Insurance is often something we don't think about too thoroughly until we have to make a claim. With this in mind, Equestology has teamed up with popular Victorian equestrian, Colette Hicks from HBT Insurance Brokers Pty Ltd.
Colette has over 20 years of experience in the insurance industry, and a depth of knowledge rarely found when it comes to providing insurance solutions to the equestrian market. We have asked Colette to write a series of articles for our followers to highlight the often overlooked aspects of equestrian insurance. With these articles, we are hoping to help people protect their equestrian lifestyle, their horses and their gear. This month Colette talks about securing and insuring your gear.
Insurance for Tack - How to protect your gear.
‘Probably the next most important item in a horse rider’s life after their horse, is their gear!
A lot of this gear is very expensive to replace.
Your primary protection is good risk management i.e. to treat all gear with respect and care and assume that it will be stolen if it is left unprotected and unattended – this is a good start.
If you leave it in a motor vehicle, float, truck or lockable tack box make sure this is indeed locked. Preferably cover items that are particularly valuable with a rug or other cover if they will be visible in a motor vehicle. When left at home or at the property where your horses are kept, make sure that it is locked away. Thefts of ‘opportunity’ are not uncommon and thieves often have a good idea of the value of this gear and where they can dispose of it.
Your secondary protection is to make sure you have the correct type of insurance cover on the things you value most. Firstly check your domestic contents insurance cover to find out if your items are fully covered and if not, can they be covered?
If you are not using them for business use, then you may be able to add them on for cover while they are stored in your home or they may be automatically covered. However your best option is to check with your insurance company because some exclude sporting equipment (even when it is not in use) or provide low limits of cover i.e. $ 1,000.
So what happens when your gear is outside your home? There are insurance options available where you can add to your home and contents policy, sporting items that can be specified for their full value or a blanket cover where you don’t have to specify individual items (unspecified) there is usually an extra payment required for this additional cover and a separate excess that will be payable on a claim.
If you live on a farm same principle applies. Check with the farm home contents insurer. If you are younger and don’t have cover at your home you may need to check with your parents to see if you can add them on to their home and contents cover.
This cover you want should cover for replacement or repairs, saddlery & tack that has been stolen damaged or destroyed. Generally a cover will require you to make sure the insured saddlery & tack is kept in a locked tack box, vehicle or building – also if in a vehicle often this vehicle cannot simply be parked on the road. It must be in the driveway or in a garage.
Remember too that if you find you have cover but you leave your gear permanently at an equestrian centre or agistment property, then you may have trouble with a 90 day limit i.e. insurance companies don’t generally like to insure your contents if they are not kept at the home address and impose a time limit they will cover certain items when they are away from home. A good tip is to remember to get the insurance company to confirm in writing that you have gear that is not kept at home. If you don’t have it in writing you don’t have it!
Also remember often home and contents insurance is restricted to Australia and not overseas. So if you plan to head overseas with your gear, check your insurance cover! If you are not covered outside Australia then try and find a travel insurance policy that will cover you.
[Insurance for Tack: Secure your gear and be sure that your insurance covers your unique situation!]