The foals and yearlings you purchase at JRHA Sale are automatically insured, commencing at the time when the hammer is knocked.
With regard to the yearlings, the premium rate is 2.8% of the purchased price, which means the knock down price plus 10% VAT.
The premium is paid equally by the seller and the buyer, and it means the buyer is requested to pay 1.4% of the purchased price.
With regard to the foals, the premium rate is 6.5% of the purchased price. And the buyer is requested to pay 2.6% of the purchased price, which means the knock down price plus 10% VAT, as the premium, while 3.9% is paid by the seller.
Above premium of insurance will be included in the invoice from JRHA to the buyer.
The insurance expires at 4:00 p.m. on August 1st when the horses become two-year-old.
