A change in the law means a big increase is coming in the price of any policy with an element of liability cover.
LIVERY yards, riding schools and other equestrian business, as well as some horse owners, are among those set to experience a huge rise in insurance premiums due to a change in the law.
The Odgen discount rate, a calculation used to work out the lump sum payment of compensation to those left with “life-changing” injuries, has been cut from 2.75% to -0.75%.
The cut came into effect on 20 March. The government has said the discount was “inappropriate” as interest rates have decreased and payouts are therefore not adequate.
This has come as a shock to the insurance industry, and is expected to cost it millions.
This story is from the April 06 2017 edition of Horse & Hound.
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This story is from the April 06 2017 edition of Horse & Hound.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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