Loaning horse - they pay insurance or we pay?

[Charmin]

We now have a few people in line to view my mare for a short term loan - one sounds the ideal candidate and even wants to keep her on the same yard which would be brilliant. However it's our first time loaning a horse out so we're a bit clueless.

Do we keep her insured but have them pay us for the insurance? Or would you reccommend them getting their own policy out for her in their name? In the most dire or circumstances, would the LOU go to them in that case, or us?

Also, any hints or tips re loaning? Should we print off the loan agreement of the BHS site as a baseline?

The yard is very close to our house but at the time they would be loaning her we wouldn't actually have a horse on that yard - our youngster will be on grass livery with other weanlings. However we're very good friends with the whole yard and often go there for coffee etc. Would this still be possible or would you as a loanee get worried we're 'checking up' on you?

Thank you!

 

[MotherOfChickens]

keep the insurance yourself and get reimbursed from them. as a loanee I would expect the owner to check up on me

 

[Barnsey]

I loan, his owner pays direct to the insurance company, and I in turn pay her the monthly fees

 

[Evie91]

When my horse was on loan we agreed that I would insure and the amount the horse was 'worth'.
To me it was a no brainer that if anything had happened the money would go to the owner (as it was her horse, did not belong to me).
However, I'm sure I remember on a recent thread the horse had died and the loaner kept the money. Which started as debate as to who should insure. Lots of owners said they paid the insurance for that very reason.
Personally I was glad I could insure, choose the policy I wanted (ensuring I had full cover) and deal with the insurance when I needed to (otherwise don't know how it would work incase if illness, injury, excess payments,making claims etc).

 

[ihatework]

DEFINITELY keep the policy in your name with payments from your bank account.

Then it's up to you / loaner if they reimburse all or a % of the premiums

 

[pixie]

Definitely insure yourself. There have also been stories on here where the loaner has said that they would insure, and then didn't, causing no end of problems when the horse was ill/injured...

 

[Capriole]

Policy in your name. Either ask them to pay the premiums to you or not, as you choose. Keep it in your name so there is no 'confusion' who gets the payout in the event something goes wrong.

 

[Charmin]

Okay well that's fairly unanimous to keep it in our name. Thanks folks!

 

[Elbie]

Definitely worth keeping in your name. Petplan has a clause in the policy whereby if the loaner takes out the insurance in the event of a mortality claim they would be paid the value of the horse, not the owner, despite what the loan agreement may say!

Plus if you keep it in your name you can be sure you horse is covered

 

[foraday]

It is entirely up to you whether you pay the insurance or they pay, it depends what you want to put in the contract!

Stuart Farr who is the HH solicitor has a brilliant contract regarding everything you need to think of!

http://www.clarkewillmott.com/people/Stuart-Farr/213

But I would say common sense says, who ever pays for the insurance should something go wrong then would only be fair to who ever pays the premiums that they get the booty so to speak.

NFU do a brilliant policy for loanees, not sure if you can keep your normal policy and LOU and the loanee has a slightly different contract as never read it myselfm but seen it

 

[Silmarillion]

Please keep the policy in your name! I loaned one of my horses out recently, let them take insurance and cancelled my policy. Three weeks later horse was injured, contract broken, loaner refused to claim and we took our uninsured horse home. That mistake cost £1k in vet & physio bills.
I loan a horse and I pay the owner the cost of the insurance, so the policy is in her name. I have a copy of the policy documents and if I was ever in doubt that my money was ultimately going to the insurance company, I'd ask for proof of premiums paid.
It just works well for both parties, I think, for the owner to keep the policy.

 

[Flicker]

I loan my chap. Owner has the policy in their name and I reimburse through direct debit.