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Insurance Savings for Uncertain Times

As we find ourselves facing unfamiliar and challenging times, we are receiving a number of calls from clients who are concerned about meeting monthly payments for their insurance premium. We, therefore, wanted to offer some guidance on measures you can take to help reduce your premium; looking at horse policies, business liability insurance and horsebox insurance.

Horse Insurance

‘We are very much focussed on providing our customers with any support they need during this time.’ advised Charlotte Mockford, horse team supervisor and Director at KBIS. ‘There are a number of adjustments we can look to make on a horse policy to help reduce the insurance premium; thus taking some of the financial pressure away for a couple of months without altogether losing the security that insurance provides, something that is important to maintain in the current climate.’

‘Firstly, we can look at the class of use a horse is in. Some will have reduced their horse’s workload, both in line with current advice to not put unnecessary pressure on emergency services and until there is clarity on when competitions may be reinstated. Many may have now turned, or are planning to turn, their horse away. As an example, if your horse is insured for Novice eventing, you may be able to reduce their class of use down to hacking/at grass which, as a lower risk, will reduce your premium.’ Charlotte explains. ‘It is important to remember that if you are still schooling at home, then you must be insured for the level at which you are training. So, reducing the class of use may not always be possible but it’s a good place to start.’

‘You can then look at the sum insured and consider under-insuring your horse. This won’t appeal to everyone, but if you place more importance on other policy benefits, such as vet fee cover, then it’s worth looking at how much a reduction in the sum insured could bring down your premium. There will be a limit on how much you can under insure by, at KBIS, as a general rule we set this at 50% of the horse’s actual value. It will also be advisable to keep an eye on the current market; if there is a financial downturn in the months to come, it may well see horse prices fall. So, as a market value policy, you should adjust the sum insured accordingly.’

‘Vet fee insurance is, of course, the most influential factor on your insurance premium, but also for many, the most important benefit. KBIS offers a large range of vet fee coverage and one that is proving popular among customers is our unique Catastrophe Cover.  This can be purchased as stand-alone cover or alongside other policy benefits and, as more limited in coverage, will offer a significant reduction in your premium.’ adds Charlotte.

'Whilst these are ways you can look to save on your horse insurance there is one area of cover that we would encourage every horse owner to have in place, Public Liability. We are also all aware of the importance of having a care plan in place for our horse, should you become unwell or have to self-isolate. This care plan should include someone, whether a friend or livery yard owner to take care of your horse during such circumstances. There is also advice for those who keep their horse on a DIY or part livery yard to have a buddy system in place, in order to help limit the number of people on the yard. In any of these circumstances, and even during your own care, public liability cover should be considered. Public Liability insurance protects you against claims made by third parties for property damage or bodily injury, caused by your horse. Even if your horse is not in your direct care at the time, under the 1971 Animals Act you can still be held responsible for the damage caused by your horse.  The cover can easily be added onto an existing horse insurance policy, our cover starts at just an additional £16.80 per year for cover up to £1 million. Or we also offer a stand-alone policy which, to include authorised users, starts at £70.56, including IPT, for cover up to £2 million per year,’ concludes Charlotte.

Equestrian Business Insurance

It is not just in relation to horse insurance where customers have concerns. We are also receiving a number of calls from equestrian businesses, who, due to full or partial closure, are facing problematic times with a significant proportion of their income streams unable to go ahead. ‘Where you are still employing staff, then legally you must ensure you have employer’s liability insurance; and whilst you have horses in your care, there is also a responsibility to have adequate liability insurance in place.’ Lawrence, KBIS Director, informed us. ‘There are however some short-term adjustments that could be made to a policy. Where such policies include coverage for activities such as competitions or instruction which, at present, cannot go ahead, coverage could be reduced temporarily.  A riding school for instance could adjust their policy more in line with a livery yard.’ Lawrence goes on to add ‘each policy will have to be looked at on a case by case basis depending on the individual requirements of the business so it is best to pick up the phone and speak with your insurer.’

Horsebox Insurance

David Shacklock, from the KBIS horsebox department, has been working closely with Underwriters to help provide customers with a temporary affordable solution whilst vehicles can only be used for emergencies. ‘We have been offering our horsebox policyholders the option to reduce coverage to Third Party Fire and Theft whilst they are unable to use their horsebox in lockdown. This is provided at 50% of the fully comprehensive premium, and is also available to new customers whilst the present restrictions continue.’ David adds ‘Although once restrictions are lifted, we would encourage customers to increase coverage back to fully comprehensive insurance.’

For any insurance policy where short-term adjustments are made, it is vital once normal business activity resumes, or your riding increases, that you readjust your cover accordingly so as to not void any potential future claims.

We would like to reassure customers that whilst staff are safely working remotely from home, that we remain open and focussed on providing our high level of customer service to both existing and new clients during this time. To contact us please phone 0345 230 2323 or email ask@kbis.co.uk.