When purchasing a horse we sometimes have difficulty deciding what to insure it for. If the horse was a bargain because of someone else's financial problems or if it is a gift or just a genuine bargain, it is hard to say what to value the horse at.

For starters, you can include reasonable shipping charges to the home farm. If you buy in Florida and live in New York then the $ charged for that can be added to your original cost. Also, the commission to your purchasing Agent not to exceed 10% or $20,000 can also be added in.

As a fictional example: original purchase price $15,000 in say Virginia. Shipping fee $500 and trainer or purchasing agent fee of $1500. You can now insure for $17,OOO without question.

You cannot include Farrier, Vet, sales tax, Import duties, taxes or tariffs. This holds true for purchase or for increasing at renewal.

At renewal, the value can be adjusted up or down. If you had a top show horse who did nothing during the year then the company may want to decrease the value. That is the rare exception.

But, YOU may want to increase the value. And you can if you provide a complete show record, training fees and or an appraisal from a qualified trainer or a certified appraiser.

Boarding charges are never included and some companies will not include training fees unless they were prior to entering the show scene in earnest or if a race horse, its maiden race. Once an animal starts to show or race, performance is paramount.

On the other side, if you just can't afford to insure for the full value or purchase price you can always insure for the premium amount you can afford working backward to see how much that can buy you. Better to have some then none at all!

 
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