Basic Terms and Types of Equine Insurance Before researching equine insurance, it is important to understand some basic insurance terminology. The basic terms include:Insured: You, the individual purchasing the insurance. This can be the owner or a non-owner user of the horse. Insurer: The company providing the insurance policy and related services. Premium: The fee paid by you, the insured, to the insurer to maintain coverage. Deductible: A pre-determined sum that is excluded from an insurance settlement. You can lower your premiums by agreeing to higher deductible amounts. Exclusions: Circumstances leading to losses that are not covered by your policy. Once these are clear, farm and horse owners need to be aware of two basic categories of equine insurance. The first step on the path to protection is insuring your own horses. Types of insurance for your own horses include: Mortality and Theft. This is essentially life insurance for your horse. If your horse dies or is stolen, you are reimbursed up to the limits of your policy, minus the deductible. Loss of use insurance reimburses you when your horse is injured and can no longer be used for the purpose stated in your policy. Options include settling for half of the horse's stated value or relinquishing ownership to the insured in exchange for a higher settlement (up to 75%). Equine medical reimburses you for veterinary expenses incurred, up to the stated limit per year. Equine surgical reimburses you for expenses incurred when your horse requires surgery. Other types of insurance related to transporting your horse, infertility, and other types of coverage can be tailored for special circumstances. These types of insurance essentially define the horse as a unit of personal property with definite economic value. Because horses have become significantly more valuable over the last twenty years, the insurance industry has responded with insurance products to meet consumer demand. The second major category of insurance for horse and stable owners is liability. Liability insurance reimburses you for fees and damages related to lawsuits for negligence related to equine activities. Personal and professional liability insurance products are now widely available. Basic types include:Personal Equine Liability. Whether you are a professional or amateur, boarder or stable owner, as a horse owner you are responsible for damage your horses cause, on or off your premises. A personal equine liability policy can provide this coverage. Commercial Equine Liability (CGL).Equine professionals are especially prone to lawsuits because, as professionals, the public expects them to maintain a higher standard of care than the amateur enthusiast. A commercial general liability policy written for equine activities provides on- or off-premises coverage, including boarding, training, clinics, showing, transporting, or other activities in which payment is exchanged for services. The coverage must be tailored to the specific activities of the professional. Care, custody, and control (CCC) is an especially important form of CEL for farms stabling non-owned horses. Farm and ranch packages can be developed to cover multiple risks in affordable ways. Quelle "Basic Terms and Types of Equine Insurance" : General Main page for "Basic Terms and Types of Equine Insurance"