Insuring a full loan!

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Izzymyers

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Hi all after my own horse unfortunately not being able to be ridden, I am looking at full loaning a horse, I have ridden her a few times and she is awesome and have spoken about her moving to my yard. Had the loan agreement written up so I could have a read through and one of the points on the agreement was that she needed to be insured up to a price of £40,000 as this is her current price. The issue I’m finding is it’s seemingly impossible to insure a horse of that price without it costing close to my whole months wage! Does anyone have any tips about insuring an expensive full loan horse? Is it just not worth the hassle? I looked at agria to insure and if it’s a loan horse you don’t need to put how much the horse costs but I don’t want to be caught out if something was to happen!

Any help would be hugely appreciated!
 
bonny said:
I wouldn’t loan a horse of that value, imagine the risk if something goes very wrong and horses have a habit of breaking. Maybe try and find a cheaper horse or a share where you aren’t responsible for the insurance ?
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Do you think even with agria where they don’t ask the price of the horse if it’s a loan it’s not worth it? Have been looking for a full loan for quite a while and unfortunately it has to be a full loan as I still own my own horse who has had to retire so I need something that will move to the yard she is at.
 
Agria will not insure loan horses for death/ loss of use, just so you are aware, which is why you cannot put a value on.

I know this because my loan horse is insured with them, and I rang to ask why I couldn't add a value.
 
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Izzymyers said:
Do you think even with agria where they don’t ask the price of the horse if it’s a loan it’s not worth it? Have been looking for a full loan for quite a while and unfortunately it has to be a full loan as I still own my own horse who has had to retire so I need something that will move to the yard she is at.
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Maybe talk to the owner about the insurance issue but if they want the full value in the event of something catastrophic happening you have a problem ….is the horse insured for that value now ?
 
As Webble said above a horse of that value would more likely be lease. Also her value is very unlikely as they are a marmite breed which doesn't make them more valuable . Goggling finds most are for sale under £10,000 which you couldn't get a nice safe cob for easily.
 
Having been the owner of of a higher value horse out on loan then I did not expect the loaners to insure. I held the insurance and accepted the full risk of loss of value. Dealing with horses of that sort of value involves a huge amount trust and communication on both sides.

What I would say though, is if the premiums take up the bulk of your wage, then I’m afraid you cannot afford to look after and run a high value horse (excluding insurance) and the owner is negligent in considering this partnership.

I have no knowledge of the breed and value.
What is it you are wanting to loan a horse for, and what is it about this horse that makes it the right one. I suspect you would be sensible to not proceed here, unless there are really unique circumstances that weren’t disclosed on the OP
 
HaffiesRock said:
Wouldn’t touch at all to be honest.

When I put my horse on full loan I kept him insured for my own peace of mind. My current full loan pony is insured by her owner.

40k is a lot to insure for!
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Was going to say this was the reason I decided not to take a horse on on loan. I think it’s the owner’s responsibility tbh if that is what they wish and also then they can make any claims and decide on any necessary treatment if it’s needed as that will need to be their decision and their consent will need to be given anyway. It’s still the owner’s horse at the end of the day.
 
Izzymyers said:
Hi all after my own horse unfortunately not being able to be ridden, I am looking at full loaning a horse, I have ridden her a few times and she is awesome and have spoken about her moving to my yard. Had the loan agreement written up so I could have a read through and one of the points on the agreement was that she needed to be insured up to a price of £40,000 as this is her current price. The issue I’m finding is it’s seemingly impossible to insure a horse of that price without it costing close to my whole months wage! Does anyone have any tips about insuring an expensive full loan horse? Is it just not worth the hassle? I looked at agria to insure and if it’s a loan horse you don’t need to put how much the horse costs but I don’t want to be caught out if something was to happen!

Any help would be hugely appreciated!
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TBH, if the owner had any sense they would insure the horse themselves for whatever they think it is worth because whoever pays the premium will be the ones to get the payout and if you were the dishonest sort you could just walk off with it! Saying that, vets will still need their permission to treat etc. I wouldn't touch it with a bargepole myself; too many areas for conflict which isn't what a loan should be about on either side.
 
I know nothing about that breed/value but could owner show that the horse is worth that much? As I understand, insurers companies will let you insure for any amount and happily take the premium but if it comes to payout, they will want to validate the value before payout.
Imagine paying huge fees and then the horse isn't considered that valuable 🤔
 
Jenko109 said:
I find it very hard to believe that anyone would loan out a horse worth 40k.
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I think I've found the advert, nice horse but with its current experience not worth £40k 🤷
I would wonder why if owner is retaining ownership, they're not sorting insurance. Is she not insured already and if not, why not, especially considering the value.
 
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