Reviewing your insurance policy may not be the most exciting job on your to do list but it\u2019s a worthwhile one. Failure to spot any out of date information or oversights within your policy could jeopardise your cover when it comes to making a claim, or worse, invalidate it completely. Here, we highlight 8 common mistakes that can arise, to help you ensure you\u2019re properly protected.<\/p>\n
It can be tempting to whizz through arranging your insurance as quickly as possible, but it is important that you declare any illnesses or injuries your horse(s) have previously had to ensure that they are adequately covered. Failure to disclose such information could leave you with an uncovered claim in the future so be thorough and transparent throughout the process so that your broker can provide you with the most suitable cover, tailored to your specific requirements.<\/p>\n
It can be useful to inform your insurance company of your intended purchase before you even arrange the vetting of your potential new steed.<\/p>\n
It is a common issue that a horse is vetted and purchased before the new owner has checked it is fully insurable. Your insurance adviser will be able to tell you if a vetting is required and, once this has been completed, sending the certificate and any x-rays to your insurer to review, allows you to see if there would be any exclusions added to the policy post-purchase.<\/p>\n
Whilst getting a vetting done won\u2019t necessarily stop the sale going through, you will at least be informed of the insurance implications should you choose to go ahead.<\/p>\n
Insurance companies will quite often require you to abide by a set of conditions; for example, following a worming programme or ensuring your horse\u2019s vaccinations are up to date.<\/p>\n
Make sure you are aware of these as if you don\u2019t stick to them, your insurance protection could be in jeopardy. For example, should your horse develop colic, your insurer may want to see that you have been following a worming programme. Therefore, we recommend that you keep records of any vaccinations, dental examinations or wider treatments in the form of receipts and accurate records, as they may prove vital further down the line.<\/p>\n
It is incredibly important that you keep your insurance adviser updated with any changes to information you have previously provided. This is vital as your insurance could be invalidated if material facts have been withheld from the insurance company, meaning claims won\u2019t be covered. When insurers offer terms, they are doing so based on the information you have given them so if this changes, they need to be made aware. The most common information that tends to end up out of date is clinical and behavioural history and\/or the animal\u2019s value.<\/p>\n
There are two main areas where having too much insurance can occur and cause a problem \u2013 public liability and tack insurance. Your public liability may be covered by an organisation such as the British Horse Society or British Dressage, meaning you don\u2019t need to have it covered through your personal insurance, whilst tack often falls under your home insurance policy.<\/p>\n
In theory, this isn\u2019t a problem as it doesn\u2019t invalidate your insurance and isn\u2019t illegal. However, it can cause delays if a claim occurs whilst it is decided who is paying for what. Plus, you\u2019ll be paying for insurance twice, which just isn\u2019t necessary!<\/p>\n
Check that you are insured for the activities you are currently participating in or training towards, whether you\u2019re trying a new discipline or making improvements in your current sport.<\/p>\n
Each riding activity carries different risks with it and so are rated differently by insurers. Naturally, the higher the risk, the higher the premium so it is important insurers have accurate information.<\/p>\n
You must, at all times, insure your horse for its current market value; we advise that you check this on an annual basis. Claim settlements will be based on the sum insured you have selected for your policy or the market value of the horse at the time of the loss, whichever is lower, showing just how important it is to consider this element of your insurance.<\/p>\n
For example, a horse may have been \u00a312k when you purchased it but may decrease in value over time due to injury, for example. If you don\u2019t change the sum insured as the value decreases, you will be paying a higher premium than required. Likewise, if you bought a horse at \u00a35k and its value goes up due to successes in competition, you will need to inform your insurer of its new market value to be sure it is covered correctly. In either of these scenarios, not informing your insurance company could leave you caught short should you make a claim.<\/p>\n