Equine And Horse Farm Insurance Hawaii Policy Information
Equine And Horse Farm Insurance Hawaii. If you own horses, you already know they are large and beautiful animals, along with a sizable investment. Owning horses also requires an investment in lots of equipment and land in order to care for them properly.
Horse farms (other than race horses) buy, breed, raise, sell, and train horses. They are kept in open pastures or paddocks during warm weather but in barn stalls at night and during inclement weather. The stalls must be cleaned regularly to remove manure and urine.
They are fed grain and hay along with vitamins and supplements to keep them healthy and strong. Horse farms may board horses belonging to others, rent horses for recreational purposes, and/or offer riding lessons.
Some horse farm facilities are used by rehabilitative service organizations to provide riding lessons for physically, emotionally, and/or mentally challenged adults and children. Some grow grain and hay to feed the horses.
In order to protect your horses, farm, land, and equipment, having the right type of equine and horse farm insurance Hawaii will be vital to you. This coverage can protect your personal possessions, such as your residence, your outbuildings, staff quarter residences, and machinery.
Adding provisions such as personal and commercial liability will protect you and your assets if an injury or damage occurs to a 3rd party.
Horses themselves can be insured in the event of sickness, colic, and medical bills. It is like having health insurance that covers certain aspects related to the overall health of your horse. You can also purchase what amounts to life insurance for your animal in the event that the horse would succumb to death.
Equine and horse farm insurance Hawaii protects your horses, trainers and farm from lawsuits with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.
What Type Of Equine And Horse Farm Insurance Do I Need?
The coverage you need depends on what type of operation you have, and how large it is. Some equine and horse farm insurance Hawaii coverage that are common to all equestrian policies are:
Coverage For Dwellings
HI horse farm insurance can provide you a policy package that offers protection for your home and items within that home. Unlike a standard homeowners policy, it can also cover the property structures that provide well-being to your animals such as the barns your horses shelter and live in, the sheds you house your equipment in and even the quarters that your staff reside in. There are also coverages for the indoor arenas you may use as run-in sheds or show arenas.
These dwelling coverages can include:
- Barns and sheds
- Home (Farm House)
- Indoor Arenas / run-in sheds
- Tenant or staff living quarters
Coverage For Vehicles And Machinery
Acquiring equine and horse farm insurance Hawaii will also protect the equipment you utilize to keep your farm operating. Any vehicle used to run your horse operation such as tractors used to make hay and the trailers used to transport your animals.
As these are vital to maintaining operations, having a policy that includes, these items can help to protect your investment in the case of a loss, and include:
Do I Need Commercial Horse Farm Insurance?
If your operations include boarding, clinics, and participatory trainings, carrying a liability policy is a must. With visitors and other parties taking advantage of your expertise in these areas, there are events to take into consideration.
In the event of an accident to one of your animals or a 3rd party, protecting yourself from damages incurred from a lawsuit will be necessary in order to maintain operations.
Most states mandate a minimum amount of workers compensation insurance if you have employees.
Major Medical And Surgical Insurance
The healthcare of horses has improved dramatically over the past two decades. The costs associated with those advancements have become excessive and, at times, prohibitive. No one likes to make decisions about an animal we care so deeply about in terms of money, but you may run into this regardless.
Making a policy decision to include major medical insurance can help to soften the sticker price of a procedure that will help save your animal's life or well-being. This can include examinations, medications, and even surgery to stabilize the horse's condition.
These policies usually do not include regular routine care such as dental or elective treatments, nor preventative medicines such as vaccines.
Horses are valuable to us in so many ways. Considering a life insurance policy on your horse is not a hard decision, but a peace of mind decision as well. This type of policy protects you against the loss of your animal in the event of an accident, injuries, illnesses or disease.
It can also protect you from theft of your beloved horse. There are different degrees of protection you can get covered by these types of equine and horse farm insurance Hawaii policies as well.
What Types Of Equine Insurance Are Available?
Following are some of the HI equine insurance coverages available:
- Full Mortality: Coverage for the death of an animal resulting from accident, sickness, disease, humane destruction and theft.
- Limited Mortality: Limited coverage for death due to certain types of accidental causes such as fire, lightning, transportation, etc.
- Loss of Use: Pay a portion of the mortality value if your horse becomes totally and permanently unfit to perform its use as specified in the policy.
- Major Medical: After a small deductible, this coverage pays most veterinary medical and surgical expenses.
- Stallion Infertility: Pays the insured mortality value if your breeding stallion becomes permanently unable to breed because of an accident, sickness or disease.
- Surgical Expenses Only: After a small deductible, this covers up to the amount of coverage purchased of surgical expenses incurred to save the life of a covered animal when the surgery is required as a direct result of a covered accident, sickness or disease.
What Types Of Horse Liability Insurance Are Available?
Equine liability insurance helps protect your farm from third party bodily injury and property damage for which you are legally liable and can include:
- Care Custody & Control Liability: Covers your liability for injury, death, or theft of a customer's horse while in your care, custody & control.
- Commercial Equine Liability: Covers bodily injury and property damage claims resulting from your HI horse farm business.
- Horse Club/Association Liability: Offers liability coverage for activities of your club/association.
- Horse Show & Short Term Event Liability: Provides liability insurance protection if you put on horse shows, clinics, seminars, etc.
- Personal Horse Owners Liability: Provides liability coverage for horse owners who have no commercial exposures.
- Therapeutic Riding Program Liability: Provides liability protection for your therapeutic riding program.
Hawaii Horse Farm's Risks & Exposures
Premises liability exposures are high. Regular visitors to the premises include horse owners, riding students, prospective buyers, and veterinarians who can trip and fall on uneven walking surfaces, be injured by equipment, or interact with unpredictable animals.
Visitors should be accompanied by an employee and not be permitted in restricted areas. The exposure increases if tours are conducted. Housekeeping issues include keeping walkways clear of stable equipment and floor areas clean and dry.
Employees working with children or the disabled must undergo thorough background checks. Supervision is critical. Fences should be well-maintained and parking areas free of debris and physical obstructions. Horses, farm equipment and facilities present an attractive nuisance to children and teens.
Barns should be secured after hours to prevent access by unauthorized trespassers. Auctions and demonstrations may result in many visitors. These events require additional security and emergency evacuation planning.
Environmental impairment liability exposures are moderate due to the potential for air, land, or water pollution from the use of agricultural chemicals and pesticides, the disposal of animal waste and the existence of motor vehicle fuel storage tanks.
Drugs, needles, and syringes used to administer medications or to artificially inseminate horses are considered biohazardous waste and must be disposed of properly. If there are underground storage tanks, a UST policy will be required.
Professional exposures may be high if veterinarian or breeding services are offered. Veterinarians should be well trained, experienced, and properly licensed. Employees must carry out only the procedures they are licensed to handle.
Interns must be carefully supervised. A complete medical history should be obtained for each animal patient, with ongoing history of inoculations, diseases, injuries, and treatments noted.
Workers compensation exposures are high due to the interaction with unpredictable animals that can bite, kick, suffocate, or trample an employee. Turnover may be high. Training, supervision, and communication is important in maintaining a safe work environment.
Employees must be trained in appropriate restraint techniques. Problem animals should be identified. Slips, trips, falls, back injuries from lifting, foreign objects in the eye, and muscle strains are common. Exposure to farm chemicals, noxious odors from waste, and organic dust can lead to respiratory issues.
Employees can pick up diseases from working with animals and must be trained in disease prevention and identification.
Property exposures are high because of numerous ignition sources, such as heaters, and electrical fixtures combined with combustible materials such as hay, straw, animal feed and bedding, oils, and motor vehicle fuels. Wiring must be up to date and of sufficient capacity.
Electrical fixtures should be dust and moisture proof. Lightning may strike buildings unprotected by rods and Ground Fault Interrupters (GFIs), and severe winds and tornados may destroy property in certain geographical areas.
Most horse farms are in rural areas where fire response time may be slow and a water supply to douse a fire may be undependable. Auxiliary fire-fighting procedures should be in place that includes evacuation of the horses.
Fire extinguishers should be well distributed. Automatic fire detection and suppression systems should be considered. Smoking should be prohibited. Temperamental actions of animals may result in damage to the building or personal property. Horses and riding equipment may be a target for theft. Appropriate security measures should be taken.
Crime exposures are from employee dishonesty and theft but are relatively minor unless the horse farm keeps high-value show animals. Pre-employment checks should be conducted for employees. All ordering, billing and disbursements should be separated.
A money and securities exposure exists if cash is accepted for riding lessons or purchases. While the farming equipment is not attractive to thieves, show horses, tack and saddles, some prescription medications for animals, and semen may be targeted.
Inland marine exposures include accounts receivable if the farm bills for services, computers, goods in transit, livestock coverage for owned horses, mobile equipment, and valuable papers and records for ownership, lineage and medical information for horses and documents relating to pesticides and other chemical applications.
Horses may be regularly transported over public roads. Most farms have extensive mobile equipment exposures. Bailees coverage will be needed if the farm boards horses or keeps equipment belonging to others. High-value horses may be candidates for animal mortality coverage.
Commercial auto exposures are moderate. Vehicles may be used to transport horses, haul hay and feed, remove manure and other waste, and to run errands and pick up supplies. Horse trailers and hitches must be properly equipped and maintained to keep horses safe and prevent them from escaping.
Drivers must be trained in handling sway in the trailers and driving during adverse conditions. Drivers must be experienced and have acceptable MVRs that are checked on a regular basis. Vehicles must be well maintained with records kept in a central location.
Equine And Horse Farm Insurance - The Bottom Line
Your HI horse farm and equestrian operations are vital to you, or you wouldn't have made the investment in the first place. Whether it's a massive operation or small, you should prepare your policy choices around the things you seek to protect.
Acquiring equine and horse farm insurance Hawaii should be centered around the choices you need to make that are best for your operation. Protecting everything is an added layer for your peace of mind and allows you to enjoy your animals.
Hawaii Economic Data, Regulations And Limits On Commercial Insurance
Location is one of the most vital factors that prospective business owners need to take into consideration when they are thinking about establishing an operation. You can have the best possible products and offer the most exceptional services, but if the location doesn't offer a market that can benefit from those goods and services, your business will have difficulty thriving.
As such, if you are an entrepreneur who has set your sights on Hawaii for the headquarters of your business or a new division of an already existing corporation, it's a good idea to familiarize yourself with the state's economic data. It's also important to understand what type of commercial insurance you will need to invest in to protect yourself, your employees, your vendors, and the clients you serve.
Below, we provide a brief overview of important economic data and the commercial insurance requirements for business owners in the Aloha State.
Economic Trends For Business Owners In Hawaii
A state's unemployment rate is a good indicator of the overall economy of the region. It indicates that there are enough jobs available to support the economy, which is a direct reflection of the success of businesses in the state. As of 2019, the Bureau of Labor Statistics indicated that the unemployment rate in Hawaii was 2.6%, 0.8% lower than the national average of 3.4% from the same timeframe. This rate has also decreased throughout 2019, as it was 2.8% in July of 2019.
As with most states, the best locations to start a business in the state of Hawaii include urban areas and the suburban regions that surround them. The top cities for business owners in HI include:
- Pearl City
While several industries do well in Hawaii, certain sectors thrive. Tourism has long been the leading industry in the state, as people from around the globe flock to Hawaii each year.
Agriculture is also a booming industry here; the state is the second largest producer of sugar can in the U.S. Defense is also a key sector here, as all branches off the armed forces have bases located in the state. Another industry that also thrives here is manufacturing; specifically the manufacturing of cotton-based goods, such as clothing.
Commercial Insurance Requirements In Hawaii
The Hawaii Department of Commerce and Consumer Affairs regulates insurance in HI. Hawaii mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Hawaii requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Hawaii also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Agribusiness Insurance
Learn about small business agribusiness insurance - a type of commercial insurance protects farmers against loss of, or damage to crops or livestock.
- Insurance Farming Terms Glossary
- Aquaculture Fish Farm
- Commercial Fishermen
- Dairy Farm
- Equine & Horse Farm
- Farm And Ranch
- Farm Equipment Dealers
- Farm Labor Contractors
- Livestock & Cattle
- Mushroom Farms
- Nursery And Greenhouse
- Nut Farm
- Orchards & Groves
- Poultry Farm
- Sheep & Goat Farm
- Swine, Hog & Pig Farm
- Tobacco Farm
- What Are Farm And Ranch Insurance Endorsements?
Farming is, and has always been a tough business. There are many uncontrollable factors for farmers to deal with - like the weather, vermin, or other natural catastrophes. Any of these can destroy cash crops, such as corn, cotton, soybeans, and wheat, and put the farmer in a very bad financial situation.
Insurance for agribusiness falls into three general categories:
The first is property insurance on the buildings and the usually substantial amount of business personal property made up of machinery, livestock, equipment and other stock.
The second is liability for both premises and products.
The last is protection for worker injuries. Commercial auto insurance should be written if the operation owns vehicles and especially if it transports its own products.
There are a wide variety of agribusiness insurance options that are available to farmers. These policies allow them to to receive compensation in the event of a poor growing season, dropping prices, cattle disease or catastrophic natural event.
Loss of crops or livestock can financially ruin an agribusiness operation. The crop insurance agrees to indemnify the farmer, rancher or grower against losses which occur during the crop year. Losses have to be caused by things which are unavoidable or beyond the farmer's control - like a drought, freeze and/or disease.
Some policies offer coverage due to adverse weather events such as the inability to plant due to excess moisture or losses due to the quality of the crop.
Minimum recommended small business insurance coverage: Buildings, Business Personal Property, Crop Insurance, Employee Dishonesty, Accounts Receivable, Computers, Goods in Transit, Mobile Equipment, Valuable Papers and Records, General Liability, Environmental Impairment, Umbrella, Business Automobile Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Business Income and Extra Expense, Earthquake, Equipment Breakdown, Farm Owners, Flood, Computer Fraud, Employee Dishonesty, Forgery, Money and Securities, Cyber Liability, Employee Benefits, Employment-related Practices Liability, Product Recall, Underground Storage Tank, Stop Gap Liability and Unmanned Aerial Vehicles (UAV) (Drones).
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