Valuation of horse out on loan

I am noted on the policy as owner so in the event of a claim for death, the money does come to me,
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Not read the whole thread so not seen if anyone else has picked up on this, but please double check it!
I used to work for one of the well known equine insurers & their policy regarding payout for the value of the horse for LOU/mortality claims was that they would pay the policyholder, on the basis of they are the ones paying the premiums (theorhetically) & it is their name on the contract, therefore they receive any benefit from the policy.
If horse was on loan then there would be a clause on the policy advising horse is on loan & the owners details should be taken when the policy started (so long as we were informed horse was on loan & not purchased) & the owner would be written to to advise of cover being taken out.
I remember dealing with an extremely irate lady who owned a PC pony insured by us, worth upwards of £8k, insured by the loaner so the £8k had been paid to the loaner upon pony's death. Owner was unhappy but we hadn't done anything wrong & the dispute was between owner & loaner to sort.

In regards to upping the value, I think that is horrid you would contemplate doing that, you yourself say in your first post that value was set bearing in mind health problem etc & knowing it should improve, why now that some-one else has put the work in to get horse fit/healthy should they be penalised?!
 
Hi,
No one has mentioned that you also need to get a new 5 stage vetting as well as the written valuations from an instructor or qualified person, in order to increase the cover.

We looked into increasing the insurance cover on our own horse as our daughter has brought it on so well and found out then about the vetting requirement.

I also think that you should consider insuring the horse yourself rather than relying on the loanee. My daughters first pony was a loan one and we paid all running costs including vets fees insurance but the owner picked up the insurance for death or loss of use as it was her horse.

I agree with everyone else - it would be very unfair to ask the loanee to pay more when they have done all the work.

As a note to all loanees out there, we added a clause into the contract allowing us to give the pony back with no penalties, within the loan agreement period, if anything happened to our daughter that meant she could no longer ride (injuries/death etc.) Or if either my husband or I lost our jobs and could no longer afford to keep the pony.
Luckily neither of these things happened but it gave us peace of mind that we wouldn't have to continue to pay insurance premiums and farrier bills if we had no money.
I know not all loaners would agree to this but we discussed it first and ended up having a really good 2 year relationship with both the pony and the owners.
 
I also agree that it's unfair & unrealistic to expect loaner to pay a higher price now that they have supposedly increased its value. However it is reasonable to insure it for more Iv it now has an impressive competition record. I would have thought in most cases the loaner would pay a reduced fee (instead of the normal fee off to should they eish to purchae the horse in the futureother potential buyers) thiHow is Melissa tonight? Xx
 
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