Beware! For those of you who house your very own wine collections, consider: are you insured properly for them? You must understand what cover you have under your insurance policy as all policies including ‘All Risk’ policies have exclusions and conditions attached to them.
A standard house holders policy will always have a limit to the sums insured for any wine and champagne you collect. Usually it is a relatively low figure and can be as little as £5,000. You must ensure this is adequate and review your policy, adjusting the cover as necessary.
Be careful, as some wine you may have bought in good faith may even be counterfeit. Wine fraud is actually very common. Police in Italy seized over 4,000 bottles of high end counterfeit wine which were valued at £325 a bottle. Recovering money as a result of purchasing fake wine or replacing the counterfeit wine is not covered under any policy.
Most wines react badly to sunlight and extreme temperatures. Unfortunately damage caused by temperature or humidity change is generally excluded under a standard policy. Leakages and damage by corkage and cork fly are also excluded. Working with an experienced wine specialist Loss Assessing company could help you avoid an uninsured loss. Oakleafe Claims will advise on how to claim for any losses to your collection and any conditions with regards to storing your wine safely and securely. Wine can be a good investment but a huge loss in an incident that is not insured properly.
Like fine art and jewellery, the value of wine fluctuates. Therefore, it is important to understand what it would cost to replace to current market prices. Like any valuable item it is always necessary to obtain a professional valuation. Insure them allowing for this valuation, plus inflation. If you experience a claim for any loss to your wine collection speak to us for some advice on preparing and presenting your claim.
If you have been declined while trying to claim on your domestic or commercial insurance, we can help. We can also help with professional services, for example, Brokers, VAR Valuations and Managing Agents.