EQUESTRIAN Business Network Ireland hosted a virtual meeting with insurance broker Keith Young of LHK Insurance this week, to provide clarity to its members on the current market, advice on how to improve renewals and how to improve how businesses manage risk.

The meeting was well attended with a waiting list of over 100 people. As a result of the huge interest on the topic, a second evening will be scheduled.

Young outlined that there are two main insurers that underwrite the majority of Irish equine businesses. “It is important that businesses are putting their best foot forward to the underwriters at your next renewal. I would recommend that you engage with your broker six weeks in advance of your renewal date to go through the renewal process and work on any risk management processes that may not be up to date,” Young explained.

He emphasised that the sport horse industry must improve risk management procedures and see it as a key part of removing risk from businesses. Insurers will be looking for more information on businesses, how they are managed, what activities are taking place on site, the attitude towards risk and how they try and mitigate accidents from happening, Young said.

He also outlined that there are a huge amount of Irish equine businesses that do have good risk management processes in place but perhaps are not informing underwriters.

The likes of tack inspections, incident report forms, machinery maintenance schedules, employee induction training, horse assessment protocols, a client induction process are all risk management processes that need to be documented thoroughly and outlined to underwriters in order to receive the best possible result from the insurance market.

Young also referred to other insurance types that would not traditionally be purchased by equine businesses, such as Directors and Officers insurance and Cyber/Crime insurance, saying the industry should consider these as the world is changing with new emerging threats that could impact equine businesses.

Insurance cover for individuals in Ireland became more difficult when Brexit meant customers in the Republic of Ireland could not get cover from the British Horse Society (BHS), which offered public liability insurance and personal accident insurance. Approximately 4,500 people held a BHS membership in Ireland.

In recent months, the Government have introduced new guidelines to the Personal Injuries Assessment Board (PIAB) and the courts which is expected to reduce claim pay outs and lead to reducing the cost of insurance as well as potentially attracting new competition to the Irish market.