Insurance question - putting my horse out on loan, help please!

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Apricot2011

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I'm putting my horse out on loan :( and am wondering what happens with the insurance - he is insured with NFU Mutual. Does anyone insure with them and know what their requirements are? I shall ring them on Tuesday, but it would be useful if I could know before I go and inspect the yard he will be at (going there on Monday)

Thanks :)
 
Don't use NFU but I've always been responsible for the insurance and get the premium off the loaners with the policy still in my name of course but company are given the loaner's details. I always pay mine yearly too so you know it's covered.
 
You just need to tell them he is on loan and generally they'll just want to know the name of the person (maybe) and the new location of where he is. It is up to you whether you continue with the insurance or not. Alternatively, the loaner can arrange a policy and insure the horse but note your interest as the owner on the policy.
 
I'd always understood that only the owner of something, be it car, horse, whatever, can insure it.

When I had a horse on loan its owners paid the insurance and I reimbursed them. But I may be quite wrong??

NFU are good. I've insured with them in the past.
 
I think Maesfen has the right idea. Insure the horse yourself, and get the policy costs from the loanee.
Thats the only way you will know your horse is covered and more importantly adeqautely covered!
 
i'm with NFU and one of my mares was on lease last year for the showing season (6 months) with legal contracts

i informed the NFU as to what was happening and even though i still owned her the lessees took out a policy of their own with NFU and were responsible for payments etc..

my policy for her was put on hold until she came home

but i think you could also keep your own insurance and get the other party to pay you directly as long as you explain to the NFU of were the horse is going to be based and they don't use the horse for anything else other than what your policy states the horse is insured for
 
It doesn't matter which way round you do it. If you want to KNOW the horse has the cover you want it to have then best to insure it yourself an note the horse is on loan but it is perfectly normal for a loanee to insure the horse in their name but note the owner as having insurable interest. In someways it is easier for the owner to insure the horse as if for example you want the horse to have Loss of Use Cover this can cause an issue in the event of a claim in the loanee insured the horse and paid the premium for this cover but, at the end of the day they would not be financially out of pocket of the horse could no lonetr be used for it's intended purpose. The value of the horse should be paid to the owner not the loanee. It can get a little messy. Just make sure you loan contract stipulates what will happen in respect of the insurance and who is paying for what.
 
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