Protect Your Assets – What You Need to Know About Insurance

Click here to read the complete article
108 – January/February 2019

By Rachel Kooiker

On July 30, 2018, AQHA Professional Horseman and judge Nancy Renfro hooked up her truck and trailer and started off on what should’ve been a routine three-day drive to the AQHA Youth World and NSBA World Show. Along for the ride were Renfro’s two girls, three dogs, and six horses loaded in the trailer. Renfro had made it about 35 miles west of Needles, CA, and the crew was hoping to drive another 50 miles to make it to Arizona before their next stop. Their plans came to a sudden halt as the truck jerked sharply to the right and the entire rig was pulled into the soft gravel on the side of the road. The size and weight of the rig, combined with the soft gravel, threw the truck and trailer into a ditch. The rig flipped onto its right side and somersaulted over to its left side before finally stopping upright. At some point during the rollover, the entire left side of the trailer roof had been scraped away from the trailer body, leaving a gaping scar where the top of the trailer should have been. Even worse, the crash ejected five of the horses onto the interstate, in the way of oncoming traffic. Acting swiftly, Renfro made sure that her kids and dogs were okay before she began the daunting task of trying to catch the horses that were now scattered across the road. In addition to the horses, all of the tack, show clothes, and equipment that had been packed carefully for the long trip was littered across the highway.

This is a scene from any equestrian’s worst nightmare. It’s no secret that hauling horses and horse ownership, in general, is full of risks. You have sweat equity involved in the time and effort that’s put into planning your showing endeavors, and you’ve invested a significant amount of money in your horses, tack, equipment, and show clothes. Have you ever considered what might happen if the entirety of that investment was destroyed by one freak accident? While we don’t like to imagine that the worst will happen, it’s best to be prepared. Thankfully, in Renfro’s case, no human or equine lives were lost. However, when the debris was cleared, she faced over $150,000 in total damages and losses from the accident. Renfro was lucky, though, because she had a custom farm owner and auto insurance policy that allowed her to recoup a significant amount of what would’ve otherwise been a complete loss to her business. A couple of years before the accident, Nancy had contacted Tim Folck of Folck Insurance in Lexington, Kentucky to come out and check to see what portions of her horse farm and training business needed to be insured. Sadly, few people do this, especially trainers. Many people simply don’t know what can and cannot be insured. Read on to get expert advice about how to properly insure your future from equine and farm insurance specialist Tim Folck.

Click here to read the complete article
108 – January/February 2019