S_N
Well-Known Member
This obviously involves paperwork - contracts. But what about insurance - how do you go about paying for the insurance and who is the named party? Anyone ever done this kinda thing? PM if you prefer - many thanks!
Owning Horses in Partnership
- Thread starter S_N
- Start date
volatis
Well-Known Member
I own 3 horses in partnership. And in both cases the other party in paying for the insurance. But thats because we have too many horses to afford to insure each one, and in the joint owned horses the other party wanted to insure their risk.
ESH_Jess
Well-Known Member
don't do it!!!! done it twice and both times it has ended with one buying the other out. the only exception is if there is someone who just invests but has no real interest. you do hear of people where it has worked, but if both people wanna ride the same horse then generally there is a conflict of interests. the first one we insured jointly so that the horse could do what they wanted and the horse was covered, the second wasn't insured.
seriously though, do consider it very carefully because even with contracts, good friends, the best laid plans and all that, it can be very difficult.
seriously though, do consider it very carefully because even with contracts, good friends, the best laid plans and all that, it can be very difficult.
Penniless
Well-Known Member
Insurance companies will let you name more than one owner for the policies. You just decide how you're paying - 50/50 or however many in the partnership - equal shares of the paying.
S_N
Well-Known Member
That's good to know - thank you!
htobago
Well-Known Member
Partnerships can work! My boy was owned by a partnership of 3 breeders when I bought him, and they seemed to get on fine: they own several horses in partnership - it allows them to afford really good horses that each member would not be able to afford to buy on their own.
christine48
Well-Known Member
I'd think long and hard before going into a partnership. If in the future one wants to sell and the other doesn't yet you can't afford to buy out etc it can end in tears.
S_N
Well-Known Member
Wise advice - thank you!
Ciss
Well-Known Member
Done it quite a bit and always pretty successfully, especially when owning a dressage stallion in partnership with his rider (I imported him, she and her parents trained and competed him) for 7 years (from Novice to II level) plus some of his progeny and a couple of broodmares amd the Connie stallion mentioned in another thread. In this case the insurance was paid for by them as they had a good deal from the NFU (including separate cover for his breeding and competition use so that if he became infertile he was still covered as a high value competition horse and if he went lame and couldn't compete the other alternative applied!).
A couple of other animals I currently own in partnership (including a show dog that lives with her breeder/co-owner) I arrange and pay the insurance cover for with me named as sole owner but an arrangement that any claim money will be split 50/50 after any extra vets bills (also paid 50/50) have been met.
I also pay all registration fees but registration is in joint names.
I do agree that you always have to be sure that your partners have the same long-term aims for the animal concerned and a clear idea of what the exit policy (possible sale/breeding use and for what value etc) is and when revues of this are due.
HTH
A couple of other animals I currently own in partnership (including a show dog that lives with her breeder/co-owner) I arrange and pay the insurance cover for with me named as sole owner but an arrangement that any claim money will be split 50/50 after any extra vets bills (also paid 50/50) have been met.
I also pay all registration fees but registration is in joint names.
I do agree that you always have to be sure that your partners have the same long-term aims for the animal concerned and a clear idea of what the exit policy (possible sale/breeding use and for what value etc) is and when revues of this are due.
HTH
S_N
Well-Known Member
Thank you Ciss - that is a great help! Did you have the contract drawn up professionally? Do you know if there is anywhere online where I could read up about this kind of thing? Thanks ever so much!!
Ciss
Well-Known Member
Not in its finished form, but it was based upon a very full livery contract that had been drawn up by a solicitor, with special clauses relating to ownership etc (and especially exit and revue strategies) added as appropriate.
The BHS Welfare or Legal departments have developed some standard contracts covering loaning etc so they may have one for partnerships as well, so I should try them first. Otherwise it might be an idea to contact a specialist equine lawyer (eg Blythe Liggins PM me for contact details for them as I just received a circular from them yesterday!) if you really feel that you need to, but it will probably be pretty expensive even of they have an 0ff-the-shelf version available on a one-off basis which they probably do.
HTH
The BHS Welfare or Legal departments have developed some standard contracts covering loaning etc so they may have one for partnerships as well, so I should try them first. Otherwise it might be an idea to contact a specialist equine lawyer (eg Blythe Liggins PM me for contact details for them as I just received a circular from them yesterday!) if you really feel that you need to, but it will probably be pretty expensive even of they have an 0ff-the-shelf version available on a one-off basis which they probably do.
HTH