What is the biggest mistake made by wine collectors? Not protecting their investment. A simple slip and fall could turn one of the most precious bottles into a puddle on the floor. When you consider some of the other threats to wine collections (theft, fire, power outage, flooding, etc.), it’s apparent that there is a lot at stake.
Most homeowners’ policies do not cover wine collections, and it’s common for wine collectors to overlook or underestimate the value of what they own. In most cases, you need a distinct policy or rider to protect a collection adequately. Coverage Options:
- A “blanket” policy features one overall coverage limit and is the best choice if you intend to eventually drink what you have acquired. With this option, you have the flexibility to add and remove bottles without having to notify your insurance provider each time. You’d only have to report a change if the value of an individual bottle grew to exceed the limits on your policy.
- A “scheduled” policy, in which each bottle or case is itemized or insured separately, is a better choice if you have bottles of the highest-priced vintages or if you intend to hold onto the items in your collection long term.
In addition to coverage solutions, here are other considerations needed:
- Consider appraising – seek the guidance of third party professionals who are best equipped to assess a one-of-a-kind collection.
- Store smartly – consider proper store conditions when building or renovating your cellar.
- Keep track – utilize inventory software or third party vendors that provide cellar inventory solutions to know what you have, where it is located, and when it is the most opportune time to drink it.
- Utilize qualified vendors – seek out qualified and experienced wine shippers, buyers, off-site storage, security, and more.
By securing the right wine insurance to protect your collection, you’ll be able to replace your bottles should they break, be burned, experience water damage, and more! The Team at Gulfshore Insurance works with insurers who specialize in protecting these types of investments. We provide the necessary expertise when it comes to insuring valuable wine collections.
PURE Insurance, the policyholder-owned property and casualty reciprocal insurer designed for high net worth individuals and families, announced the launch of PURE Starling®. The offering provides coverage for individuals and families who suffer financial losses resulting from fraud and cyber fraud.
The threat of fraud and cybercrime is greater today than ever, and high net worth individuals are targets because their home networks are typically less secure than corporate networks and they have substantial balances on their financial accounts. This new offering from PURE will provide clients with the peace of mind that they are covered should they suffer a loss due to fraud or cyber-attack.
As an optional endorsement to PURE’s Homeowners policy, PURE Starling® provides broad coverage for fraud and cybercrime, including coverage for financial loss resulting from online and offline fraud, services to help assess and respond to cyber extortion threats and coverage to remove malware and reinstall software after an attack. Coverage limits of $100,000 and $250,000 are available. And, recognizing that high net worth individuals may require higher coverage limits to protect their family’s significant assets, PURE will also make available a $1 million coverage limit for PURE members who take steps to reduce their risk by subscribing to a cyber monitoring service that actively monitors their home network and devices. Limits may be subject to underwriting requirements.
Highlights of PURE Starling include:
- Coverage for Online and Offline Fraud: Members will be reimbursed for their financial loss related to fraud, whether the crime is committed online or offline. Examples include social engineering of an authorized account user, criminal deception, unauthorized transfers, forgery or alteration of checks, acceptance of counterfeit money and more.
- Coverage for Cyber Extortion: In the event of a cyber extortion incident—a type of attack in which a cybercriminal demands money to prevent the damage or distribution of content or to restore access to the functionality of a device—this coverage will afford immediate access to crisis management advice from a subject matter expert to help best respond to the threat, and in the event a payment is made, reimburses the member for the amount of the payment.
- Coverage for System Attacks: This policy will provide coverage for the cost of a professional to reinstall damaged software, remove malicious code, reconfigure the device or system and replace electronic data that has been lost or corrupted as the result of a cyber-attack.
This product will be available to PURE members with a target Florida launch date of December 2017.
NAPLES, FL (November 6, 2017) – Gulfshore Insurance is proud to announce that Ron Lazarto, Client Advisor and Partner, is now Chartered Private Risk and Insurance Advisor (CPRIA) certified. The CPRIA designation is given to individuals who successfully complete the CPRIA curriculum, comprised of six segments with corresponding exams offered through the Private Risk Management Association.
“We are very proud of Ron for achieving this significant milestone in his professional development and career,” said Brad Havemeier, President and CEO of Gulfshore Insurance.
This certification shows the dedication Ron has to the insurance industry, as well as, his commitment to serving our high-net-worth clients, who have a unique set of property and liability exposures created by their assets and lifestyle.
There is a refined edge and swagger associated with the styling and detail of an exotic vehicle, classic car, or hotrod. Many owners and enthusiasts spare no expense to protect these investments, and that mindset should be shared in proper and appropriate insurance coverage. If you or your clients purchase a luxury vehicle, higher auto insurance rates are likely one of the byproducts. Although insurance pricing is based primarily on a driver’s age, place of residence, credit rating, driving record, marital status and gender, the type of car being insured can make a big difference.
Vehicles that warrant specialized insurance:
- Exotic and luxury autos
- Antique and classic cars, usually at least 25 to 30 years old
- Hotrods and modified vehicles
- Muscle cars
- Classic trucks
Here are some of the reasons that rates are often higher on these than other high end vehicles:
- Insurance companies consider the cost of purchasing the car, the cost to repair the car, the cost of spare parts, etc. while calculating the insurance premium. And typically, expensive cars tend to cost more for repairs. For example, the sensors imbedded in the front of a high-end automobile to provide night vision cameras cost more than $11,000 to replace if damaged in a front-end collision.
- In addition, high-end and exotic cars are not only more likely to be stolen for their rarity, but their parts may also be more in demand or harder to find, which could lead to theft. The higher the theft rate, the higher your car insurance will be. In fact, According to the Insurance Information Institute, about one-third of an average car insurance premium covers potential theft claims.
- A specific vehicle model’s insurance claims history will also affect rates for anyone who owns that type of car. For example, drivers of cars capable of topping 150 mph might be more prone to speeding and, therefore, more prone to accidents than those of what are considered family-oriented vehicles, such as minivans and small SUV’s.
“Call for the generator and kick into business continuity alert mode – a category 5 storm is expected to hit Naples on Thursday.” Word of a Hurricane spread quickly, but did not come from the National Hurricane Center or The Weather Channel. Rather, Gulfshore Insurance announced internally that “a three-day agency-wide disaster preparedness drill designed to simulate a major hurricane in our area” would be held May 24-26.
Life has taught us that practice makes perfect and that it probably is unreasonable to expect everything to be orderly, sane, and fully functioning during or after a disaster. That is why Gulfshore Insurance hosted a multi-day, department-wide, hurricane readiness drill to intensively prepare the agency to deal with the effects of a major storm. The exercise was in preparation for the start of the Atlantic Hurricane season, which began June 1st.