A guide to insuring your wine collection

Insuring your wine collection with Masterpiece

Like works of art, wine is collected to be enjoyed.

Some people find pleasure in the feeling of satisfaction that comes from building up a wine collection. This could be due to the educational aspects of collecting, both in developing a practised palate, as well as learning about the many subtle variations in production techniques, grape variety, labelling and packaging. Others also like the feeling that they have discovered wine from a vineyard or vendor and now have some in their possession. Finally, the best pleasure comes from the sensual experience of actually opening that bottle and drinking fine wine.

Like all valuables that people collect, wine also needs to be protected. If you collect wine, whether it's one rare bottle or a hundred bottles, we hope you'll find the following guide a useful reference.

Who should consider purchasing wine insurance?

Anyone who is serious about collecting wine. Typically, home contents insurance alone does not provide the kind of protection you need as a wine collector.

Does Masterpiece provide coverage for wine collection?

Masterpiece provides “all-risk” coverage for wine. This means you are protected against a broad range of losses, including fire, theft, breakage and spoilage due to mechanical breakdown of the wine fridge. What's more, the coverage is on a worldwide basis.

Is wine insurance expensive?

Not with Chubb. In fact, insuring your wine has never been easier or more affordable. On average, annual coverage costs about S$0.45 per S$100 of coverage. For example, insurance for a wine collection valued at S$50,000 would cost approximately S$225 per annum.

How do I insure my collection?

It depends on the value of your wine.

Chubb offers the following two options:
 

1. For a wine collection that has bottles that are valued at less than S$1,000 each, you can purchase the “blanket” coverage under one lump sum. This is the best choice if you intend to drink what you have acquired. This option gives you the flexibility to add and remove bottles without having to notify us each time. You only have to report a change if either the value of an individual bottle exceeds S$1,000 or if the lump sum has increased and exceeded what is indicated in your policy.
2. More expensive wine can be specifically listed on the policy, with each bottle described and individually insured for a specific value. Each bottle or case is itemised or listed down therefore this will be a better choice if you have bottles of the highest-priced vintages or if you intend to hold onto the items in your collection for a longer term.

Can I combine this coverage with my contents and valuable articles coverage?

Yes, and we encourage you to do so. By including your wine in your home contents cover in your Masterpiece policy, you'll get one policy and one bill for all of your valuable possessions.

Do I have to inform my agent or broker each time I buy a new bottle of wine?

Not immediately. If you already have wine cover listed under your Masterpiece policy, you have up to 90 days after you purchase a new bottle of wine to inform your agent or broker. Within the 90-day period, Chubb provides automatic cover for 25% of the total amount of your itemised wine coverage.

Can my wine which are stored in specialist wine storage providers, also be covered under the same policy?

Yes. As long as your Masterpiece policy covers the wine collection in your home, you can choose to add your wine collections, stored in other locations, to the same policy.

If you would like to find out more on how you can get an adequate coverage for your wines, leave your contact details via the 'Contact Me' button below and our representatives will get in touch with you.