It's easy to tick off a list of very expensive horses who clearly ought to be insured: million-dollar racehorses, Olympic-caliber sport horses, elite breeding stallions.

But is it wise to insure your "weekend warrior" who picks up a few ribbons every summer at local shows? What about your backyard trail horse? Or your daughter's Shetland? Does equine insurance make sense for horses who aren't or may never be worth large sums of money? Many people would answer "Yes," says Jorene Mize, an independent insurance agent from Lancaster, Calif.

"You'd be amazed at the number of $2,500 horses that are insured. A horse is a major financial investment, regardless of purchase price. The ongoing upkeep and maintenance is costly too, and people want to protect their investments."

The number of policies available to horse owners can seem overwhelming, including but not limited to:

• Major medical and surgical

• mortality

• loss of use

• tack and equipment

And that's not all. For those who operate equine businesses, the list of available policies is even longer:

• liability for trainers

• property portection

• liability coverage for farm owners

• care, custody and control

• reproduction (stallion and mare fertility)

• and even international transit.

However, the basic types of coverage purchased by most horse owners are mortality and major medical policies, which roughly correspond to life and health insurance for people.

Generally, mortality insurance reimburses a horse owner if the horse dies. Depending on the policy, the owner may receive payment for the full or partial value of the horse. Medical and surgical policies cover the costs associated with treatment of an injury or illness. An owner can purchase mortality coverage alone, but medical and surgical policies are generally available only in combination with mortality.

Given how time-consuming it can be to research different policies, it may be tempting to simply gather a handful of quotes and pick the policy with the lowest premium. If you do, however, you'll risk overlooking some key differences among the insurance options.

That's where an insurance agent can help. A good agent will be able answer your questions and help clarify the sometimes confusing language found in policy statements. Some agents work for a single insurance company; others operate as independent brokers representing a large pool of carriers. Many agents sell a wide range of consumer and commercial insurance policies, but some concentrate on equine insurance. Whatever an agent's professional specialization, experience with horses is crucial.

Whether you're working with an agent or doing your own legwork, it's wise to educate yourself on the basics of equine insurance. There is plenty for basic information searchable online.

Gretchen Ditto specializes in freelance writing and corporate communications. She lives in Thousand Oaks, Calif., where she does a little eventing in her spare time.

This article first appeared in the May 2000 issue of EQUUS magazine.