Heritage buildings, legacy formulas, prize-winning vintages. Vines that came to Australia under sail, roots wrapped in sacking, in some cases. It can take years to make a great wine. How do you protect the value of your winery?
When vintners come to insuring their business property against damage such as fire, they need to imagine a worst case scenario and the actual value of the items that could be lost, including assets that have been around so long they are 'part of the furniture’.
“Don’t underestimate how much value items like barrels and tanks have, just because you have had them for generations,” advises Gallagher wineries insurance expert Stephanie Fox. “These items are often overlooked and can be expensive to replace.”
At the other end of the scale, be sure to assign a value to big ticket heritage items that play a role in your history, as well as your brand identity and marketing.
These could include
- heritage buildings that may be used as a cellar door, food service or retail premises
- museum items that help to illustrate and tell the story of your label’s provenance.
Or, even more importantly, assets that directly influence your wine making operations going forward, such as
“You need to ensure that the values you have insured will actually cover what you have, and what you need to replace,” Fox says. “Aged wines and ports that have been maturing over several years are not worth the same amount as a newly bottled wine, and the policy you have needs to be able to respond to the difference in value over time.”
This is where an insurance broker’s assessment and input can be invaluable. Our Gallagher food and beverage production specialists understand that for wineries a label is more than a logo, and that there are many elements that combine to build a brand and its reputation.
To find out more about how Gallagher can help protect your wine making operation connect with one of our industry experts.
To the extent that any material in this document may be considered advice, it does not take into account your objectives, needs or financial situation. You should consider whether the advice is appropriate for you and review any relevant Product Disclosure Statement and policy wording before taking out an insurance policy.