This is, of course, good news for professional merchants although specialist wine insurance is a wise precaution for protecting this type of high value business.
Carrying large quantities of expensive stock is not without its risks. Whether the wine is on the shop shelf, in transit, in a bonded warehouse or a secure lock up, in the UK or overseas, there is always the potential for damage, theft or loss of income. With such a range of risks it is important to consider a specialist wine insurance policy, designed by professionals who understand both the worlds of wine and insurance.
It’s been said that Lycetts is unlike any other broker because our staff have a wealth of experience both inside and outside the insurance industry. True to form, we have a number of former professional wine merchants advising clients on insurance. Using their industry specific knowledge combined with detailed research to identify the insurance needs of the wine industry, Lycetts has designed specialist policies that provide bespoke, flexible and comprehensive wine insurance for all types of connoisseur; ranging from flagship names in the industry, to smaller vintners and private collectors.
These policies cater for all requirements and scenarios. For example, where stock mysteriously ‘disappears’ at inventory or where thefts aren’t always due to an obvious break in. Or when revenue is lost on the appreciation of investment wines between original purchase price and the market value at the time of the loss. Or the depreciation in value of stock due to damage to the labels, branding and packing.
In addition, our policies include En Primeur wine. This high value wine which is traded in large volumes in anticipation of future returns is a lynchpin of the industry. Often stored overseas in a range of varied facilities from medieval vaults to modern warehouses, in barrels or bottled, it is not always possible to get total clarity on what insurance the producer may carry. The risks to UK En Primeur investors are therefore significant.
Lycetts specialist wine insurance policies can remove the fear of uncertainty on this type of overseas investment by covering both the physical and revenue losses associated with this futuristic style of trade, storage and investment, wherever in the world it may be (subject to local territorial licences). For any further information on specialist wine insurance please contact email@example.com