If you keep your horses at home and perhaps board one or two or more or do a little buying and selling or pony parties to help defray your own horse expenses, you should consider either a farm package policy or commercial liability policy. You could then deduct the entire cost of the policy plus all your expenses that are horse related for your sideline business on your tax return. Bear in mind that you must declare the income too. The farm package acts as your homeowner policy with both personal and commercial liability included for you, your boarders, lessons and or sales. Costs vary with coverages and actual operations but the basic farm package is generally about 20 - 25% more than just a homeowner policy.

You can legitimize the enterprise and declare the losses as long as the PROFIT MOTIVE is behind your activity. You should consult an accountant for advise.

There are several articles on the subject and we would be happy to send a copy of one we really like if you want it.

Aside from this aspect, the Farm owners package can give you peace of mind knowing that your boarder liability and the horses in your care, custody and control are covered. (Bailee liability or Care, Custody and Control covers the horses for accident or death due to your negligence. It can be added to the farm package for an additional premium.)

The Bailee or Care Custody and Control also includes transportation of horses so if you take a boarder's horse or a friend's horse to a show and an accident happens either loading, unloading or in transit, you are covered. This can also be written as a stand alone policy.

In these hard economic times, we as horse people have to take advantage of the opportunity to save a dollar and benefit ourselves and to protect the benefits with coverages, The best insurance is the one you purchase and never have to use, but if you have to, THANK "GOD" it's there.

 
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If you would like to contact us, need additional information or have questions, please feel free to email us.