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Is your wine insured? - 4/16/2009 10:11:16 PM   
Eric

 

Posts: 17326
Joined: 10/10/2003
From: Seattle, WA
Status: offline 		With CellarTracker my goal is to help people make sure they know what their collection is worth. The question is, if your cooling unit dies, if a shelf breaks and there is a pileup in your fridge or if something else catastrophic happens, will your normal household insurance policy cover your vino? If your collection is worth more than $10K and unless you have consolidated coverage with Chubb, AIG Private Client or Fireman's Fund the odds are that you are not covered.

Teaming up with the fine folks at CellarAdvisors, I am very pleased to point people to a new standalone insurance product that affordably lets you protect your fine wine.

http://www.insureyourwine.com/index.html?utm_source=ctracker&utm_medium=banner&utm_campaign=InsureYourWine

Please check it out and let me know what you think.


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Post #: 1
RE: Is your wine insured? - 4/16/2009 11:11:17 PM   
Hollowine

 

Posts: 7251
Joined: 7/25/2008
From: Hood River, OR
Status: offline 		I will definitely check this out Eric, thank you for taking time from your product UI enhancements to also understand that this is a key benefit many of us get from your great product. I had already met with my insurance agent and shown her CT and asked if there was any way to use it to be a basis for coverage, and was very dismayed to hear my homeowners wouldn't cover it. Will look into this and see what it can offer.

Cheers!

(in reply to Eric)
Post #: 2
RE: Is your wine insured? - 4/17/2009 7:34:42 AM   
annerk

 

Posts: 6122
Joined: 10/16/2008
From: Central Florida
Status: offline 		We're in the process of switching insureres to Chubb. They don't require any appriasal unless you've got a single bottle (or more) worth over $9K.

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Post #: 3
RE: Is your wine insured? - 4/17/2009 9:21:13 AM   
GalvezGuy

 

Posts: 5864
Joined: 5/10/2007
From: Galveston, TX
Status: offline 		Eric,

That was extremely useful. I am subject to the 10K limit. I will have to see if they cover power outages during a catastrophe as well.

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Post #: 4
RE: Is your wine insured? - 4/17/2009 10:30:56 AM   
Eric

 

Posts: 17326
Joined: 10/10/2003
From: Seattle, WA
Status: offline
quote:

ORIGINAL: annerk

We're in the process of switching insureres to Chubb. They don't require any appriasal unless you've got a single bottle (or more) worth over $9K.

Personally I am on AIG Private Client. To get their wine coverage I had to move everything (house, cars etc.), but what sealed the deal for me with AIG was that I was able to get earthquake coverage for the house. But before that I remember looking around for months or trying to get a Chubb agent to talk to me about a standalone wine policy and never could get a response. Wine coverage is straightforward enough if you have someone that is willing to sell you the product. Usually the downloaded Excel spreadsheet from CellarTracker should be more than enough information for the agent.

BTW, the $10K number I quoted above was not scientific and obviously everyone should look at their current policy and talk to their current agent. But a lot of folks will tell you that your regular policy will cover you when it won't. So ask questions and know that for a very few pennies on the dollar you can sleep better knowing your wine is well covered.


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-Eric LeVine

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Post #: 5
RE: Is your wine insured? - 4/17/2009 4:13:01 PM   
khmark7

 

Posts: 11438
Joined: 7/6/2008
From: Chicago suburbs
Status: offline 		I was told that I needed an appraisal for my current homeowners (under a personal articles), which seems stupid since my cellar is always changing (drinking the wine). Would prefer to not have someone come appraise everything.

(in reply to Eric)
Post #: 6
RE: Is your wine insured? - 4/17/2009 6:44:48 PM   
Birch

 

Posts: 302
Joined: 10/2/2008
From: Halifax
Status: offline 		My cellar is still only worth about $5K, so I haven't put a lot of emphasis on it.  My insurance company sucks, so I'm relatively sure they won't insure the collection. 

< Message edited by Birch -- 4/17/2009 7:55:36 PM >

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Post #: 7
RE: Is your wine insured? - 4/17/2009 7:25:56 PM   
gbm

 

Posts: 2220
Joined: 3/12/2008
From: Connecticut
Status: offline 		My cellar is under $5k, so no real worries there.  Regardless, I have Chubb.

I'm curious about what kind of insurance of European/Asian friends have - if any. 

(in reply to Birch)
Post #: 8
RE: Is your wine insured? - 4/18/2009 1:05:35 AM   
NiklasW

 

Posts: 2014
Joined: 10/13/2007
From: Finland
Status: offline 		Never actually thought about it! But now that the wine in the cellar is worth about 5k€ perhaps I should start thinking and asking. No idea whether Finnish insurance companies would cover alcohol since we have such convoluted laws related to the stuff.

(in reply to gbm)
Post #: 9
RE: Is your wine insured? - 4/18/2009 9:16:48 AM   
annerk

 

Posts: 6122
Joined: 10/16/2008
From: Central Florida
Status: offline
quote:

ORIGINAL: gbm

My cellar is under $5k, so no real worries there.  Regardless, I have Chubb.

I'm curious about what kind of insurance of European/Asian friends have - if any. 


My guess is that many of them use Chubb.  Chubb has a very large presence in both Europe and Asia. 

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Post #: 10
RE: Is your wine insured? - 4/19/2009 6:21:09 PM   
slave2thevine

 

Posts: 76
Joined: 11/6/2008
From: Bangor, Maine
Status: offline 		My premium came to $250. Is that anually or monthly???

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Post #: 11
RE: Is your wine insured? - 4/20/2009 9:34:08 AM   
rjonas

 

Posts: 371
Joined: 11/5/2006
From: Newcastle, WA
Status: offline 		Mine came to $250 as well.  The way I read it, it looked like an annual amount... Certainly wouldn't consider it cost-effective if it was monthly...

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Post #: 12
RE: Is your wine insured? - 4/20/2009 10:22:58 AM   
Eric

 

Posts: 17326
Joined: 10/10/2003
From: Seattle, WA
Status: offline 		Almost certainly annual unless you have a HUGE collection.

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-Eric LeVine

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http://facebook.com/cellartracker

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Post #: 13
RE: Is your wine insured? - 4/20/2009 1:31:55 PM   
drycab

 

Posts: 3714
Joined: 12/2/2006
From: Jupiter, FL
Status: offline 		It is pretty steep at first glance but after one realises that the most expensive rates are in Florida and those versus the value of my cellar, well it's a no brainer.  Hurricane season is coming after all!

_____________________________

"One not only drinks wine, one smells it, observes it, tastes it, sips it and -- one talks about it!" Edward VII

I wish I had some of that.......
I did....I drank it.......

(in reply to Eric)
Post #: 14
RE: Is your wine insured? - 4/20/2009 3:37:25 PM   
Eric

 

Posts: 17326
Joined: 10/10/2003
From: Seattle, WA
Status: offline 		You definitely want to be insured in hot climates like Florida or Texas. One breakdown of a cooling unit at the wrong time and a lot of fried wine. In the context of that it is pretty cheap...


_____________________________

Cheers!
-Eric LeVine

http://twitter.com/cellartracker
http://facebook.com/cellartracker

(in reply to drycab)
Post #: 15
RE: Is your wine insured? - 4/20/2009 5:59:43 PM   
tacman

 

Posts: 3168
Joined: 10/22/2007
From: Austin, TX
Status: offline
quote:

ORIGINAL: Eric

Almost certainly annual unless you have a HUGE collection.

Define HUGE
One benefit to my cellar is that it's indoors and below grade ... if the individual unit were to go down the house unit would protect me for a while ... if the whole world crashed (thank God we don't get those catastrophic coastal storms) the underground feature adds to the retained cooling.
Anyone ever shut their cellar cooling system off and see how long it takes to warm up 2 degrees?
Any mathematical genius that could figure out cubic feet of cellar, thermal mass of X number of btls at Y degrees, and the R insulation factor of the cellar and come up with a neat equation?


TC

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Post #: 16
RE: Is your wine insured? - 4/20/2009 6:32:51 PM   
annerk

 

Posts: 6122
Joined: 10/16/2008
From: Central Florida
Status: offline 		Generator + Window A/C unit = Wine stays cool.

That's about as mathematical as I can get.



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Post #: 17
RE: Is your wine insured? - 4/20/2009 7:33:08 PM   
tacman

 

Posts: 3168
Joined: 10/22/2007
From: Austin, TX
Status: offline
quote:

ORIGINAL: annerk

Generator + Window A/C unit = Wine stays cool.

That's about as mathematical as I can get.



No windows ... but I am looking for a backup generator

_____________________________

"I'm drinking some wine, eating some cheese, and catching some rays, you know..." - Oddball (Kelly's Heroes)

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Post #: 18
RE: Is your wine insured? - 4/20/2009 10:16:51 PM   
Phantomind

 

Posts: 105
Joined: 7/22/2005
From: Pacifica
Status: offline 		Why are you (those who insure there wine) insuring your wine? Or better put, against what catastrophe? Is it mostly power/cooling outages? What about theft? Floods? I have a passive cellar under the house and I am not worried about floods. The only thing I might possibly worry about as far as 'natural catastrophes' is earthquakes. Though, something large enough to damage my cellar would most likely take down part (or all) of my house. And then I think I would be more worried about the house.

Just wondering. I don't think I need insurance, just a good lock.

Raul

(in reply to tacman)
Post #: 19
RE: Is your wine insured? - 4/21/2009 3:51:23 AM   
annerk

 

Posts: 6122
Joined: 10/16/2008
From: Central Florida
Status: offline 		Fire, theft, punks breaking in and trashing my house, hurricane/tornado causing damage to wine cooler, satellite falling through roof, the list of potential perils goes on and on and on...

Chubb is rating me $.40/per $100 of coverage on an annual basis, works out to about $80.  Less than many spend buying a single bottle on a regular basis.

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Post #: 20
RE: Is your wine insured? - 4/21/2009 8:49:38 AM   
drycab

 

Posts: 3714
Joined: 12/2/2006
From: Jupiter, FL
Status: offline 		Why are you (those who insure there wine) insuring your wine? Or better put, against what catastrophe? Is it mostly power/cooling outages? What about theft? Floods? I have a passive cellar under the house and I am not worried about floods. The only thing I might possibly worry about as far as 'natural catastrophes' is earthquakes. Though, something large enough to damage my cellar would most likely take down part (or all) of my house. And then I think I would be more worried about the house.



With the value of my cellar and the fact that I live in hurricane alley, insurance is a no brainer.  I built my cellar with concrete, rebar and insulated walls and ceilings so as to minimize temprature fluctuations but when a hurricane comes through and the power is out for a week and none of the gas stations can pump gas as their power is out too making it impossible to run my generator, well what would you have me do?  Throw up my hands?  I can't do that.

_____________________________

"One not only drinks wine, one smells it, observes it, tastes it, sips it and -- one talks about it!" Edward VII

I wish I had some of that.......
I did....I drank it.......

(in reply to annerk)
Post #: 21
RE: Is your wine insured? - 4/21/2009 9:07:54 AM   
annerk

 

Posts: 6122
Joined: 10/16/2008
From: Central Florida
Status: offline 		Simply put, I have insurance on everything of any significant value that I own. My life, my health, my cars, my home, my camera gear, my wine, and an umbrella liability policy so that I'm covered even if some crackhead climbs on my roof to get closer to God then falls off an breaks his neck and sues me.



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Post #: 22
RE: Is your wine insured? - 4/21/2009 4:15:36 PM   
gbm

 

Posts: 2220
Joined: 3/12/2008
From: Connecticut
Status: offline
quote:

ORIGINAL: annerk

Simply put, I have insurance on everything of any significant value that I own. My life, my health, my cars, my home, my camera gear, my wine, and an umbrella liability policy so that I'm covered even if some crackhead climbs on my roof to get closer to God then falls off an breaks his neck and sues me.



I told you I wouldn't sue... 

(in reply to annerk)
Post #: 23
RE: Is your wine insured? - 4/25/2009 7:17:40 AM   
slave2thevine

 

Posts: 76
Joined: 11/6/2008
From: Bangor, Maine
Status: offline 		$250 is a lot in a year.  Even for my collection it's more than I think I'm willing to budge on.  Maybe if it was something that I felt more comfortable with...sure.  Yet, I'm not sure it would pay off.  That's assuming that in 4 years time I'll have lost $1,000 worth of wine that was possible to save with this insurance....and that just has not happened to me.  Restaurants might be another thing...

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Post #: 24
RE: Is your wine insured? - 4/25/2009 7:36:49 AM   
annerk

 

Posts: 6122
Joined: 10/16/2008
From: Central Florida
Status: offline 		With Chubb as a valuable articles rider I'm paying $.40 on each $100 of insurance.  That's a price I can readily live with.

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Post #: 25
RE: Is your wine insured? - 4/25/2009 8:36:05 AM   
fingers

 

Posts: 8261
Joined: 8/26/2006
From: Santa Ana, CA
Status: offline 		Anne, or anyone else:  What are the deductable values on these policies?  Do you file a claim for the single broken bottle of Harlan or SQN?  Is there any out-of-pocket limit?

thanks 4 info

bob

(in reply to annerk)
Post #: 26
RE: Is your wine insured? - 4/25/2009 8:40:13 AM   
drycab

 

Posts: 3714
Joined: 12/2/2006
From: Jupiter, FL
Status: offline 		Living in South Florida has presented itself with numerous problems of which wine cellar insurance was one.  With the link that Eric provided, I'm now covered.  It's NOT cheap, but if you look at the rates per coverage area, I happen to be in the most expensive.  Chubb won't write my home owners at a reasonable price and so the whole package with them was more than where I sit now.  Hopefully I'll never have to make a claim!!

_____________________________

"One not only drinks wine, one smells it, observes it, tastes it, sips it and -- one talks about it!" Edward VII

I wish I had some of that.......
I did....I drank it.......

(in reply to annerk)
Post #: 27
RE: Is your wine insured? - 4/25/2009 10:10:50 AM   
Eric

 

Posts: 17326
Joined: 10/10/2003
From: Seattle, WA
Status: offline
quote:

ORIGINAL: fingers

Anne, or anyone else:  What are the deductable values on these policies?  Do you file a claim for the single broken bottle of Harlan or SQN?  Is there any out-of-pocket limit?

thanks 4 info

bob

$0 in many cases. http://www.insureyourwine.com/features_rates.html

For me personally I would never make a claim on a single bottle. I am mainly guarding against theft, fire or some other catastrophe (shelving collapses etc.).


_____________________________

Cheers!
-Eric LeVine

http://twitter.com/cellartracker
http://facebook.com/cellartracker

(in reply to fingers)
Post #: 28
RE: Is your wine insured? - 4/25/2009 11:48:39 AM   
PSirah Tampa

 

Posts: 546
Joined: 12/9/2006
From: Tampa, FL
Status: offline 		The debate goes on.... I'm in Tampa, Florida and have a fairly large cellar worth close to 6 figures.  It would run me about $600 to insure for 1 year.  Here are my views on the risks:
  • Fire- a legitimate concern, but not very common.
  • Theft- not much of a concern; wine is difficult to transport.  It could happen, but I doubt amateur thieves would bother with it.
  • Vandalism- really low odds.
  • Earthquake- no concern.
  • Hurricane damage- a legitimate concern, but unlikely.
  • Power outage- very likely, but I have a generator (as long as I can find gas).
  • Cooling Unit Failure- it will happen someday, but I can purchase a spare backup unit for 2 years worth of insurance.  Even without the backup unit I can cool the house to 72 while I wait for a new unit.  A week at 72 won't kill anything.
  • Wife popping the cork on the good stuff while I'm away- this is my biggest risk.  That's why all the cheap stuff is towards the front, within easy reach.  Is wifey theft insured?

So, I'm on the fence about the insurance.  If I could only quit buying the stuff I'm trying to insure I could afford the insurance.

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Post #: 29
RE: Is your wine insured? - 4/25/2009 12:07:34 PM   
drycab

 

Posts: 3714
Joined: 12/2/2006
From: Jupiter, FL
Status: offline 		Just curious but how do you consider a hurricane "unlikely"?

I think we live in the same state and I can't do that!

< Message edited by drycab -- 4/25/2009 12:08:54 PM >

_____________________________

"One not only drinks wine, one smells it, observes it, tastes it, sips it and -- one talks about it!" Edward VII

I wish I had some of that.......
I did....I drank it.......

(in reply to PSirah Tampa)
Post #: 30
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