’We knew we needed to offer a half-way house insurance for those who need to significantly reduce their outgoings,’ says business manager
SEIB Insurance Brokers has launched a new product in a bid to mitigate financial risk among the equestrian community.
Core Horse Insurance aims to reduce premium prices for customers by providing vet fees cover of up to £3,000, with an excess of £165 per claim for accidental external injuries, a statement released yesterday (4 May 2023) revealed.
It said accidental external injuries were the second biggest cause of horse insurance claims, with the average cost of claims equating to over £1,300 per incident.
“We’re speaking to our customers every day and it’s becoming increasingly apparent that they are looking to make savings wherever they can,” SEIB equestrian business manager Stephanie Ellis said.
Half-way house
Ellis added that the move came amid the “financial cost of owning horses having never been as high as it is now” due to the cost of living.
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In April 2022, equine welfare charity Bransby Horses reported that it had received 25 direct requests to take ownership of horses from private homes that year – half of which said this was because of financial reasons.
Whereas in the whole of 2021, the charity only received a total of 22 requests.
Ellis felt SEIB’s new product was ”perfect for owners who want affordable horse insurance”.
The cover also includes an optional emergency colic surgery add on of up to £5,000 per incident and tack cover of up to £5,000 per claim.
“We knew we needed to offer a half-way house insurance for those who need to significantly reduce their outgoings, which is where core horse insurance comes in,” Ellis added.
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