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Frequently Asked Questions

Insurance

     

Q7)  What should I consider when choosing an insurance company?

The two most important considerations are the company's history of paying claims, and the financial soundness of the company and its underwriters. Horse-owners should look for a stable, established, financially secure company with a good track record. The company's financial rating should be at least B+ and preferably at least A-, and horse-owners should avoid purchasing insurance from an unrated company.

Horse-owners should also look for an admitted company, which does business under the regulations of their particular state and with the protection of their state's guarantee fund. If a horse-owner deals with an insurance company that is not admitted and licensed in his state, that horse-owner will have no protection from the state in the event of a disputed claim. A horse-owner may call his State Commissioner of Insurance to verify that a particular insurance company is licensed.

If possible, horse-owners should also look for a company that will pay Agreed Value (the horse's value according to the policy in force) rather than the current market value, which may be significantly less. And horse-owners at any level - whether they own a racing stable or one back-yard horse - should read their policy carefully and ask their agent to explain anything that they do not understand.

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