Equine Property Insurance Explained

Life always comes with risks, no matter how careful or conservative or positive thinking you are. In today’s world, insurance companies are one of the best means to help you mitigate those risks through the use of general and specific policies which will assume the cost of certain risks in exchange for a fee or annual premium.

Agricultural insurance is a specific type of insurance that combines homeowner risk coverage with that of commercial business coverage. The person who owns even one horse should consider buying agricultural insurance to cover not only their house and land, but automobiles, trucks, trailers, ranch equipment, tools, equine-related tack and barn elements such as stall fronts.

Corey Roping (header) in 2011 in Reno

 

Stored hay supplies can be insured against loss and this can be an increasingly important coverage because drought in certain hay-growing areas is driving up the cost of hay. Holding a barn full of hay can run into thousands of dollars today. Have you thought about your computer and the data stored on it? What impact would it have on you in the event of a loss? Agricultural insurance can cover the replacement of both the computer itself as well as the recovery costs of the data.

Consider some of the innocent circumstances that may occur in the course of owning horses. If your horse gets loose from your property and damages a neighbor’s property or injures another party, you are liable for the full cost of repair, replacement and loss of life liability. A special umbrella policy can protect you from any livestock liability risks.

Are you a generous and accommodating friend? Have you offered to keep your friend’s horse on your property for a night or two? The care, custody and control laws put you at financial risk if that horse gets out and causes any damage or gets hurt in your pasture or stall. Do you own a multiple stall horse trailer? Do you occasionally offer to haul other’s horses for trail riding, camping or arena work? In a gesture of fair trade do your friends offer to pay for gas or buy you lunch along the way? These innocent acts of kind friendship will automatically classify you as a commercial carrier. Any property damage or animal injury will put you at great financial risk. A limited carry rider on your agricultural insurance policy will cover you for a limited radius and frequency of travel in hauling others’ horses.

Are all of these issues sounding complicated and vaguely unsettling? To help you understand your insurance risks and necessary coverage, Corey Oelklaus , a Farm and Ranch producer with T.J. Beck Agency can assist you in setting your insurance affairs in order. He is deeply involved in the equine world, owns 15 horses, breeds and trains horses for competitive events, owns a two-year World Title in Western Pleasure and Halter horse, is a Team Roping competitor and organizes barrel racing events in several Western states. Corey’s insurance savvy is broad and experienced-based and he is able to design insurance policies for every equine-related risk. Contact Corey at corey@tjbeckagency.com, 334 N.W. 1st Avenue, Canby, Oregon, 97013. His office phone number is 503-266-3566. The Thomas Beck Agency is licensed in Oregon, Washington, Montana and California. The agency contact information can be found on Facebook at www.facebook.com/pages/Thomas-Beck-Agency-Inc.

 

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