Hello everyone. I was online writing a few tasting notes and noticed a link to http://www.insureyourwine.com. It made me think, “Oh shoot! Do I need to do this?” I have a small collection (around 700 bottles). Most of it is professionally stored off site and I have about 100 bottles at home in my cellar. Any advice on wine insurance? Thanks!
Chubb. I use them. It is very reasonable.
Next would be the new spinoff from AIG. I should remember the name but I don’t.
Someone will chime in.
If you have more value than your allowance for loss from your homeowners insurance (most are around $5K), you should consider getting wine insurance.
I tried to get Chubb. I have a pretty extensive collection. They would only insure if the got the rest of my insurance too (homeowners, auto, liability, etc.) And they would only insure if you have a back up generator for your wine cellar refridgeration.
I have had Chubb for years for my wine and have never been asked about my storage conditions (I have a passive cellar) so I am interested in how this became an issue in your discussion with them. Did they ask about storage ?
Thanks
Don, as I say above I also use them and have for years.
Have they ever asked you for a list of your collection ?
I ask because they have never asked me.
I have spoken with them about it on several occasions and they don’t seem interested.
Thanks
Pat
I have insure your wine and they’ve been great. If interested contact Marc Lazar here on the board or at Domaine Wine Cellars.
Pat,
They only seem to be interested in a list if you have bottles that are worth some significant money. In that case, they are very particular. They ask this question early in the interview.
They did ask for a list which Cellar Tracker provided in spades. They require certain storage conditions. I don’t have any real high value wines so they don’t require backup generation.
I know a former collector who was required to have biometric ID and security as well as backup generation. Don’t remember the insurer. He had one bottle worth about half of my cellar so that was the reason.
Don
Note: I am an insurance agent specializing in personal lines
Chubb is the best wine insurance out there. There program has the best procedures and underwriting and as far as keeping track of things, you can pretty much just send them an updated Cellartracker list or spreadsheet every month or two.
AIG is now called Chartis, and they too have a fine program.
ACE Private Risk Services also offers this coverage, as well as Fireman’s Fund, although there programs are still being developed.
One great thing about Chubb is that you can write you wine as a stand alone product meaning if you really like your current homeowner’s insurance you do not have to change it. The other 3 companies I am fairly sure make you have the primary home insured through them before they will do your wine.
If anyone has questions about this, please do not hesitate to ask. I am happy to give advice to fellow board members.
Never use your wine-storage provider as either agent or principal for your wine insurance.
The wrong-way risk is not trivial.
I have a specific rider on my State Farm homeowner’s insurance for my wine collection (1500 btls, active cellar). Reasonably priced. They ask for an updated inventory every couple of years (pretty easy to supply thanks to that little gizmo of Eric LeVine’s). I fortunately have never had a claim, but have been happy with the company in general for decades.
Cheers,
Warren
I also have Chubb. Very easy to deal with when setting up the plan.
I was only able to get Chubb if I was willing to move all coverage for home, condo and two cars to Chubb. And then in the end Chubb would not offer quake insurance on our home. So in the end we dumped Chubb in favor of Chartis.
At what value should I look for insurance other than my homeowners? The last time I spoke to the agent, she said that policy would provide coverage.
got it with insuremywine right before the move from NY to IL. Definitely wanted to have it during the move. No reason not to keep it now.
It won’t.
Put it this way, if you can’t stomach a total loss the you need coverage.
It won’t cover fire or theft losses? I am not particularly concerned about losing the electricity as it rarely happens and my cellar stays below 75 at all times. We do not suffer from floods, tornadoes or earthquakes.
What am I insuring against that homeowners insurance does not cover?
The only party authorized to answer is not your agent, who has every incentive to say what you wish to hear,
but the insurer. Also, that answer should be in writing.
The coverage would be just cents on the dollar, if no specific rider.
I have been thinking that the replacement cost coverage in the policy combined with an up to date cellar tracker inventory, I should have pretty good coverage. Time to check in with the insurance carrier, as you suggested.
They said they were changing their policies going forward and it would come up with renewals.