Loan horse - insurance question

[scatty_mare]

For those with experience of loaning - would you think it was more usual for the owner or the loanee to insure the horse? (3rd party liability and vets fees etc, not covering rider)

It is probably a daft question and you'll all say it's down to the individual situation, but just wanted to know what was more usual.

Thanks!

 

[Cazza263]

When I loaned my horse out, I kept the insurance policy running as had owned and insured for 9 years at that point, but loan agreement stated that loanee had to reimburse me the insurance premium and I also made sure that loanee's name was on the policy so that when/if any vets fees were incurred or there was a claim of any sort under the policy etc then the loanee was covered as if he was owner - so if loanee had to pay vets fees etc then s/he was reimbursed, but if horse was eg stolen then I got the money - no extra cost for this

 

[cindydog]

When I loaned my horse out with view to buy, I had put in contract that loaner was to insure horse, I kept my policy running just in case.

 

[scatty_mare]

Thanks for your replies, sounds sensible. There are so many things to think about!

 

[Faithkat]

I've got a mare on loan who wasn't insured when I got her so I have insured her myself. I also have one of mine who is away at another yard being schooled. I bred her and she was insured from before she was born and I am still paying for her insurance.

 

[Maesfen]

For mine, I carry on paying the premium but ask the loaner to reimburse me. Also make sure loaner's details are recorded so they can claim for any vet fees if they need to pay their vets first.

 

[Honey08]

When I have loaned my horses out, or loaned from someone else, the person who loans always pays the insurance - it has always been in the contract. the insurance co usually wants a letter stating that if the insurance co pays out for vet bills the money goes to the loaner, if the insurance pays out due to the horse's death, then the money goes to the owner of the horse...

 

[galaxy]

I think the owner should continue the insurance, althought the loaner pay any excess.... At the end of the day it's the owner that will benefit from any payout if the worse should happen. You also have the comfort to know that if the loaner breaks the horse you have insurance to pay for vets fees and aren't going to have a broken horse dumped back on you with no means to pay for any treatment.

 

[Wheels]

I've just taken a horse on loan and it is my responsibility to pay for insurance costs which is fine as I've just sold a horse so swopped him off & put my new loan horse on instead

 

[Spotsrock]

The owner of our loan horse is taking a break from horses for a bit but didn't really want to sell the horse, or let it go to just anyone (is my sis!). We are going halves on the premium as we are helping her out by having the horse short notice and she is helping us by letting us have it. She wants horse covered for everything but we only wanted a horse in the spring so had not budgeted to pay for anything yet.

Horse is for my sharer who is only 15 so limited finances. She pays the additional for rider cover out of her pocket money (it's a really low amount) so it's a bit compicated but eveyone wins!

 

[bitlessbill]

I think it can be a tricky one to agree on. I have a horse on loan and i am happy to pay the insurance to cover the vets fees but owner pays any extra to cover the value of the horse should it be lost or stolen.