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Equine Insurance Agent Help

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Last activity 2024-08-06 7:00 AM
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mdiane7
Reg. Jun 2009
Posted 2024-08-01 4:42 PM
Subject: Equine Insurance Agent Help


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If i wanted to persue getting licesensed to become an Equine Insurance agent, how would one go about starting? Any advise would be apprecited.

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jd&ez
Reg. Oct 2003
Posted 2024-08-06 7:00 AM
Subject: RE: Equine Insurance Agent Help


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mdiane7 - 2024-08-01 4:42 PM

If i wanted to persue getting licesensed to become an Equine Insurance agent, how would one go about starting? Any advise would be apprecited.

I assume you are wanting to be able to sell equine mortality and  medical insurance? It's not that difficult once licensed except that there only a few carriers to work with. Even as an independent agent there's just not that many  that will take on brokers. But there's enough. The problem with it is there's just not enough volume to justify the cost of licensing, appointments and E&O coverage to make it your primary gig. If you are already licensed and have E&O then it can be a little side income while providing a servive to your equine owning family and friends. 

 

The real expenses come in because horses are considered property. So you have to be P&C licensed and appointed and carry P&C E&O coverage. My life and Health E&O costs in the $600/yr range. P&C E&O costs many $1000's/yr.

 

Just some math, if you sell someone a $25,000 mortality policy on a horse. They are going to pay on average 4% for that, $1000/yr. You would be on a very good contract if you got 20%. So you make $200. Most likely less. 

 

Unless you are selling other lines of insurance it's just not viable as a business oppotunity on it's own. But if you are already selling P&C and have your E&O then it's just extra income for very little work. I'm not P&C licensed so I refer to good friend that owns a large P&C agency. I send him 4 or 5 referrals a year. He really likes picking up that extra income. 



Edited by jd&ez 2024-08-08 7:16 AM
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