Brian, I looked into this issue a few years back and found quite a range of opinions, and a variety of approaches depending on your insurance company. If you are dealing with a broker who represents several companies, you may have better luck in getting to what the policies provide by way of coverage. Some single company agents are very knowledgeable, others not.
Two bits of guidance: some companies will not insure wine at all -- it is specifically excluded under the terms of the policy. Safest practice is to add wine specifically as covered personal property. And, if it has significant value, you should add a rider specifically listing each bottle of significant value -- a real rolling inventory. You will, of course, have to pay an additional premium, which is going to vary from, state to state and company to company.
It sounds as if your company will not insure wine held for personal consumption, but will insure wine if you are insuring inventory held for re-sale -- as a business or for investment. You will find that almost all wine storage companies provide insurance on the contents they hold for collectors.
At the time I looked into the subject, I found that Chubb was the leading company in the field, and they may still be in Canada -- see
http://www.chubb.com/international/cana ... b4354.html The US website is less clear: "ValuablesJewelry, art, antiques, furs, fine wines and other treasured items… Insure them with Chubb's industry leading Valuable Articles Insurance.
I would talk to Chubb and see what they offer in your state; it was a great starting point for dealing with my own insurance company.
In the event, we decided to stay with our own company because of its favorable rates on a variety of property, particularly on the umbrella coverage -- they do not insure wine, although a private insurance adjuster friend told me that in case of a major loss, they often would cover wine -- certainly he always makes the claim before he starts bargaining the final costs of a major fire, etc.
I've been self insuring, in part because my cellar is relatively far from the rest of the house.
Regards, Bob
