Happily wine is still providing a sound portfolio diversification for investors as well as being a source of immense pleasure for enthusiasts. Over the last ten years, as the use of custom-built cellars and temperature controlled storage units has increased rapidly, domestic wine cellars have been filling fast with good sized wine collections, which can be worth a considerable sum.
There is a general assumption that wine will automatically be fully protected under a standard home contents insurance policy, but this is not always the case. In order to properly protect your wine collection it pays to speak to a specialist broker who understands the nature of insuring wine.
If you own a valuable wine collection you will almost certainly need ‘high value’ contents insurance, also known as ‘high net worth’ insurance, which is tailored to suit homeowners with a higher than average value of contents to insure.
Common threats to your wine collection can include:
• Theft.
• Accidental breakage.
• Loss of labels in a cellar flood.
• Underinsurance – be aware of the current value of your collection.
Lycetts specialises in the insurance of wines in domestic and warehouse storage facilities as well as in transit. If you require domestic wine insurance, warehouse wine storage insurance or insurance for wine in transit, please contact Jonathan Lloyd, jonathan.lloyd@lycetts.co.uk or call 0207 423 0900.
