Amanda: “Hey Everyone. I’m Amanda Foster, Social Media Specialist with Alta Vista Insurance, and I’m here with George Francis, President of Alta Vista Insurance Agency. Today we’re going to talk about “glitches” in your policy, and why they are important to look over. So George, values change all the time. Is this something that we should be looking in our policy?”
George: “Well Amanda, that’s something that needs to be looked at continuously. A good example of that is when I picked up a new client recently. I talked to him. One of the reasons I was there was specifically because of “Valuation.” I asked him, I said, “So, what do you have in stock at this time?” He took me over to the barrel room and said, “I’m really not sure. But I don’t think it is insured to value.” So we went through it, and no. He wasn’t insured to value. It is something that needs to be undated constantly. Wine comes in. Wine goes out. Values change. At least annually it should be looked at.
The other important factor to look at is your Library wine. If you haven’t taken values in 4 or 5 years, you can be pretty much sure, it is undervalued.”
Amanda: “What about locations? What if you have moved locations, or are adding another location?”
George: “Well again, another glitch that happens is, suddenly we are not crushing at the same location. So, we’ve added a new crush pad somewhere and we have not added (that new location) to the policy. If you’ve got 10,000 Gallons of wine in the vat tank, and you are unfortunate enough to have a loss, there is no coverage. So every location, every warehouse, every press facility, every shipping place needs to be on the policy. And if you’re going to change something let us know that (so we can update your policy).
Amanda: “What about new equipment?”
George: “…I can’t tell you how many wineries I’ve been to that have a new wine bladder press, a new wine grape destemmer, or new tanks. These are things, you buy them, you need them, the crush is going on, and it is something that you need right now. But they need to be added to the policy, or if you do have a loss, they won’t be covered.”
Amanda: “What are some other things people should be aware of in their policies?”
George: “I think one of the big things I look at is transportation. Because policies differ. Some policies give you transportation from the field to the crush pad, while other policies may give no coverage for that. (Example) I had one client who had two gondolas on a flatbed (truck) that decided to go onto the roadway. (Transportation) is important coverage. It’s something you need to make sure you have.
Obviously whenever you’re shipping your wine to a warehouse, or some other location, there needs to be transportation coverage.
The reason we call these “glitches” is because these are simple little things that people don’t always think about. The reason they don’t think about it is because we’ve got to get something done today, and it’s really important for production. But these “glitches” happen, and they are important. Amanda?”
Amanda: “Thank you very much George!”
George: “And thank you for watching. I hope this was helpful.”
Amanda: “Have a great day!”
Please call George at 1-888-724-2124 or visit www.altavistainsurance.com for more information.