mortality CoverageLife insuranceAll riskCovers theftPremiums based on• Breed• Bloodlines• Age• Use

Page 5: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Coverage for Your Horse

Page 6: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Coverage for Your Horse

• Major Medical• Similar to a policy you carry on yourself or

your family• Covers accidents, injuries or illness• $250 deductible/

claim• Annual premium

Page 7: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Coverage for Your Horse

• Surgical Only Includes anesthesiaCovers accident, injury or illness In addition to surgery it will pay up to 35% of surgical fees

for hospitalization (X-rays, medication & lab tests)After care, board & transportation are not coveredA lot of illnesses do not require surgery and thus are not

covered (EPM and West Nile)Option provides your horse with up to a $5,000 yearly limit$50 deductible/claimPremium

Page 8: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Coverage for Your Horse

Page 9: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Coverage for Your Horse

• Stallion infertility• Commonly referred to as AS&D• Provides coverage in the event that stallion

permanently incapable of settling mares in foal as a result of accident, sickness or disease

• Coverage not available first breeding season

• Premium

Page 10: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Coverage For Your Horse

• Loss of Use• Horse becomes totally and permanently incapable of

fulfilling the functions for which the horse is used• Its condition does not necessitate

destruction for humane reasons• Will pay 75% of the horse’s value if

you choose economic destruction• Or the company may take

possession & title to the horse• Premium

Page 11: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Coverage for Equine Activities

• Equine liability policies are designed to help protect you if you are sued by a 3rd party due to property damage or bodily injury while involved in any of your owned equestrian exposures

• Coverage is provided for defense fees & for claims for which you are legally liable up to the policy limits

• Annual policy limits of $300,000, $500,000 or $1,000,000

Page 12: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Coverage for Equine Activities

• Personal Horse Owners Liability Coverage• Provide coverage for bodily injury or property

damage to 3rd parties caused by the insured personally owned horse when used for non-commercial purposes

Page 13: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Coverage for Equine Activities

• Equine Commercial General Liability• Perform any commercial equestrian activities

such as boarding, instruction, training, breeding, horse sales, etc…

• Coverage can be extended to activities off premises such as riding instructor or trainer who travels to clients facilities or horse shows

Page 14: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Coverage for Equine Activities

• Equine Professional Liability Coverage• Coverage for claims & defense fees resulting

from any negligent act, error or omission arising from your professional equestrian activities

• Example – trainer who rents facilities

Page 15: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Coverage for Equine Activities

• Care, Custody & Control (CCC)• Legal liability coverage for horses entrusted to you by

their owners• Consider if you board, train or breed horses for others• If a horse is injured or dies while in your care and you

are found negligent• Provides coverage for the medical care or replacement

cost of the horse up to policy limits• Defense costs also covered• Policy limits on a per horse/year basis

Page 16: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Coverage for Equine Activities

• Horse Shows & Events• Liability coverage for single horse shows,

clinics or equestrian events• Provided for the actual event day/s &

includes days for both set up & take down

Page 17: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Coverage for Equine Activities

• Riding Clubs and Associations• Coverage is designed to provide liability coverage for

member organizations and their public event days• Public event days are those activities to which non-

club members of the general public are invited• Coverage for up to 7 public event days during the

year with coverage for additional days available• Directors & officers errors &

omissions coverage's

Page 18: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Umbrella Liability Coverage’s

• Higher limits are available & recommended for your consideration

• Umbrella policies can add up to $5,000,000 additional coverage

Page 19: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Take Home Message

• Please read your insurance policy carefully• Coverage's will vary from company to

company

Page 20: Equine Insurance: Protecting Yourself, Your Horse, and Your Equine Business Investment

Contact Information