Frequently Asked Questions
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Q: “Can you write coverage in my state?”
A: It is a little known fact that agents must be licensed in each state they conduct business. Every state has unique requirements that must be met, and applicable fees paid. West Coast Equine is proud to comply with licensing requirements, and we are licensed throughout most of the United States. Just contact us to determine if we are licensed (or can be) in your state. Q: “What other types of insurance do you provide?” A: Although we specialize in the equine industry, we are a full lines agency capable of meeting most of your insurance needs, depending on your state of residence. As an independent agency, we represent numerous carriers, and are not limited to the product offerings of a single company. Q: “What is a ranch package?” A: Some companies are capable of combining multiple coverages into a single “package” policy. This might include your home, farm structures, equipment, hay, liability (both personal and commercial), and “care, custody & control”. The advantages to doing this are; ease of handling, avoidance of potential “gaps” or duplications of coverages, and premium savings. Q: “How do I determine the value of my horse when applying for “agreed value” coverage?” A: There are numerous ways this can be done, and each company has their own guidelines. If you have just purchased the horse, the initial purchase price, plus the cost of commercial transportation to acquire would be the insurable value. That limit could then be adjusted upwards as you put money into the horse’s professional training, or you establish a show or performance record. New-born foals are usually insured for 2-3 times the advertised stud fee of their sire. If the horse is “home bred”, or you have owned the horse for some time, the companies will consider such things as the sale price of maternal siblings, show or performance records of the sire, dam or maternal siblings, or your horses accomplishments, to date. In some instances, a company might accept a “fair market evaluation” by a noted expert from within your breed or discipline. Please give us a call to discuss how best to establish the correct value for your horse. Q: “Why would I need a commercial auto policy?” A: There might be a couple of reasons. First, if your vehicle is registered to the business entity, a personal auto would not be appropriate as it would not extend coverage to the business. Secondly, almost all personal auto policies contain a “livery exclusion”. This exclusion voids coverage if the vehicle is hauling goods or persons for hire or compensation. For example, a trainer who charges customers for hauling horses to shows would need a commercial policy. There are several coverage differences, but the most notable would be the treatment of trailers. A trailer of any type, under a personal policy, would be included for liability coverage automatically, as an extension of the power unit pulling it. Under a commercial policy, this would only be true of “utility trailers” (defined as those with a capacity of 2,000 lbs. or less). All other trailers must be scheduled on the policy for coverage to apply. In either case, physical damage is only provided when specifically added onto the policy. Q: “Would my employees be covered under my liability policy?” A: Employees, acting within the scope of their employment, are covered under your liability policy. However, there is no coverage for injuries to your employees, as this is a subject matter for workers compensation coverage. This would be true even if you don’t directly compensate your employees (ie: volunteers, exchange of labor, bartering for services, etc.). |