The Company shall not be liable in any covered loss for more than;
$25,000 for any one horse which has reaching racing age;
$300 for each stable pony; and
$500 for tack in any covered loss, and
$5000 for tack of any one covered person of the named insured in any
one covered loss;
$300,000 for any one covered loss arising from and/or related to any one occurrence; and $1,500,000 in the aggregate for all losses during any policy year the total of which is in excess of $50,000 less and except the self-insured retention.
With regard to a horse which (i) has not raced, (ii) is at least two years old, and (iii) is in training to race, no loss for such horse exceed $10,000 if sired by a stallion whose stud fee at the time of foaling was $2500 or less and no loss shall exceed $20,000 if sired by a stallion whose stud fee at the time of foaling was in excess of $2500.