Insure your cellar's wine, says Chubb

09 September 2005
Wine-lovers who stockpile bottles in domestic cellars could be overlooking these assets as potential insurable items.

The Chubb Insurance Wine Report has produced a "traffic light" list, representing four different types of wine drinker who may face financial risks as a result of inadequate insurance on their cellar-stored bottles.

"Short-term tipplers" are given a green light, as they require no extra cover on their household insurance for the few extra bottles they have stored, however "party plonk planners" and "case-by-case imbibers" are at the amber risk level.

"Party plonk planners" travel to Europe to stock up on bottles, and may overstep their home insurance limits occasionally, according to the Chubb list.

"Case-by-case imbibers" - those who take delivery of a couple of cases of fine wine at a time - are in the same bracket, but may also extend to the red zone, with "cellar stockpilers".

This group of wine enthusiasts are most likely to have large amounts of expensive wine, and Chubb urges people in this band to consult their insurance brokers immediately, to discuss specific cover.

John Sims, European head of personal insurance at Chubb said: "Both serious and social wine collectors alike are being exposed to further financial risk by not protecting themselves adequately through valuations and suitable insurance."

Chubb warns that potential damage to home-stored wine could range from temperature fluctuations and water damage, to "total destruction by vengeful spouses."

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