Congratulations on starting your equine operation! You need to consider several items when starting your farm and having proper insurance is a big one.
One option is a Special Farm Package (SFP) for equine owners. This type of insurance policy provides coverage for the specific risks associated with owning and operating an equine farm. A SFP typically covers liability, property, and mortality risks.
Liability coverage protects you in the event that someone is injured on your property or as a result of your horses' actions. This type of coverage can also cover the cost of legal fees if you are sued.
Property coverage protects your farm's buildings, equipment, and inventory from damage caused by fire, theft, or other disasters. It is also important to have property insurance that covers the cost of boarding horses if your facilities are damaged and you are unable to board them elsewhere.
In addition to these basic types of coverage, a special farm package for equine owners may also include the following:
- Equine liability insurance: This type of insurance protects you in the event that someone is injured while riding or training one of your horses.
- Loss of income insurance: This type of insurance covers your lost income if you are unable to operate your farm due to a covered loss.
- Business interruption insurance: This type of insurance covers your lost income if your business is interrupted due to a covered loss.
The specific types of coverage that you need will depend on the size and type of your equine farm. However, by choosing the right insurance policies, you can protect your business and your assets in the event of a loss.
How Can Your Horse Farm Qualify for SFP?
The Special Farm Package (SFP) is a type of insurance policy that is designed to provide coverage for the specific risks associated with owning and operating a horse farm. To qualify for an SFP, your horse farm must meet certain criteria. These criteria may vary depending on the insurance company, but they typically include the following:
- The farm must have a minimum number of horses. This number may vary from company to company, but it is typically between 10 and 20 horses.
- The farm must be located in a rural area. Some companies may also require that the farm be located in a specific state or region.
- The farm must have certain safety features in place. These features may include things like fencing, fire alarms, and sprinkler systems.
- The farm must have a good safety record. This means that there should have been no major accidents or injuries on the farm in recent years.
If your horse farm meets these criteria, you may be eligible for an SFP.
Here are some additional tips for qualifying for an SFP:
- Keep good records of your safety measures. This will show the insurance company that you are taking steps to protect your horses and your property.
- Make sure your farm is well-maintained. This will show the insurance company that you are taking care of your property and that it is in good condition.
Insurance can be a complex topic, but it is important to have the right coverage in place to protect your equine farm. Dempsey, Weiss & Associates specialize in this agriculture insurance and we can help you determine what coverages and policies fit your needs
We hope this information has been helpful. If you have any further questions, please feel free to contact us at 856-358-3900 or visit https://www.dempseyweiss.com/equine.