Insurance vs lawsuit?

Horse insurance is necessary to protect the owner and the horse from various causes, which cause financial and emotional distress. One may buy a horse for business or personal reasons. Whatever may be the reason the ownership of a horse is a significant investment of money, time and other resources. Insurance will help you to cope up with the medical emergencies and the unexpected incidents that may take place with the horse or because of the horse.
The cost of horse insurance is small compared to the cost of maintaining the horse,or paying a lawsuit. In fact, the cost of entering the horse in a show is expensive than the cost of insurance for horse. The premiums for the insurances vary depending on the age and breed of the horse, its use and its value.
There are two types on horse insurance , Mortality insurance and Major medical coverage. Mortality insurance can be purchased on its own. It is paid after the horse’s death. Most of the companies sell the mortality policies for 100 percent value of the horse. This could be the price or the current value of the horse, determined by the training costs, statements of the trainers and the show records. The age, sex and use of the animal are also considered. The mortality ranges from 3.2 percent to 3.8 percent of the value of the horse. Theft protection is also covered in mortality insurance. The amount covered in this insurance could be 25,000  to 5000 annually. This type of insurance is mainly used for Barns or any other type of equine facility.Though it is wise for horse owners to have this for their own horses too. The major medical coverage is the addition on the mortality coverage. It too can be purchased on its own. This insurance covers surgery, medical treatment and diagnostics. The percentage of the medical coverage varies with each company and has the deductible ranging from 250  to 500  per occurrence. An average cost per year is 350 per Horse. Both of these types of coverages can protect you is your horse accidentally injures someone at the barn. As we all know accidents can and will happen at times and who is to say that someone might not sue you too.
sources-
http://www.excaliburinsurance.com/Insurance.html
http://www.frysequineinsurance.com/faq.htm
http://www.westfieldinsurance.com/farm/horse_insurance.jsp