Insurance Help!!

M

mangobiscuit

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Ashamed to say my parents have always "sorted" insurance for our horses in the past....

I may be getting a horse on loan soon and need some advice
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*Re LOU - is this necessary? Do most people have 100% LOU cover?

*I currently have our horses with Petplan - are there any companies to be avoided or recommended?

Thanks in advance
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Loss of use is very expensive and I wouldnt bother. If you dont actually own the horse, you cant actually insure it either. You need to have insurable interest. The owner should pay for the insurance.

I use Petplan and they have been excellent whenever I have claimed.
 
I dont have LOU on my horse, because I dont compete to any great level, and mostly it is hacking etc. This means it is really hard to prove that she would no longer be of use to me.

I suppose it depends what the horse is worth and what you are going to do with it. I am sure its owners will have an opinion!
 
Do you mean I can't insure it if I dont own it?

I looked into the LOU and it says they require a vetting cert less than 30 days old.

So do people (who loan horse) usually pay cost of insurance to person who owns the horse instead of insuring it under their name?
 
Thanks for your reply - I will speak to his owner about it. Just wanted to get some background info on what most people do when horses are loaned
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Loss of use is very expensive and I wouldnt bother. If you dont actually own the horse, you cant actually insure it either. You need to have insurable interest. The owner should pay for the insurance.

I use Petplan and they have been excellent whenever I have claimed.

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No it's not really expensive!

I have my 9 year old TB insured for LOU up to £3500. I also have him insured for £5,000 vets fees, a £1000 albion saddle and it costs me £45 a month.

Considering how many claims I've had, it's worth it's weight in gold....although NFU will not insure a horse over 12 for LOU.

L - it was fun - he's very smexy!
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Oooh that sounds like a good deal.

I really need to speak to her re details - just wanted to get a rough idea blah blah blah!

I had a lovely time too - he is very very smexy - i want him now! Need to get back out there
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George is insured with NFU, I don't have LOU as it is expensive and if George couldn't be ridden I would still have him and wouldn't have another whilst he was with me so no point really.
 
Techinically you cant insure something you dont own. Same as you cant insure someone elses car.

They may want you to contribute towards costs, but thats something you will have to agree with them. Personally, the only one who benefits from the insurance is the owner, so why should you pay for it? If you had a hefty vet bill and tried to claim, the chq would be sent to them, in their name.

I find LOU tends to nearly double the premium. Mind you, last time I looked was years ago, so they may have changed it now.
 
That is a good point MM - although I had to insure the horse I had on loan?

I think if you're out competing, hacking, riding someones horse for free (and the one MB is looking at is going to be worth a bit) then it's only right you insure it.

although when I loaned Ty out I kept him insured in my name and just let NFU know that he was on loan.....
 
I'd disagree on that,

I've had loan horses whereby I have paid the insurance - and loaned out where the loaners pay insurance.
You have to declare the situation to the insurance company, for vets fees any reimbursement gets paid to the loaner, for loss of animal the sum goes to the owner. Seems perfectly clear and fair to me!
I have done it this way with NFU and Petplan.
 
See, that's what I was expecting to do - either insure him myself or pay the premiums to owner if only the owner can insure.

I'm quite happy to pay for insurance as I'd be the one using her horse
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So re LOU - is this something that's commonplace with horses going out on loan or do you think it's unnecssary? We would be only doing hacking and unaff dressage up to elem level.

ETS: I'v ejust had a look on one of the insurance site's FAQs and I CAN insure him myself
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You can insure the horse yourself if you have it on loan - petplan can arrange that for you. With regards to LOU it depends on the agreement you have with the owner, it does add a bundle to the premium though and if its a mare I wouldn't bother as you could always breed from it in future.
 
LOU will put your premiums up a fair whack.

I have never had LOU on a horse, loaned or owned.

I can however understand why an owner might insist on this for a competition horse on loan. Worth just chatting to the owner and seeing what cover they want you to take out. For hacking and unaff dressage I don't think LOU is worth it though.
 
Well I did say technically.
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Insurance companies have probably thought its another way of bringing in premiums. However, it still remains the fact that you need insurable interest to insure something. It is one of the principle of insurance (having studied the ACII exams, I know this is correct.).
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I have a horse on loan for my daughter the owner pays premium but she has just had a injury which will not exceed the excess and I have offered to pay half.The situation works well for us both she has control over company and Im very happy to contribute.
I know e and l have a terrible reputation but they have paid out on all my claims for my accident prone tb ( some delays and arguements)and if you need something cheap with loss of use then you will be looking in the region of £24 per month.I appreciate that the loss of use might not be the right cover for you but it might be a good option for the owner .
 
For LOU you need to read the small print very carefully. Any decent cover will be very expenssive, usually 10% of the value of the horse for LOU only and may require repeated vet certificates. Cheap LOU tends not to be worth the paper it is written on as it has so many exclusions and will not pay out anywhere near the value of the horse, so tread carefully. Unless this is a very expenssive horse I wouldn't bother with LOU, but as others have said you need to discuss this with the owner and decide what risks they are willing to take and at what costs (also it is wise to decide who will have responsibility for the horse should it get injured/sick and need time off or an easier life).
 
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Techinically you cant insure something you dont own. Same as you cant insure someone elses car.



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Yes, you can, I have done it
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I insure with NFU, not the cheapest but I've never had a problems with them settling a claim (I don't insure for LOU though). The majority of insurance companies advertising in H&H, Your Horse, Horse etc are fine to use but E&L have been the subject of numerous posts of a less than satisfactory nature.
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You can insure a horse you have on loan, as it is very common in the horse world most insurance companies will do it. We have many of these and we note the owners legal interest on each policy in these circumstances. It depends on each insurance company they all differ in what they will or won't cover. Not all companies will require a vet cert either for LOU cover, it may be dependant on a variety of criteria (ie value, age etc) that a vet cert is required.
 
You have an insurable interest in the responsibility for vets fees for the horse, looking after tis tack and 3rd party liability whislt in your care.
And sorting out of a clim would need you and the vet, not the owner, for vets fee you are haivng to pay

We have NFU and one policy is for a loan pony, they have the ownership recorded and in the event of a total loss, would sort it out. Best agreee insured value with the owner thoigh.
 
I also disagree. I have loaned my mare to my friend and she is using her to breed a foal for herself. It is only fair that she does pay for the insurence and everything else while she is in charge of the horse. I did not even have to ask her about this, she proposed it prior to the loan and it is the right thing to do. I did the same when I loaned a horse in the past, i would not dream of just having the benefit of having somebody elses horse and enjoy just the benefits without any responsibility.
 
Well the pony I had on loan I arranged and paid for the insurance and the one I have put out on loan I also pay the insurance...but I am happy with arrangements both ways!
 
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