Shopping for Equine Insurance
Whether you operate a full-scale equine business or just own a valuable horse, choosing appropriate insurance is an essential part of managing your risk. The array of insurance options can be intimidating, and of the many different types of coverage available, only some choices may be appropriate for you. When evaluating insurance products, consider what risks you have for liability and loss, then match those risks against the types of coverage available.
Once you have determined what coverage you need, identify several insurance agencies offering that coverage. Make sure the insurance agencies and agents you choose are licensed to do business in your home state and have no disciplinary history. Ask your insurance agent what company will be underwriting your policy and look for insurers rated A- or better for financial strength by an independent ratings agency. You can check agency licensing status and disciplinary history through your states insurance commissioner, and many states offer this information online. To check an insurance underwriters ratings, refer to a ratings agency such as A.M. Best Company.
After identifying suitable insurance agencies, obtain price quotes for each type of coverage. Obtaining quotes from two or more insurance agencies allows you to compare costs and coverage. Make sure that you have a chance to evaluate the coverage offered before committing to buy a certain policy. You may wish to have your legal counsel review the policy.
Once you have determined what coverage you need, identify several insurance agencies offering that coverage. Make sure the insurance agencies and agents you choose are licensed to do business in your home state and have no disciplinary history. Ask your insurance agent what company will be underwriting your policy and look for insurers rated A- or better for financial strength by an independent ratings agency. You can check agency licensing status and disciplinary history through your states insurance commissioner, and many states offer this information online. To check an insurance underwriters ratings, refer to a ratings agency such as A.M. Best Company.
After identifying suitable insurance agencies, obtain price quotes for each type of coverage. Obtaining quotes from two or more insurance agencies allows you to compare costs and coverage. Make sure that you have a chance to evaluate the coverage offered before committing to buy a certain policy. You may wish to have your legal counsel review the policy.
