What Stable Owners Need to Know About Insurance Taking in a boarder? Giving neighborhood children lessons? When a horse hobby turns into a business, it's time to protect yourself with insurance written specifically for equine activities. Has your backyard horse hobby turned into a horse related business? If you are not sure, you may be exposed to risks that could jeopardize your home and other personal assets. By taking in a few boarders, many stable owners take on substantial liability in exchange for modest financial gain. Most homeowner's insurance policies do not protect owners against claims associated with a business activity, which boarding, training, and riding lessons are viewed as from a liability insurer's perspective. A business insurance policy written specifically for equine activities is necessary to protect the farm owner's personal assets from equine-related claims. The first step in addressing the problem is discovering whether you need protection or not. To determine if you are exposing your assets to uninsured risks, ask yourself the following questions:Are equine activities, such as boarding, training, or lessons, a source of income for me or another party on my premises? Do I give riding lessons on my own horses? Do I provide tack or other equipment for individuals taking lessons on my horses or premises? Do outside parties teach or train on my premises? Have the participants in these activities signed hold-harmless agreements informing them of the potential risks associated with equine activities and assigning them responsibility for their actions? Do boarders insure their horses and personal property, such as tack and equipment, against loss, theft, or damage? Do outside instructors or trainers carry liability insurance specific to the services they provide? Am I a named insured on their policies? Is my homeowner's insurance carrier aware of these facts? The implications of these questions are important. If you answered yes to any or a combination of questions 1 through 4, in the eyes of your insurer you are operating a farm business. If you answered no to any of questions 5 through 9, you may be exposed to risks that exceed your present liability coverage. Following are some important steps to take in managing and protecting yourself from the risks associated with equine activities. The Main Components of Equine Risk Management The major components of a risk management program for your farm include:A functional safety program for you, your boarders, and trainers/instructors. A boarding/training agreement that defines the responsibilities of each party. A hold-harmless agreement coordinated with the equine activity statutes of the states you work in. Coordinated liability insurance policies for the farm, boarders and trainers/instructors involved in your facility. Is this complicated? In practice it is simpler than it appears and a worthwhile endeavor. Fortunately, the internet is a rich source of information about equine risk management. The key words 'equine insurance' instantly direct the user to dozens of websites that can quickly provide information about:Basic insurance terminology. Basic types of liability coverage for various equine activities. Case studies of liability situations to help the farm owner identify his or her main insurance gaps. On-line estimates of premiums for coverage. Equine activity statutes for states that have them. Legal publications and resources to educate farm owners and horse owners. The Hold-Harmless Agreement A hold-harmless agreement is a written acknowledgement by equine participants that they understand the risks inherent in equine activities and release the farm owner from responsibility for injuries attributable to the named risks. This provides a farm owner a necessary, yet limited, measure of defense against frivolous lawsuits. It does not, however, protect you from the costs of defending yourself in a lawsuit, which can be substantial. Quelle "What Stable Owners Need to Know About Insurance" : General Main page for "What Stable Owners Need to Know About Insurance"