6 Tips for Properly Insuring Your Wine Collection

The experienced Risk Advisors at CapriCMW's Private Client Services offer 6 tips for wine collectors to adequately protect their investment.
Categories: Personal Insurance
Jun 20th, 2018 | By: CapriCMW

Fine wine is a passion investment. Avid collectors put their heart and soul into building their collections over years and devote time, effort and resources into protecting the integrity of the wine. If anything were to happen causing damage to the collection, it would be devastating and also a huge financial loss.

The Risk Advisors at CapriCMW’s Private Client Services help clients protect their valuable collections, providing professional advice on the insurance limits and coverage options best for them, as well as ongoing education and resources for personal asset protection.  Here are some important tips we give to our clients about protecting their prized wine collections:

  1. Standard home insurance policies limit or exclude coverage for valuables, particularly for perishables such as wine. Some may offer basic protection such as theft, fire and, possibly, breakage but specific insurance for wine collections will also cover a number of other common risks such as spoilage from extreme temperatures, humidity changes, vibration, as well as label damage and others.
  2. If you have a substantial amount of wine in storage, check that your insurance provides coverage on a worldwide basis. This way, you can ensure that the value of your wine is protected whether it is in storage facilities or in your home.
  3. Coverage for wine in transit is important to protect bottles being shipped to you for any damage that could occur to labels or bottles.
  4. Get an appraisal. You need an accurate assessment of the value of your collection in order to secure adequate coverage. Get an estimate from a specialized wine appraiser. Your Risk Advisor at CapriCMW can provide recommendations.
  5. Maintain an accurate and updated inventory of your wines. As the value of your collection increases, it is critical that your insurance reflects the change. Keep your Risk Advisor informed on any significant changes.
  6. You may require extra coverage for your wine storage area. Any additions you may have made in your home to store and protect your wine should also be reflected in your insurance policy.

For more information and resources on protecting your collection or to speak to a CapriCMW Risk Advisor about your insurance, contact us today

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