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Anybody have whisky insurance??

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Anybody have whisky insurance??

Poll ended at Fri Feb 16, 2007 1:13 pm

yes
4
33%
no
8
67%
 
Total votes : 12

Anybody have whisky insurance??

Postby Di Blasi » Tue Feb 06, 2007 1:13 pm

Speaking of where and how to keep all of the whisky bottles we've been discussing in the other thread "Out of room," how many of you have insured these great collections we're discuss?? Is it at all possible to do so? If so, is your company insuring you for what you paid for the bottles, or actually what they're worth at the time of breakage, loss, theft, fire etc etc?? Does it fall into your normal insurance, home, renter's etc or into a separate, specified and documented category. Any help regarding insuring collectable whisky is appreciated!!
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Postby Deactivated Member » Tue Feb 06, 2007 1:15 pm

Last year I changed my home insurance to incorporate a business element into it.
I now have specific clauses covering my business stock and my private collection within the frame of my home insurance.
MT
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Postby Di Blasi » Tue Feb 06, 2007 1:28 pm

Do those clauses cover the increasing value and profit of your bottles too Malt-Teaser??
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Postby irishwhiskeychaser » Tue Feb 06, 2007 2:38 pm

I have it on my home insurance as a specific item i.e. 'Whiskey Collection'. Insurance company had no issue with this but an average price per bottle was required by them.

The value is a replacement value which should be the highest current retail value.
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Postby les taylor » Tue Feb 06, 2007 2:38 pm

Since I installed the sprinkler system. Also putting Crocodiles in the moat their really has not been a need for it. So The Laddie be warned. :wink:



:)
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Postby r900p » Tue Feb 06, 2007 2:52 pm

I know i should, suppose i should get it valued. How easy is it? I know MT can do it, prices MT please, what do wew do just send a list?

Or is there anywhere in the UK, do mctears do it?

Rob
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Postby Deactivated Member » Tue Feb 06, 2007 3:01 pm

Hi Rob,
McTears do indeed offer a certified valuation service. It costs a fair amount, but you get an authorised, certified document from Martin Green.

I can offer valuations to a certain extent, indeed the insurance company accepted my figures for my own collection, which is listed within a maximum value. SHould I need to claim, they would accept my estimate for replacement.

The one problem I have at the moment, if I am honest, is that my knowledge is not as wide-spread as some one liek Martin Green so I may struggle for a while to find some values whilst he would have them immediately to hand.
MT
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Postby Mr Fjeld » Tue Feb 06, 2007 4:40 pm

I don't know if it's even possible in Norway - or necessary? If I'm not mistaken it's sufficient to be able to document the losses in the standard insurance (photos a good idea maybe) ?
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Postby Deactivated Member » Tue Feb 06, 2007 5:40 pm

Good point Mr. F.
Even with a valuation, a series of pictures showing the bottles is always highly recommended.
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Postby Deactivated Member » Tue Feb 06, 2007 6:04 pm

I should think insurers would be hesitant to cover consumable items like this. What's to prevent you from drinking the bottle and claiming it as a loss?
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Postby Aidan » Tue Feb 06, 2007 7:02 pm

from some website or other

A Charlotte, NC lawyer purchased a box of very rare and expensive cigars then insured them against fire, among other things. Within a month, having smoked his entire stockpile of these great cigars and without yet having made even his first premium payment on the policy, the lawyer filed a claim against the insurance company. In his claim, the lawyer stated the cigars were lost "in a series of small fires." The insurance company refused to pay, citing the obvious reason: that the man had consumed the cigars in the normal fashion. The lawyer sued....and won! In delivering the ruling the judge agreed with the insurance company that the claim was frivolous. The Judge stated nevertheless, that the lawyer held a policy from the company in which it had warranted that the cigars were insurable and also guaranteed that it would insure them against fire, without defining what is considered to be "unacceptable fire" and was obligated to pay the claim. Rather than endure a lengthy and costly appeal process, the insurance company accepted the ruling and paid $15,000.00 to the lawyer for his loss of the rare cigars lost in the "fires." NOW FOR THE BEST PART... After the lawyer cashed the check, the insurance company had him arrested on 24 counts of ARSON! With his own insurance claim, and testimony from the previous case being used against him, the lawyer was convicted of intentionally burning his insured property and sentenced to 24 months in jail and a $24,000.00 fine. This story was the 1st place winner in the recent Criminal Lawyers Award Contest.
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Postby les taylor » Tue Feb 06, 2007 7:06 pm

Nice one Aidan good story.

:)
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Postby Di Blasi » Tue Feb 06, 2007 7:41 pm

MrTattieHeid wrote:I should think insurers would be hesitant to cover consumable items like this. What's to prevent you from drinking the bottle and claiming it as a loss?


True, or breaking the bottle after drinking it and a nice foto to show indeed it did break and you should be covered. But isn't that insurance fraud, just like anything else cheated from an insuring company, etc??
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Postby Di Blasi » Tue Feb 06, 2007 7:43 pm

Aidan wrote:from some website or other

A Charlotte, NC lawyer purchased a box of very rare and expensive cigars then insured them against fire, among other things. Within a month, having smoked his entire stockpile of these great cigars and without yet having made even his first premium payment on the policy, the lawyer filed a claim against the insurance company. In his claim, the lawyer stated the cigars were lost "in a series of small fires." The insurance company refused to pay, citing the obvious reason: that the man had consumed the cigars in the normal fashion. The lawyer sued....and won! In delivering the ruling the judge agreed with the insurance company that the claim was frivolous. The Judge stated nevertheless, that the lawyer held a policy from the company in which it had warranted that the cigars were insurable and also guaranteed that it would insure them against fire, without defining what is considered to be "unacceptable fire" and was obligated to pay the claim. Rather than endure a lengthy and costly appeal process, the insurance company accepted the ruling and paid $15,000.00 to the lawyer for his loss of the rare cigars lost in the "fires." NOW FOR THE BEST PART... After the lawyer cashed the check, the insurance company had him arrested on 24 counts of ARSON! With his own insurance claim, and testimony from the previous case being used against him, the lawyer was convicted of intentionally burning his insured property and sentenced to 24 months in jail and a $24,000.00 fine. This story was the 1st place winner in the recent Criminal Lawyers Award Contest.


We must remember ALL lawsuits in the USA are okay, an excellent example here!!
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Postby Mr Fjeld » Tue Feb 06, 2007 8:06 pm

Di Blasi wrote:
MrTattieHeid wrote:I should think insurers would be hesitant to cover consumable items like this. What's to prevent you from drinking the bottle and claiming it as a loss?


True, or breaking the bottle after drinking it and a nice foto to show indeed it did break and you should be covered. But isn't that insurance fraud, just like anything else cheated from an insuring company, etc??

I second that Jonathan, what's to prevent you from selling your telly and claim it lost?
I'll check my insurance papers and see if there are any terms on "consumable items" though. If not I'll contact my insurance company and ask them. Anyway, I'm sure there are differences between the various companies policies about such items.
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Postby Di Blasi » Tue Feb 06, 2007 8:30 pm

Mr Fjeld wrote:
Di Blasi wrote:
MrTattieHeid wrote:I should think insurers would be hesitant to cover consumable items like this. What's to prevent you from drinking the bottle and claiming it as a loss?


True, or breaking the bottle after drinking it and a nice foto to show indeed it did break and you should be covered. But isn't that insurance fraud, just like anything else cheated from an insuring company, etc??

I second that Jonathan, what's to prevent you from selling your telly and claim it lost?
I'll check my insurance papers and see if there are any terms on "consumable items" though. If not I'll contact my insurance company and ask them. Anyway, I'm sure there are differences between the various companies policies about such items.


Yes of course! What about world-class fine wine collections?!! And world-class fine whisky collections owned by the whisky collectors around the world?!! Are they just hoping and praying nothing happens to their goods? They have to be covered!
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Postby Deactivated Member » Tue Feb 06, 2007 8:42 pm

What if your house-sitter decides that bottle of Black Bowmore looks like it's just begging to be drunk? Would that be an accidental loss? Could the house-sitter be arrested?

Oh, I'm just being argumentative. I do like the story about the cigars, though, although it has the whiff of urban legend about it to my ears. (No wonder I'm no good at nosing--I've been using the wrong part of my face.)
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Postby Aidan » Tue Feb 06, 2007 9:34 pm

I'm pretty sure it's an urban myth, but it's a nice story all the same.
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Postby vitara7 » Wed Feb 07, 2007 12:43 am

insurance for my collection is somthing ive been meaning to look at.... last time i looked at it they wanted a list of every bottle and a valuation of each bottle every year, but that was with the same company i have my home contents through so will have to look elsewhere at some point in the very near future.
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Postby vitara7 » Wed Feb 07, 2007 12:44 am

since the collection is not covered at the moment, maybe i should change my location on the profile for the time being... :shock:
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Postby les taylor » Wed Feb 07, 2007 9:47 am

V7 wrote-

since the collection is not covered at the moment, maybe i should change my location on the profile for the time being...


V7 I think your quite safe Central scotland is a big place. Also the danger dosen't come from the regular guys on the forum. I think we all respect each other for what we have. Its the other toe rags supporting a drug habit etc, that don't care that we have to worry about.


:)
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Postby Di Blasi » Wed Feb 07, 2007 1:23 pm

les taylor wrote:V7 wrote-

since the collection is not covered at the moment, maybe i should change my location on the profile for the time being...


V7 I think your quite safe Central scotland is a big place. Also the danger dosen't come from the regular guys on the forum. I think we all respect each other for what we have. Its the other toe rags supporting a drug habit etc, that don't care that we have to worry about.


:)


Or that accidents happen, not ever knowing when! Always best to be safe!
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Postby lbacha » Wed Feb 07, 2007 2:55 pm

My mom works for an insurance agency and whisky wasn't specifically covered under homeowners but wine was, she talked to my agent and they put a note into my policy so that my whisky collection will be covered just like a wine collection. I just have to have a record of my collection and then the price evaluation will come after something happens to it. This makes alot more sence to me because the price of a bottle is always changing an if you get it appraised now that is only good for the short term.

My point I guess is if you are having trouble getting insurance for whisky treat it like a wine collection alot of insurance companies are used to insuring wine.

Len
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Postby Di Blasi » Wed Feb 07, 2007 3:00 pm

Thanks Ibacha, that's helpful! I guess each company differs though.
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Postby lbacha » Wed Feb 07, 2007 3:24 pm

I know every state in the US has different laws and restrictions so I could imagine each country would be different as well and insurance companies are a tricky bunch it is all about risk to them and they will be picky sometimes.

Len
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Re: Anybody have whisky insurance??

Postby woodhill » Wed Jun 04, 2008 10:56 pm

Nick
Can it not go under household contents?

I shall call my broker tommorrow and ask him.
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Re: Anybody have whisky insurance??

Postby irishwhiskeychaser » Wed Jun 04, 2008 11:13 pm

Collector57 wrote:They refused J.
Went off and asked the underwriter, asked for average bottle cost and total cost - and said they couldn't do it!


Tell them it is a valuable commodity that appreciates and that if they don't come up with something that you'll have to switch insurer.

Surely there is someone out there that will accommodate you :evil:
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Re: Anybody have whisky insurance??

Postby orangedogofglory » Wed Jun 04, 2008 11:33 pm

woodhill wrote:Nick
Can it not go under household contents?

I shall call my broker tommorrow and ask him.


I'm curious about this as well - not speaking to my agent about whisky specifically, they said the policy was that if you could produce a list of goods with estimated replacement value, it will be covered. and, when I set the policy up I opted for a higher payout which would cover items not specifically named. I'm not an insurance expert, but that is how my policy was explained.
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Re: Anybody have whisky insurance??

Postby hilliamash » Thu Jun 05, 2008 12:08 am

Aiden...this is a beautiful story.

If the house caught fire, after making sure all were safe and the pets were out, I would send the kids back in to get the whisky. They're small and can dodge the flames with more agility than can I. :P :lol:
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Re: Anybody have whisky insurance??

Postby WhiskyViking » Thu Jun 05, 2008 6:06 am

We asked our insurance company here in Norway and was told it needed to be a more or less complete collection of something to need a separate insurance policy, otherwise it would be covered by the normal policy (just need to keep an eye on the value of this one).
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Re: Anybody have whisky insurance??

Postby Deactivated Member » Thu Jun 05, 2008 10:33 am

My contents insurance is based on an overall total cost for replacement, and items worth more than a certain sum (£1000, I think) need to be listed separately. Most of my whisky doesn't fall into that category, but some artwork does. Since the threshhold has remained fixed for years, more and more stuff needs to be listed.
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Re: Anybody have whisky insurance??

Postby UUNetBill » Thu Jun 05, 2008 6:31 pm

I'm sure it varies not only from state to state and country to country, but by carrier as well. I know in Colorado, some companies cover contents up to a certain value, whereas others require additional riders to cover additional items such as furs, firearms, the wife's Belleek, wine, etc. I'm reasonably certain that most companies would cover you (for a price, of course) if you could provide receipts and/or proof of ownership.

Of course, some companies might consider whisky as a fire accelerant and would drop your coverage completely if they suspected you had all that 'fuel' stored indoors!!

:P :lol: :shock:
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Re: Anybody have whisky insurance??

Postby UUNetBill » Thu Jun 05, 2008 6:36 pm

Which reminds me of a tale I've heard in the past - an urban legend, but amusing nonetheless:

Lawyer Story

This is the best lawyer story of the year, decade, and probably the century.

A Charlotte, NC, lawyer purchased a box of very rare and expensive cigars, then insured them against fire among other things. Within a month having smoked his entire stockpile of these great cigars and without yet having made even his first premium payment on the policy, the lawyer filed claim against the insurance company.

In his claim, the lawyer stated the cigars were lost "in a series of small fires." The insurance company refused to pay, citing the obvious reason: that the man had consumed the cigars in the normal fashion.

The lawyer sued....and won! In delivering the ruling the judge agreed with the insurance company that the claim was frivolous. The Judge stated nevertheless, that the lawyer held a policy from the company in which it had warranted that the cigars were insurable and also guaranteed that it would insure them against fire, without defining what is considered to be unacceptable fire," and was obligated to pay the claim.

Rather than endure lengthy and costly appeal process, the insurance company accepted the ruling and paid $15,000.00 to the lawyer for his loss of the rare cigars lost in the "fires."

NOW FOR THE BEST PART... After the lawyer cashed the check, the insurance company had him arrested on 24 counts of ARSON!!!! With his own insurance claim and testimony from the previous case being used against him, the lawyer was convicted of intentionally burning his insured property and was sentenced to 24 months in jail and a $24,000.00 fine.

This is a true story and was the 1st place winner in the recent Criminal Lawyers Award Contest.

ONLY IN AMERICA
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Re: Anybody have whisky insurance??

Postby hilliamash » Fri Jun 06, 2008 6:20 am

Nice one! (Again)! :lol: :o
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