By Lindsey Forkun, www.LFEquestrian.com
- Congratulations – You’ve decided on a new horse to own!
This is an exciting time, but before you cross the t’s and dot the i’s here are some things double check before you sign the contract.
1) Commissions and Fees: sometimes there can be selling commissions or fees, make sure you understand all of the costs involved with getting your new horse.
2) Guarantees: some guarantees are time limited, or they may state that you can give the horse back, but may not get your money back. Read any guarantees very carefully – make sure the writing is easy to understand and is what you want.
3) Special Clauses: sometimes contracts will include special clauses that do not permit you to register a horse, breed a horse, or sell a horse. This is fairly common with rescued horses because they don’t want to see rescued race horses ending up back on the race track, etc. Read these statements carefully and make sure you they fit with what will work for you.
4) Liens/Loans: it is important that you protect yourself; make sure any past liens or loans taken against the horse before your purchase date are not your responsibility. It is rare that a horse will have money owed against them, but a simple statement in the contract will protect yourself from being responsible to pay past bills.
After you have checked out the contract, understood it, and signed, it is time to think about liability and insurance. Horses are big, powerful animals and accidents happen. If you become a member of the Ontario Equestrian Federation you automatically receive liability insurance through Intercity Insurance. You can purchase optional mortality insurance too.
It is a good idea to explore all of the insurance options available for your horse and your horse’s equipment. Decide if it’s worth it to you to insure your horse and your equipment.
Congratulations! You have a new horse!
Lindsey Forkun is dedicated to promoting positive partnerships through humane natural horsemanship for all equine disciplines. Free online advice, articles, and videos. Offering natural horsemanship products and services, learn more at www.LFEquestrian.com