Living on your own horse farm, having an entire stable of horses, and caring for these wonderful animals may sound like the recipe for the quiet countryside living of your dreams. No matter how idyllic that image seems to be, however, you still need to take steps to protect yourself from any liabilities that may arise from ranch and horse ownership. One way to do this is by getting an equine liability insurance.
Ideally, this type of insurance is one of the first things a horse farm owner should get – even if horses are kept within their property instead of boarding them at a public barn. While equine liability insurance may be the farthest on your mind given the responsibilities of running your own horse farm, it’s something you should handle right away to protect your investment and allow yourself to keep living your dream as stress-free as possible.
Consider the following scenarios that your insurance coverage can mitigate:
For owners of private horse farms
- Your horse could wander outside the farm and trample property, cause traffic accidents, and frighten neighbors.
- Your horse could kick or bite someone who thought it was safe to approach it while on your field.
- Your horse might get killed in an accident after escaping your property, causing damage beforehand and inconveniencing other people.
For owners who use horses in a commercial capacity
- Your horse might throw a student off its back.
- Your horse could severely injure another horse.
While you can’t prevent every unfortunate situation from happening, taking out an equine liability insurance is a good way to stave off unwanted costs due to accidents.
About commercial liability insurance
- This is the kind insurance you need if you’re engaged in relevant commercial activities such as training or providing boarding for other horses.
- Your professional liability is covered to a limited degree for instructors and trainers.
- You are protected in the event that someone files a complaint against you for not training their horse to become a champion, for example.
For those who board or look after horses they don’t own
- Look into getting Care, Custody and Control (CCC) coverage in the event that a horse is injured, becomes ill, or dies in your care as a result of negligence.
- The CCC may also appear as a provision in a horse farm and ranch insurance so inquire before you buy.
Cost of premiums
Equine liability insurance premiums generally start at $175, with limits of between $300,000 to $2,000,000 per incident.
Real estate professionals do more than show you your dream home; they can guide you in all the details involved in the process of finding a home and protecting your investment.
When it comes to specialized property like horse farms, contact Sarah Boyd today if you’re planning to invest in North Texas real estate. She and her team at Sarah Boyd & Company are local, go-to experts when it comes to equestrian communities, ranch properties, and equine liability insurance.