I’ve started a carriage business using a horse that I have had for many years, actually raised him from birth. I’m needing to add another horse to my stable, as a back up and to alternate the horses so one has to work every day. The horse I’m looking at to purchase is valued around $10,000. How much mortality insurance and health insurance should I carry on these two horses? My current horse I would value at $5000.
The way I understand it (and I could be very wrong), if you bought a horse for $10,000, that is what you can insure it for at that time.
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Who do you insure your carriage business with??
And yes, purchase price unless you can prove added value.
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West Bend
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Traditionally that is only true at the point of purchase. After that, if you can demonstrate training/results/earnings that would increase value then you can increase the covered value accordingly. That’s relatively straightforward with show results, but may be less easy to prove loss of wages value since that is presumably what one would get at for a carriage horse (but if it was just the replacement value it might be simpler)
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