FOOD & DRINK
Taking the right steps Keeping a close watch
It’s not uncommon for collectors to assume that a standard home But it’s not just about getting the insurance right. Constant vigilance
and contents policy will adequately cover their wine collection, over storage conditions is a vital task for any wine collector hoping to
but this is not the case. The factors most likely to cause damage to maintain value. Things like temperature, humidity and even cleaning
collections, such as temperature control or storage problems, are products stored nearby can impact the quality of a fine wine and
not usually included in home insurance policies. Consequently, thus hugely affect the value of them if something goes wrong.
these policies won’t give the high level of protection that is needed
to maintain a wine collection safely.
There are simple steps which can be taken to ensure protection
against these factors, such as fitting an alarm system that can detect
It’s also important to acknowledge that no two wine collections are fluctuations in temperature and humidity. This not only provides
the same, so taking out a customised policy is definitely the way owners with peace of mind but can also help them to get the right
to go. For example, bottle-by-bottle coverage is perfect if just one insurance, and at the right cost.
particularly rare vintage is significantly more valuable than the rest Help is at hand
of a collection. General risk factors such as fire and breakages can
be covered, along with any other issues relevant to wine collections, With so much to consider, protecting a valuable wine collection can
such as climate control system failure. seem overwhelming, but it doesn’t have to be. Enlisting the help of a
broker, whose job is to provide guidance and unrivalled expertise on
a subject they’re passionate about, can quickly put your mind at rest.
Specialist brokers not only identify the right policy for your specific
requirements but can also recommend other professionals through
established networks. For example, they can suggest appraisers who
can advise on optimal storage and transportation conditions, and
investment professionals to help navigate how to buy and sell fine
wine.
Moreover, a specialist adviser can be at hand to keep on top of
market developments that could affect a collection’s value, alerting
owners if they think those changes could leave them underinsured.
Getting it right
It’s clear that collectors need to put a lot of work into making sure the
value of their wine collection doesn’t drop, but meticulous storage
conditions and specialist insurance policies can work wonders here.
Collectors simply need to remember that expert knowledge from
professionals can help to determine the best possible route for their
wine collection, and also guard against underinsurance.
www.azuruw.com
Issue 40 2019
The Art of Luxury
43