the person loaning the horse (vaccinations ect). if it's something major though, you can split the bills, and if the owner won't pay, you can send him back.
It should all be covered in the contract before you pick the horse up so you know where you stand. The owner should have the horse insured. The loaner would then be required to paid the excess and for any routine things like vaccinations and dentist.
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My horse is on loan to me and as i insure her including vet fees i pay all bills, infact pay for everything, same as if i owned her outright.
Thanks for all the replies. We are possibly loaning out Jack's smaller horse Molly and have put in the loan agreement that the person loaning her will be responsible for all costs but will insure her myself for vets fees just in case.
i pay for everything for my loan horse,just had his jabs done yesturday i paid,although owner did get me a tub of cortaflex the other day which was brill but generally i pay the lot