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Inventory and insurance - 12/17/2017 9:34:32 AM   
Franklin 10

 

Posts: 1419
Joined: 12/8/2011
From: Indianapolis
Status: offline 		Another end-of-year topic.

I finished my first comprehensive inventory last weekend (after 7 years of collecting: wasn’t pretty, the details of which are more appropos the I Suck At CT thread). Part of the incentive was to prepare for getting insurance. I’ve researched the discussions and done a little leg work and have a few thoughts and questions.

First off, my method for inventory was all analog. I printed a version of my recorded wines as they were in CellarTracker, identified/recorded every bottle on the same paper (writing a list of bottles not yet entered), then reconciled these in CT via a 3 step process: remove wines I owned no more (or never did ), corrected wine counts where needed, and added wines from the hand written list.

I then re-printed the current list and am leaving it in the cellar with a pen in hopes that removal of bottles will be better recorded and plan to reconcile this with CT 1-3 times thru the year and do a true inventory next December.

No bar codes or other work reducing strategy. I’d be interested in what others do.

Secondly, I communicated with 3 insurers including Liberty Mutual (with whom I’m bundled for home/auto/umbrella), someone who posted on the forum in July (with Eric’s permission) to advertise his wine insurance services, and a company with a website called insureyourwine.com that I discovered on an old CT Discussion thread. It turns out that LM does not have a program for me, I haven’t heard back from the second party, but I have a quote from the website people.

The quote is for annual due (with any fees) equal to 0.55% of my insured value and appears to cover for things like flooding, power failure (heat damage) and even shipping of purchases. All of my wine is in one location but I believe it would also cover multiple locations.

I hate to move with only one quote in hand. I’d be interested in what others are doing and wisdom on the subject.

_____________________________

the Empirate


"Jim Harrison, northern Michigan's favorite son and food lover, once told me, 'One of the main causes of premature death is fretting about your diet.' He then topped up my glass of wine."
-abra berens
Post #: 1
RE: Inventory and insurance - 12/17/2017 7:56:29 PM   
WineGuyCO

 

Posts: 3797
Joined: 9/5/2017
From: Living at 7200 ft. in Monument CO
Status: offline 		I haven't insured my wine collection but .55% of the value seems quite reasonable. I'll be interested to see what you finally decide and may join you.

Rick

(in reply to Franklin 10)
Post #: 2
RE: Inventory and insurance - 12/17/2017 8:20:19 PM   
ChrisinCowiche

 

Posts: 7845
Joined: 12/16/2009
From: Cowiche, WA
Status: offline 		I've done physical inventory audit approximately every New Years since joining CT. Always analog similar to yours, always intending to do something better to eliminate mistakes, always find plenty of mistakes after a year of drinking and buying. My current set up is best organized I've ever had it, I think, my buying and drinking from the official cellar was way down this past year, and I'm scared to death of my New Years audit.


< Message edited by ChrisinSunnyside -- 12/17/2017 8:21:08 PM >

_____________________________

http://www.cellartracker.com/new/user.asp?iUserOverride=102173

(in reply to WineGuyCO)
Post #: 3
RE: Inventory and insurance - 12/18/2017 6:38:42 AM   
MaineMark

 

Posts: 428
Joined: 6/17/2015
From: Falmouth, Maine
Status: offline 		I just recently insured my wine.

I used Chubb, as that is where my home/auto/umbrella are bundled.

0.55% is very close to what I am paying. So, at the very least, you can know that quote seems to be market price.

(in reply to ChrisinCowiche)
Post #: 4
RE: Inventory and insurance - 12/20/2017 5:29:53 AM   
mclancy10006

 

Posts: 4504
Joined: 3/19/2007
From: Cape Cod, MA & Bellevue, WA
Status: offline 		Mine was a bit higher when I shopped it around, but I live in FL which has higher losses due to hurricanes (which is covered at 90%) so I am at .7%. This was with AIG.

-Mark
p.s. I should add this also covers wine in my home, NY offsite, and FL offsite. I basically set a valuation and pay for blanket coverage up to that amount.

< Message edited by mclancy10006 -- 12/20/2017 5:32:06 AM >

(in reply to MaineMark)
Post #: 5
RE: Inventory and insurance - 12/20/2017 5:33:24 AM   
CranBurgundy

 

Posts: 8272
Joined: 1/5/2016
From: Philly / South Joizey
Status: offline 		As far as inventory, I prefer another word that starts with the letter I: ignorance. It's much easier, and it's fun to "find" a bottle in the cellar now & again.

_____________________________

Purple Drankin' Cretin.

Vote NO on Proposition S1ct1516 "BAN the CRAN!" this Election Day.

“Let it be recorded: henceforth, December 15 shall be known as 'The Day of Dennis'.” - Prof. Ken "KPB" Birman, 12/17/23

(in reply to mclancy10006)
Post #: 6
RE: Inventory and insurance - 12/20/2017 9:25:17 AM   
Franklin 10

 

Posts: 1419
Joined: 12/8/2011
From: Indianapolis
Status: offline
quote:

ORIGINAL: CranBurgundy

As far as inventory, I prefer another word that starts with the letter I: ignorance. It's much easier, and it's fun to "find" a bottle in the cellar now & again.



Haha, agreed. Its the not finding bottles that drives me to attempt to not suck at CT.

_____________________________

the Empirate


"Jim Harrison, northern Michigan's favorite son and food lover, once told me, 'One of the main causes of premature death is fretting about your diet.' He then topped up my glass of wine."
-abra berens

(in reply to CranBurgundy)
Post #: 7
RE: Inventory and insurance - 12/20/2017 9:33:10 AM   
Franklin 10

 

Posts: 1419
Joined: 12/8/2011
From: Indianapolis
Status: offline 		So I investigated the Chubb route. BTW that’s another option I found searching older threads and seems like its a good option that others are using. They function as a secondary insurer contracting with local agents of other traditional homeowners insurance providers. Unfortunately they don’t work with Liberty Mutual.

I went thru the “find a local agent” proces but, unsuprisingly, none that I contacted would consider a “single line” policy and would only quote if my other policies were converted to them.

So, I’m moving forward with Insureyourwine.com. Will update once I am insured.

< Message edited by Franklin 10 -- 12/20/2017 12:47:35 PM >

_____________________________

the Empirate


"Jim Harrison, northern Michigan's favorite son and food lover, once told me, 'One of the main causes of premature death is fretting about your diet.' He then topped up my glass of wine."
-abra berens

(in reply to Franklin 10)
Post #: 8
RE: Inventory and insurance - 12/20/2017 2:21:19 PM   
jerry6

 

Posts: 196
Status: offline 		At what dollar value do you , or would you insure your wines ? Is it worth insuring $25,000.00 in wine ? How does the insurance check inventory ? Seems if you have an expensive collection with bottles worth north of $1,000.00 to $3,000.00 it's easy to drink 20 or 30 thousand worth in a short time . Do forensics go through what's left in pieces after a major fire ?

(in reply to Franklin 10)
Post #: 9
RE: Inventory and insurance - 12/20/2017 3:57:59 PM   
Franklin 10

 

Posts: 1419
Joined: 12/8/2011
From: Indianapolis
Status: offline 		Regarding your first question, its a personal choice. If its worth it to you (paying for peace of mind), its worth it.

On the second, for the plan I’m applying for, I’ll provide documentation for the policy. It does not require a professional appraisal or other visit to confirm the collection or its value.

On the third, I have no experience with making a claim so don’t have much to offer (maybe someone on the forum does). I believe it would be incumbent on me to show records.

_____________________________

the Empirate


"Jim Harrison, northern Michigan's favorite son and food lover, once told me, 'One of the main causes of premature death is fretting about your diet.' He then topped up my glass of wine."
-abra berens

(in reply to jerry6)
Post #: 10
RE: Inventory and insurance - 12/20/2017 7:33:51 PM   
ericindc

 

Posts: 2081
Joined: 7/6/2012
From: District of Columbia
Status: offline
I would really like to hear people who had to make a claim with insureyourwine. My trust in insurance companies is basically zero, so I would like to hear how they handled the claim. Having said that, it looks like its underwritten by AIG (via a berserker thread), and a few people said claims went ok, but the posts are a few years old.


_____________________________

-Eric
Just waiting for my Grand Cru to age.

(in reply to Franklin 10)
Post #: 11
RE: Inventory and insurance - 1/14/2018 3:32:36 PM   
Franklin 10

 

Posts: 1419
Joined: 12/8/2011
From: Indianapolis
Status: offline 		I went with the insure your wine dot com.

Happy to be covered, hopefully never need it!

Anyone with questions about it feel free to post or pm me.

_____________________________

the Empirate


"Jim Harrison, northern Michigan's favorite son and food lover, once told me, 'One of the main causes of premature death is fretting about your diet.' He then topped up my glass of wine."
-abra berens

(in reply to ericindc)
Post #: 12
RE: Inventory and insurance - 1/14/2018 4:59:34 PM   
WineGuyCO

 

Posts: 3797
Joined: 9/5/2017
From: Living at 7200 ft. in Monument CO
Status: offline
quote:

ORIGINAL: Franklin 10

I went with the insure your wine dot com.

Happy to be covered, hopefully never need it!

Anyone with questions about it feel free to post or pm me.


What insurance company is backing this?

Rick

(in reply to Franklin 10)
Post #: 13
RE: Inventory and insurance - 1/14/2018 6:28:20 PM   
mclancy10006

 

Posts: 4504
Joined: 3/19/2007
From: Cape Cod, MA & Bellevue, WA
Status: offline 		AIG

(in reply to WineGuyCO)
Post #: 14
RE: Inventory and insurance - 1/15/2018 8:50:52 AM   
WineGuyCO

 

Posts: 3797
Joined: 9/5/2017
From: Living at 7200 ft. in Monument CO
Status: offline 		I can do AIG. Thanks

Rick

(in reply to mclancy10006)
Post #: 15
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