Reiner October 2013 : Page 136

FROM OUR CORPORATE PARTNERS MARKEL “The financial investment in your horse is too important to go unprotected.” arkel has over 50 years of expertise in in-suring horses and horse related businesses. We are a licensed and admitted carrier approved to do business in all 50 states insuring the broad-est range of equestrian risks. As a member of the National Reining Horse Association, you’re among friends who want only the best for you and your horse. Since 1993, Markel has partnered with NRHA to provide you the most comprehen-sive and affordable horse insurance products in the market as we know owning a horse is both an emotional and a financial commitment. Horse owners place themselves and their assets at risk every time their horse comes in contact with people or property. Equine-related lawsuits occur more frequently than one may expect, and many homeowners’ policies limit equine liability coverage, or may exclude it altogether. So many times horse owners are not ade-quately protected from these types of situations, and may not even be aware of their risk until an accident happens. We have developed the fol-lowing list of questions to help you determine your basic equine insurance protection needs. Have you invested time or money in your horse? The financial investment in your horse is too im-portant to go unprotected. All Risk Mortality & Theft coverage will reimburse you for the death, theft or humane destruction of a covered horse. It’s important to read your mortality policy very carefully. Many different horses are insured every day, and the insured values can range from $1,000 to $1,000,000. Before you insure your horse, determine whether he or she is in-sured for agreed value versus fair market value or actual cash value coverage. Agreed value means that the insurer will pay the value of the horse that is stated on the policy, provided the information is accurate. Fair market or actual cash value means that the insurer will pay the value of the horse at the time of its death, or the value at the time when the disease or illness re-M sulting in its death is manifested. If the horse’s value has decreased due to an illness or injury or if its value was overstated when it was origi-nally insured, the insurer will pay the horse’s cur-rent value, which is often much less than the amount stated on the policy. Various optional coverages can be added to your Mortality policy such as medical/surgical and personal liability. Medical/Surgical is a com-mon add on and some insurance companies re-quire additional information from you or your veterinarian before deciding if a pre-existing condition will be excluded from coverage. Many companies have seriously limited the amount they will reimburse for medical/surgical treat-ment or care, as this coverage can be extremely expensive for companies to offer. Carefully re-view your medical/surgical endorsement to de-termine exactly what is required should an accident and/or illness occur and to be aware of what the company covers. Could your horse kick someone or cause property damage to others? If you own horses but don’t operate a commer-cial horse business, Markel’s Private Horse Owner Liability policy can protect you if someone claims your horse caused bodily injury or damaged their property – even if your horse is kept at an independently owned stable. Any private horse owner whose horse comes in contact with peo-ple needs this protection. It can also be added as an optional coverage to Markel’s All Risk Mor-tality & Theft policy. Do you own a horse farm, and need to protect buildings and a home as well as cover your equine liability? Markel’s Horse Farm/Ranch Package policy provides complete coverage for a horse farm including: • Property insurance to cover your home, house-hold contents, barns, sheds, owned machinery, equipment, tack, and livestock.

Markel Insurance

Markel has over 50 years of expertise in insuring horses and horse related businesses. We are a licensed and admitted carrier approved to do business in all 50 states insuring the broadest range of equestrian risks. As a member of the National Reining Horse Association, you're among friends who want only the best for you and your horse. Since 1993, Markel has partnered with NRHA to provide you the most comprehensive and affordable horse insurance products in the market as we know owning a horse is both an emotional and a financial commitment. Horse owners place themselves and their assets at risk every time their horse comes in contact with people or property. Equine-related lawsuits occur more frequently than one may expect, and many homeowners' policies limit equine liability coverage, or may exclude it altogether.

So many times horse owners are not adequately protected from these types of situations, and may not even be aware of their risk until an accident happens. We have developed the following list of questions to help you determine your basic equine insurance protection needs.

Have you invested time or money in your horse?

The financial investment in your horse is too important to go unprotected. All Risk Mortality & Theft coverage will reimburse you for the death, theft or humane destruction of a covered horse. It's important to read your mortality policy very carefully. Many different horses are insured every day, and the insured values can range from $1,000 to $1,000,000. Before you insure your horse, determine whether he or she is insured for agreed value versus fair market value or actual cash value coverage. Agreed value means that the insurer will pay the value of the horse that is stated on the policy, provided the information is accurate. Fair market or actual cash value means that the insurer will pay the value of the horse at the time of its death, or the value at the time when the disease or illness resulting in its death is manifested. If the horse's value has decreased due to an illness or injury or if its value was overstated when it was originally insured, the insurer will pay the horse's current value, which is often much less than the amount stated on the policy.

Various optional coverages can be added to your Mortality policy such as medical/surgical and personal liability. Medical/Surgical is a common add on and some insurance companies require additional information from you or your veterinarian before deciding if a pre-existing condition will be excluded from coverage. Many companies have seriously limited the amount they will reimburse for medical/surgical treatment or care, as this coverage can be extremely expensive for companies to offer. Carefully review your medical/surgical endorsement to determine exactly what is required should an accident and/or illness occur and to be aware of what the company covers.

Could your horse kick someone or cause property damage to others?

If you own horses but don't operate a commercial horse business, Markel's Private Horse Owner Liability policy can protect you if someone claims your horse caused bodily injury or damaged their property – even if your horse is kept at an independently owned stable. Any private horse owner whose horse comes in contact with people needs this protection. It can also be added as an optional coverage to Markel's All Risk Mortality & Theft policy.

Do you own a horse farm, and need to protect buildings and a home as well as cover your equine liability?

Markel's Horse Farm/Ranch Package policy provides complete coverage for a horse farm including:

• Property insurance to cover your home, household contents, barns, sheds, owned machinery, equipment, tack, and livestock.

• Liability insurance to cover your home and your horse operation, on and off premises, including such operations as: boarding, breeding, racing, training, horse shows and riding instruction.

Do you give riding lessons or board, breed, race or train horses?
If you perform any of these activities on rented or owned premises, you need a Commercial Equine Liability policy, even if you have other coverage that protects you for general liability exposures. This coverage is designed specifically for all types of horse-related businesses such as: boarding, breeding, training, racing, sales, riding instruction and clinics.

Do you care for anyone else's horse in return for fees?
If you take care of someone else's horse, you need the protection of Care, Custody & Control (CC&C). This coverage will reimburse you if a covered horse in your care is injured, becomes ill, or dies, and you are found negligent. This coverage is added by endorsement to the Farm Package or Commercial Equine Liability policies.

What is the difference between an insurance agent and an insurance company (insurer)?
The nature of the equine insurance industry has changed dramatically in the past few years, and it is critical that consumers understand the differences in policies. They should also know the company – the insurer – who is protecting them.

An insurance agent must be authorized by an insurer to solicit insurance and, depending on the authority granted by the insurer, may negotiate and bind insurance coverage. The insurer underwrites and binds insurance coverage for an insured in order to indemnify their losses and provide them benefits subject to all the terms of the insurance policy.

How are these differences relevant to my obtaining insurance for my horse?
It is important to know which insurer an agent is representing. You can often measure an insurer's commitment to the equine industry by visiting their corporate website. How many years of experience does the agent's insurer have with insuring horses? How many years has the agent been representing this insurer? Does the insurer have an "A" (Excellent) A.M. Best rating? Does the insurer have dedicated horse people who understand your equine needs?

Markel has a team of western horse insurance specialists that represent Markel exclusively. They have a lifetime involvement in the horse industry and can assist you with everything from a horse mortality quote to protecting your home and horse-related business. Visit horseinsurance.com or become a fan at facebook.com/MarkelArabian.

Read the full article at http://digitaleditions.sheridan.com/article/Markel+Insurance/1518073/177028/article.html.

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