<\/p>\n
First, find an agent you can trust.<\/strong> \u00a0Even after reading this article, you’re not going to be able to decipher the hieroglyphics that are your winery insurance policy.\u00a0 \u00a0If you merely find an agent to deliver the bottom line lowest price, you may find yourself in trouble at the time of a claim. \u00a0Why? \u00a0Because insurance policies are different and the policy with the lowest price may be a result of the having least amount of coverage. \u00a0A trustworthy agent will find the proper coverages while simultaneously seeking the best prices available. \u00a0Good insurance agents are just like good people: they look out for your best interest. \u00a0If your agent is someone you can trust: great!<\/p>\n Second, here are the top five mistakes as I see them.<\/strong><\/p>\n One – Not having leakage coverage.<\/strong> \u00a0You may look at your policy and see that the wine in your barrels or tanks are covered, but you may not realize that if the wine simply leaks out of those holding units, there is no coverage for that. \u00a0Why? \u00a0A standard commercial policy does not recognize wine on the ground as a “damaged property.” \u00a0It’s still there, unharmed, it’s just on the ground. \u00a0With leakage coverage, it is stated that leaked wine is covered. \u00a0Make sure you have leakage coverage.<\/p>\n Two – Not having contamination coverage. <\/strong>\u00a0This is a big one.\u00a0 Like the paragraph above, you may have the right limit\u00a0of\u00a0insurance\u00a0for your wine, but may not realize that if the wine becomes contaminated with a fungus or bacteria, there’s no coverage. \u00a0Why? \u00a0Because the standard commercial property policy excludes damage resulting from fungi or bacteria. \u00a0With contamination coverage, your wine will be covered from those two things and more.<\/p>\n Three – Not having coverage for wine processing errors.<\/strong> \u00a0 You spend a lot of time crafting your wines, and you’re very careful, but what if you or your employee accidentally blends two or more wines? \u00a0How much would that cost? \u00a0What if you over sulphur a wine? \u00a0Or accidentally add water? \u00a0Or what if you over\/under do it on adding any chemicals or other ingredients? \u00a0This could be costly and not something you would find coverage for on a standard property policy. \u00a0 You need to have coverage for wine processing errors.<\/p>\n Four – Improperly valuing your wine.<\/strong>\u00a0 Undervaluing your wine could cause you to get short changed on a claim, even on\u00a0a partial loss that didn’t wipe our all your inventory. \u00a0 What you want to do is this: cover your cellared, vintage, or irreplaceable wines at the selling price. \u00a0For wine that is still in process, whether in bottles, barrels, or tanks, figure it at the lower of these two valuations: 1)\u00a0The three year average\u00a0wholesale and\/or retail\u00a0market price of the wine or 2)\u00a0The price the wine could\u00a0have been sold for as case\u00a0goods. \u00a0The second part of this step is to make sure that your policy will pay the market value of your wine.<\/p>\n Five – Not having business income and\/or extra expense coverage.<\/strong> \u00a0If you value your wine as recommended in the paragraph above, you’re not actually going to need this coverage because when your insurance company pays you the market value of your wine, you’re already getting business income coverage. \u00a0BUT: many wineries sell other things besides wine. \u00a0Restaurants, gift shops, special events, tours, and hotels are a part of many wineries’ operations. \u00a0Many of these wineries would be surprised to know they don’t have business income or extra expense coverage<\/p>\n So those are a few of the big ones that I see. \u00a0And believe it or not, there are a lot more coverages that are critical to properly insuring a winery, coverage which I will undoubtedly write about in the future.<\/p>\n \n","protected":false},"excerpt":{"rendered":" You’re a winery owner and you need insurance. \u00a0How […]<\/p>\n","protected":false},"author":3,"featured_media":3218,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,21,4,11],"tags":[2,22,5,10],"class_list":["post-2484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-insurance","category-farm-agriculture","category-property-insurance","category-wineries","tag-business-insurance","tag-farm-agriculture","tag-property-insurance","tag-wineries"],"_links":{"self":[{"href":"https:\/\/finfrockweb.com\/gis\/wp-json\/wp\/v2\/posts\/2484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finfrockweb.com\/gis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finfrockweb.com\/gis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finfrockweb.com\/gis\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/finfrockweb.com\/gis\/wp-json\/wp\/v2\/comments?post=2484"}],"version-history":[{"count":1,"href":"https:\/\/finfrockweb.com\/gis\/wp-json\/wp\/v2\/posts\/2484\/revisions"}],"predecessor-version":[{"id":44619,"href":"https:\/\/finfrockweb.com\/gis\/wp-json\/wp\/v2\/posts\/2484\/revisions\/44619"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finfrockweb.com\/gis\/wp-json\/wp\/v2\/media\/3218"}],"wp:attachment":[{"href":"https:\/\/finfrockweb.com\/gis\/wp-json\/wp\/v2\/media?parent=2484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finfrockweb.com\/gis\/wp-json\/wp\/v2\/categories?post=2484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finfrockweb.com\/gis\/wp-json\/wp\/v2\/tags?post=2484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}