Who should insure my new loan horse?

[rolsterlady]

I'm getting a new horse on loan and went to see him yesterday. He's 14 and it's a long term-loan (12 months to start and then re-assess). We asked his owners if he was insured (she said yes, for public liability and tack only).. and whether she was happy to carry on insuring him.. she said this was fine.

Today, got a text message from her saying something like 'I have read my insurance policy and it doesn't cover him whilst he's out on loan, so can you insure him instead?'

I was under the impression that if you loan a horse out, you just inform your insurance company of the change of address in most cases.

Also, if she does want us to pay for insurance, is it right that we pay for loss of horse/loss of use etc, as it won't particularly be our loss if anything happened, as we're not his owners? So surely she would receive the money and not us, even though we paid the insurance costs?

Basically, i'm asking two questions.
-What is the norm for insuring horses who go out on loan (loaner or loanee)?
-If we do insure him, what things do we need to insure for?

Going to speak to owner about it tonight anyway to discuss, as i do believe it's often just a personal arrangement, but i wondered if anyone could give me advice beforehand?

Thanks!

 

[Orangehorse]

When I put out a horse on loan I continued to insure him, informed the insurance company and the loanee paid half. Mine was a lot younger though so the insurance covered everything, loss of use, etc.

I am surprised her insurance company was funny about loaning, as it is so common in the hrose world I thought they were all pretty accommodating about it. You may need to shop around a bit for the best deal, especially considering that the horse is older and some have restrictions on vets fees, etc.

 

[scewal]

I loaned my old mare out, the loanee paid for her insurane. I have a pony on loan and I pay for his insurane.
It is pretty unsual for the owner to still pay for the insurance while the horse/pony is out on loan.

 

[millitiger]

When I loaned my older horse out, I kept him on my insurance, told the insurance company he was on loan and gave them the address and contact details for where he would be kept.

The girl loaning him gave me a cheque to cover his annual premiums and the insurance company also gave her a password to use so she could speak to them about his policy if it was an emergency and I couldn't be contacted (basically if the vet wanted to PTS and I wasn't answering the phone).

 

[OFG]

Think it depends on what the owner wants. Have seen loan ads where owner has said they will pay for insurance etc. Think that way they know their horse / pony is covered.

I have loaned horse out and have loaned myself. Currently have a loan pony. I pay for his insurance (currently on owners policy and I am paying monthly premium until their policy expires. Will then insure him myself. They notified their insurers of change.

As a loanee I expect to pay for the insurance. If horse PTS then owner would get payout for loss of their horse, regardless of whether I had been paying the insurance, it's their horse at the end of the day.

 

[AmyMay]

Owner should insure the horse for vet fees etc.

But you as the loaner should have 3rd party liability insurance.

 

[BigRed]

The BIG issue here, is that you have said, the owner only has third party insurance and tack cover. This means there is no vet fee cover and no death cover. She only has this horse insured, if he causes damage to a third party and if his tack is stolen/damaged.

You need to discuss with her - as a matter of urgency whether she wants insurance for vet fees and death of the horse. This is a serious matter, because this is what costs a lot of money and you both need to have a clear understanding of who is paying for what.

 

[Spring Feather]

It's usual that the owner pays for the insurance as they are the ones to reap the financial benefits should the horse keel over or become injured etc, basically putting the horse in a situation where the person loaning may no longer want or have use for the horse. I suspect the owners are also the ones who are liable and legally responsible for the horse. I think though in cases of long term or permanent loans then the person loaning would probably take over the insurance of the animal.

 

[abbijay]

I loaned my horse before buying him and took full responsibility for his insurance. It was in my contract of loaning that I had to insure for liability and death to £4.5k but anything over that was my choice. I chose vet fees as I was responsible for all these costs while loaning but not loss of use as if he was 'useless' it wouldn't be my problem.
My contract clearly stated what my responsibilites are and what his owners' were.
If it's just the liability it can be covered very cheaply.

 

[stroppymare153]

Owner should insure the horse for vet fees etc.

But you as the loaner should have 3rd party liability insurance.

This is what we do.

Loaner was happy to pay everything but it is always possible that if she were injured, she could claim against me so I pay a small amount extra just in case.

And besides, he is still technically my horse so I feel I should insure the few bits of him that are still insurable!

 

[Brandy]

I have a horse on loan from a friend who continues to pay his insurance costs, but our arrangement is not usual I don;t think.

I put my pony out on loan and expected the loanees to pay their own insurance, which was fairly limited in any case as pony was 20. But I did expect them to insure the tack etc. The next loan home did not insure (I don't insure her now she is home and 24) but we agreed that they would pay for routine vets fees and anything up to about £400, and if it looked to be a large bill they would notify me immediately so I could decide on the best plan of action given her age.

Its something you really need to speak about in detail and make sure you agree on beforehand.

 

[chickeninabun]

Owner should insure the horse for vet fees etc.

But you as the loaner should have 3rd party liability insurance.

Agree with the 3rd party, obviously, but why would the owner pay the vets fees?? Surely if the horse was injured whilst in your care you should stand the fees.
I have my loan pony insured for vets fees, and everything else. I wouldn't expect the owner to pay for the vets fees whilst it's technically my horse.

 

[MiJodsR2BlinkinTite]

Difficult one this.

When I loaned my horse out he was kept on working livery at a riding school; and I paid for his insurance. When he was being used in the riding school he was of course covered for any exigencies arising from their use of him.

The only thing that wasn't covered was if the loanee rode the horse out away from the yard, on her own.

So what I did was asked her to take out BHS Gold membership; whilst I continued to pay for the insurance (NFU) myself, which meant that if anything happened then vets fees would be covered.

When my horse was on working livery at an equestrian college it was the owners responsibility to pay for the insurance; which had to include a set amount of vet fees as standard.

BEFORE the new loanee takes on the horse, this needs to be sorted out.

Best thing, initially at least, is for owner to continue to pay as normal and then the loanee can pay half, and see how that goes. This should include public liability and some vets fees.

 

[Pearlsasinger]

The BIG issue here, is that you have said, the owner only has third party insurance and tack cover. This means there is no vet fee cover and no death cover. She only has this horse insured, if he causes damage to a third party and if his tack is stolen/damaged.

You need to discuss with her - as a matter of urgency whether she wants insurance for vet fees and death of the horse. This is a serious matter, because this is what costs a lot of money and you both need to have a clear understanding of who is paying for what.

This.

Atm, this horse is not covered for vet's fees. Could this be because there would be so many exclusions that it wouldn't be worth it? I should say here that we don't insure individual horses, we just pay any fees that we incur.
Who would pay the vet's fees if the horse were seriously injured whilst with you? What if a long-term illness became apparent, e.g. navilcular?
Whatever you and the owner decide to do, you MUST get 3rd party liability cover - BHS Gold membership is one good way, if you decide against insuring against vet's fees.

 

[Spotsrock]

I own one out on loan. I insure it she pays for vaccination. I have one on loan. I insure that and owner pays for jabs. I think it's something u work out to suit both parties.