Before you sign anything, make sure you have carefully examined the person who lent the horse. Photograph the horse with the person and write down the registration data of the horse box or car. This is just one of hundreds of reasons why it is important for a loan agreement to be concluded before the loan begins. The loan agreement should be written down and deal with each element of what has been agreed. It must be signed by both parties, and to protect the lender should look at the following:- Another example is when the lender requires that the horse be taken care of by a certain Farrier/Vet when the horse has specific needs. Check your loan agreement if you are responsible for the elimination of the horse in the event of death. If you are, try to make sure this is covered by the insurance policy. There are always other issues that should be included in the agreement, which are specific to the loan concerned, and that is why the single standard form, the loan agreement, is not an ideal option when a loan contract is established. Typically, a typical form loan agreement only describes the basic agreement required between the owner and the borrower. I think the single unit agreement is not ideal and can lead to a dispute between the owner and the borrower, which can result in thousands of pounds of legal fees. Ideally, a loan contract should therefore be suitable for the individual loan.
If you are responsible for paying the equine insurance premium, you install a monthly debit with the insurer to avoid missing payments. Finally, there is an equestrian plan for people who borrow a horse a few times a week, but who do not have full responsibility for the welfare of the horse. Owner or loan, at KBIS, we make sure that the insurance of a borrowed horse is as simple as possible. Our policies can be tailored to your needs so you can customize your equine insurance. Depending on the age and class of use of your horse, you can choose from up to ten different types of animal fees, which vary in overtaking and incident limits. Make sure that the horse insurance covers the death of the horse and that the insurer knows very clearly who is receiving the benefit. Each loan agreement must be written, signed by both parties and should look at least on the following:- The loan of a horse can sometimes be too many horse owners, which are sometimes even more important than the sale or purchase. As a loan player, you take the risk of putting a potentially valuable horse into the care and training of another person.
And there have been recent cases of people claiming to borrow a horse under a false name and then sell the horse without a trace. It is therefore of the utmost importance to make sure to whom you lend your horse. To discuss your horse`s loan and get professional help in developing a loan agreement, please contact Rebecca Stuart on 01275 850470.