Equine Insurance with Smith-Embry
We were lucky enough to briefly speak with Beverly Smith-Embry of Smith-Embry Insurance Associates Inc. today, during the start of the Scottsdale Arabian Horse Show, and occasion where Smith-Embry services a lot of clients as they travel to and from the show grounds in Arizona.
Smith-Embry Insurance Associates Inc., was founded in 1991. Besides Beverly, the agency has two other employees: Chuck Smith, her son, and Tamara Embry, her sister-in-law. They are located in Kentucky and service ALL horse breeds, including but not limited to: Thoroughbreds, Saddlebreds, Arabians, Warmbloods, Quarter Horses and many more.
“Every year, you have to reapply for coverage and determine the value” of the horse, she said. “It’s my job to make sure we are valuing them correctly in a way that keeps the (insurance) company happy and the client happy.” Says Beverly Smith-Embry
Q & A with Beverly Smith-Embry
Q: How do I determine the amount of insurance I should place on my horse?
A: Initially, you will start with your actual purchase price. Obviously, the value of your horse can increase over time and should be reviewed at least annually. If you purchased a open mare and have now bred her, an increase should be considered. More importantly, if your broodmare has produced offspring that have been shown successfully, certainly the value of your mare has increased. If you have sold progeny from your mare, this could also increase the value of your mare. If you have a performance horse, the amount of insurance should be reviewed often to include training costs and more importantly the show results as the value of your show horse will increase based on how it performs. As your performance horse continues its show career, you have more invested. Insurance should protect your financial investment in the horse, not only initial purchase price, but your costs to make your horse a champion.
Q: When comparing quotes, should I just go with the cheapest quote(s)?
A: CHEAPEST IS NOT ALWAYS BETTER! There are many differences, especially with regard to the Major Medical/Surgical coverage. You need to be prepared to ask certain questions and except sufficient answers. What deductible will apply to any major medical claim? Are there any Co-Pay provisions? (Company pays 80%/You pay 20%) Are there any Sub-Limit provisions? (Limit on amount to be reimbursed for diagnostics, shock wave therapy) What happens if my horse requires continued Veterinary Treatment at the expiration of my current policy? How long will the insurance pay? Many equine insurance companies only have a 30-90 extension period at the expiration of your policy for continued reimbursement of a major medical/surgical claim. The insurance offered through Smith-Embry will continue to reimburse you for veterinary expenses related to an injury, illness or disease under the 12-Month Extension Clause of your policy or until your horse has fully recovered or you reach the annual major medical/surgical limit of your policy. The extension period for non-surgical lameness is 6-months from the date of the occurrence causing the lameness. The Extension Clause is subject to reporting the claim during the policy period during which the incident occurred and renewing your insurance with us.
Q: Why do horse owners need special liability policies?
A: If you do not own a farm, your homeowner’s insurance policy will usually only provide personal liability protection. The additional risk from your ownership of a horse may not be covered under your homeowners policy. The horse owners liability policy provides liability coverage for bodily injury or property damage caused by your horse not only at the farm where it is boarded, but off premises during a trail ride or at horse shows.
Q: Why should someone consider a Farm policy versus a Homeowner’s Policy?
A: The farm policy was specifically designed to provide the insurance coverage you need. It will cover your home (just like a homeowners), but will also provide adequate insurance on your barns and other outbuildings on the property including any tenant homes. You can insure your precious jewelry and art work under this policy as well as your farm tractors and equipment. It provides coverage for your personal and premises liability as well as liability associated with your horse business.
For more information about Insuring your horse, farm or event Contact Smith-Embry Insurance at (502) 493-9911 or visit their website at www.insurehorses.com for a FREE Quote.