jules
Novice Poster
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Post by jules on Aug 9, 2005 13:36:16 GMT 1
Out of interest, if you loaned an expensive horse and it died of natural causes or even an accident in the field, where would you stand if the owner wanted you to pay them the value of the lost horse?
This is not mentioned on most horse loan agreements even the BHS one.
I have a horse the owner valued at 3K on loan. She's old so on a veteran policy and the insurance would only pay out the current market value of the horse which could be under £1000. I f she died where would i stand legally if the owners wanted 3K for her and has anyone had a horse on loan that has died and the owners have wanted money. After all the loaner usually ends up with the vet bill and disposal costs.
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bobble
Novice Poster
Posts: 43
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Post by bobble on Aug 9, 2005 13:41:42 GMT 1
this should all be sorted out before you take out the loan. It will be an individual arrangement. Dont leave things like that to chance
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pip
Grand Prix Poster
Posts: 3,797
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Post by pip on Aug 9, 2005 13:44:16 GMT 1
Only the owner of something can insure it, they are the ones with a "legal interest." The onwers might make the loaner pay something towards the cost of insurance.
I would get this sorted out with the owner. Since it is an older horse that can only be insured for its market value, then that is up to the owner surely. If they wanted to realise the £3,000 then they would sell it. But could they get that much for an older horse anyway? Something is only worth what someone is willing to pay. I think it would be most unreasonable for an owner to demand money from the loaner if the horse died, but I suppose some lawyers might get interested in this.
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Post by Lis on Aug 9, 2005 13:44:22 GMT 1
the owner has valued the horse at 3k, market value is 1k - where has the owner got her value from?  ? I don't know, but I don't think you would have to pay anything above market value, which is covered by insurance. I wouldn't worry too much, as long as the owner is satisfied with your insurance policy she couldn't do much more. She'd struggle to support her own valuation. |
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jules
Novice Poster
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Post by jules on Aug 9, 2005 14:10:10 GMT 1
The horse is papered and has been used as a broodmare, foals worth 4-5k so in foal she may be worth 3 k pregnant as the foal would potentially be worth alot.
My insurance company knows the horse is on loan to me and were quite happy to insure her, so i don't think the owner is the only person that can insure her.
If you were letting someone have your horse on loan with a view to buy for say 1 month and the horse died would you be able to claim the money? I have done this in the past and kept my horses insurance up to date myself (i know most polices take 14 days to take effect so an accident in the 1st 2 weeks would be bad for owner and loaner.)
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Post by trallwmfarm sanctuary on Aug 9, 2005 14:25:55 GMT 1
With our loan horses they have to be insured so all costs are covered but its up to the loaner if they want to pay out to replace the horse. Its a nice thought though that if they have given the horse a good home that they could then buy them selves one should the horse sadly die.
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jules
Novice Poster
Posts: 1
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Post by jules on Aug 9, 2005 14:34:17 GMT 1
Ooh, glitch in the system as I have only just registered and definitely didn't start this thread or reply on it! :S
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Post by Admin on Aug 9, 2005 14:41:56 GMT 1
If someone posts as a guest and then someone registers with that name, the post automatically gets put over to the registered user (by the looks of it).
Now you have registered as 'jules' OP will have to find a different name to post as a guest as it won't allow you to post as a guest with the same name as a member.
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