Hub International Limited, a global insurance brokerage and financial services firm, announced the launch of HUB Private Client Equine Risk Advisory Services.
The new offering is designed to help high-net-worth and ultra-high-net-worth clients manage risks related to horse ownership, riding, training and equestrian activities. It provides coverage and advisory services for equine assets, facilities, events and liability exposures.
Laura Koester will serve as HUB Equine Solutions practice leader, overseeing the team in providing risk management solutions for both personal and professional equine activities.
The practice will address key areas such as equine mortality and major medical coverage, helping clients manage the financial risks associated with the loss of illness of their horses. It will also provide guidance on training, instruction and boarding risks. Coverage for equestrian events and shows will also be included, offering financial protection against unforeseen incidents during competitions and exhibitions.
Additionally, the practice will focus on mitigating risks related to care, custody and control, ensuring that those responsible for horses are covered against potential liability. Other offerings include commercial general liability for equine businesses, personal liability protection for horse owners, and commercial equine liability for professional equestrian operations.
Katherine Frattarola, HUB executive vice president and head of HUB Private Client, said that they understand that some clients treat raising, owning and cultivating horses and livestock as more than just a hobby.
According to a report by ResearchandMarkets.com, the horse insurance market is estimated to reach $1.6 billion by 2031, growing at a compound annual growth rate of 13.7% from 2022 to 2031.
