Full loan of a horse - who pays the insurance?

You wouldn't get "anything back" if anything goes wrong - that's not the point of insurance when loaning. it simply covers vet bills in case of injury or illness. If the horse were to die, the money from the insurance company would go to owner for replacement of goods, essentially.

even if owner pays for insurance, and doesn't ask for a contribution, you will still want your own riders insurance and liability cover.
 
As I said our horses owner kept the insurance in her name and I pay the premium to her monthly. If the horse needs vet care I can claim on his insurance for that. Obviously if he had to be pts the money would go to his owner. Afterall she paid for him, I'm just borrowing him!!
 
rachaelstar said:
I really am confused by this. Basically the best way to go about it is if I pay the owner the insurance monthly through direct debit/standing order and they carry on with the insurance in their name, but I pay for it? I'm not sure I'm happy paying £60-£80 per month for the horses insurance to get nothing back if anything goes wrong?

I'd personally prefer the owner to still have full control of the insurance.

The owner has never loaned a horse before so isn't sure what to do either.
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It's the same as insuring a hire car - you wouldn't get anything back from that either...

You can insure the horse yourself and keep the money if it dies but IMO that is unethical. If you loan the horse you pay insurance so you can provide a replacement if it gets 'damaged'.
 
It doesn't need the owner to do it, you just need to know who gets what money in case of accident or death of the horse.. Ask the owner the rough value the horse wants insuring for, then usually you set the insurance up so you'd be paid money for vets bills and she'd be paid money if the horse dies (I say usually, but lots of people felt the loaner should get all the money if they'd paid the insurance on the other thread.., so that's what you and the owner have to sort out up front..)

Ps, £60-80 a month is huge. I pay that for both my horses and a trailer
..
 
Car insurance is a good way to think of it .
You are going to loan the horse it's costs will be yours including insuring for vets fees and the risk of a complete disaster happening to the horse for it's owner .
 
rachaelstar said:
I really am confused by this. Basically the best way to go about it is if I pay the owner the insurance monthly through direct debit/standing order and they carry on with the insurance in their name, but I pay for it? I'm not sure I'm happy paying £60-£80 per month for the horses insurance to get nothing back if anything goes wrong?

I'd personally prefer the owner to still have full control of the insurance.

The owner has never loaned a horse before so isn't sure what to do either.
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The bulk of any insurance is vets few cover - which IMO is essential and should be at the cost of the loaner.

£80 a month is a fairly high premium, I'd suggest asking the insurance company what % of that is vets and what % is value/LOU and then maybe you as loaner pay a proportion of that fee.
 
It varies is the short answer. When I loaned my own horse out I kept paying the insurance so that it stayed with the same company, under the same name and there was no cooling off period. Also wanted to save myself from the nightmare of someone saying they'd sort it and not doing and something then happening. Have a chat with the owner and find out what their preference is. If the horse is currently insured they may be happy to keep paying or may be able to get the insurer to transfer the policy details over to you if they want you to pay.
 
Thanks guys :) I will discuss with the owner now I have more understanding!

Didn't want to sound stupid but having my own horse only covered for 3rd party and nothing else I wanted to make sure I was going about everything correctly with new loan horse :)
 
OP, if you are taking out your own policy, the most important question to ask the owner is "what happens in the case of a loss of use payout or death of the horse?"

There are many different ways to run things and all should work perfectly as long as both parties are aware of the outcome of this question and you have a signed contract that backs that up.

So I'd ask the question, then draw up a simple contract stating you are responsible for taking out insurance policy and it case of lou or death, the payout is to benefit X.
 
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