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Originally Posted by chucklestheclown
I think you have answered your own question about the law by reading this piece about a decision handed down months ago.
As to insurance companies, horses are property-chattel-and that is what title insurance, et al is for.
The first link you brought up included this:
IEAH is simply saying that it bought into a horse -- for a princely sum -- and was not kept informed of the condition and welfare of their living, breathing investment until such point that he was scratched from the Derby and the colt's unsoundness was undeniable. In fact, IEAH claims it asked Lanzman directly about a Derby Eve rumor that the colt would be scratched and that Lanzman was dishonest by denying the rumor, a claim Lanzman denies.
That makes for a good story. Such claims lead one to question the honesty and transparency of the back side at America's racetracks, and whether even the richest owners who have millions invested are really kept up to speed with what's going on with their horses. And actually, the writer does a very good job of detailing the facts and claims that IEAH has presented regarding that aspect of the case.
IEAH is not an entity I am proud to see represent horseracing for the US. But in this case it appears they are right, legally and morally.
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All horses are sold without guarantee to their physical condition unless specifically mentioned. IEAH had an opportunity to have a vet of their choosing examine the horse prior to purchasing their portion of the horse. If they did so and their vet passed the horse then what claim do they have? There is no lemon law regarding horses and the vet records that we have seen are pretty clear. Not to mention that IEAH is privy to their own billing records which shows what has been done to the horse. If they want to have a different arrangement with the vet it is up to them to express that.
I would love to see the bill of sale for the purchase.
And there is no title insurance for horses. The only insurance you can get for racehorses is mortality and it seems as though IWR is still alive.
Morally it seems as though IEAH wants to back out of its agreement because it didnt work out for them as opposed to any rightful claim they have.
The moral of this story is be careful with who you do business with....for both sides.