9. Who pays for what – and if the horse must be insured (this should be stated in the contract), who pays the deductible? For a loan to work well, both parties must agree on their responsibilities and ensure that all eventualities are foreseen, especially what will happen if the loan ends unexpectedly. We strongly recommend that you enter into a written agreement. Make sure the agreement is acceptable to both parties. Don`t accept something if you don`t intend to put it into practice or you don`t agree. A credit agreement is an important way to reduce risk and protect the owner, the borrower and, of course, the horse. An example of a specific requirement to include to protect the loan player is that the borrowed horse has been subjected to daily cooking field operation and that specific care requirements must be included in the loan agreement to ensure that the horse is not put at risk. The most common dispute a lender should pay attention to is a disagreement over what has been agreed as to who pays what. For example, if a large veterinary bill is charged and there is no insurance to cover that bill, there may be a dispute over who pays it. It may be that the borrower is responsible for the veterinarian`s bill, given that he owns the horse, but if it is the borrower who is the client of the veterinary practice concerned and if the borrower has ordered the veterinarian to visit the horse (which is most often the case since he has daily control of the horse`s care), the veterinarian must possibly follow the borrower for the payment of the horse. That`s the bill. Be sure to consider all factors before lending your horse, especially the horse`s suitability, as well-being is of the utmost importance.
Does your horse, for example, have an illness that requires special care, or is your horse older and going to a companion? Your horse will be out of your daily control and there have been opportunities to lend horses to people considered trustworthy, but the horse unfortunately ends up in a neglected state. We always recommend that you ask for references for potential credit institutions, visit the credit house, and then visit your horse regularly to check his health and well-being. The law requires that a passport remain with the horse. Therefore, the passport must be kept by the person who has the primary maintenance of the horse if it is not the owner. If a horse is loaned and transferred to a new farm, the lender must have the original passport. Many owners feel uncomfortable, but there are a number of steps you can take to protect yourself, including: To discuss your horse`s loan and get professional help in establishing a loan agreement, contact Rebecca Stuart on 01275 850470. . . .