23 December 2019

It's no secret that rare and prized whisky has increased in value in recent years. As Scotland's largest independent insurance broker we have the expertise and depth of experience to protect our client's whisky collections. We've partnered up with the Scotch Malt Whisky Society to present UK members with an exclusive specialist insurance policy.


Why should I take out a specialist policy?

It's a common misconception to assume that your whisky collection is covered under your home contents policy. Yet, many household policies have low single article limits. This means insurers will not pay any claim for a single item that is worth more than, on average, £2,000 in value. Even then, the cover might not recognize the insurance needs that a collection warrants, such as covering the bottles when away from the home.

Our specialist policy will pay up to 125% of the policy limit if the value of the collection or bottle has increased within the policy period due to changes to the market value. This is, of course, subject to the proof of value at inception and at the time of loss. But it gives a little comfort that if you haven’t kept your inventory up to date in the last few months and a loss occurs, the policy has built-in a little headroom.


A tailored insurance deal for SWMS members

Members can benefit from an insurance policy covering up to £100,000 of privately owned rare and vintage whisky for an annual premium of £295 including IPT and a £15 administration fee.

If you're lucky enough to have a collection exceeding £100,000, for every £50,000 of additional cover a further £140 (including IPT) is charged up to £300,000. Thereafter, the rate will decrease with tailored rating where required within these bounds to match specific sums insured.


What does the policy cover?

It covers your whisky collection against all risks of physical loss or damage worldwide unless the loss or damage is caused by a peril that is excluded. So, accidental damage, fire, theft, flood and storm, for example, are all covered.

If you buy a new bottle, your newly owned item is automatically covered for up to 10% of the policy limit, providing that you let us know within 90 days of the acquisition and any additional premium paid. This is useful when you're buying rare whisky as you're safe in the knowledge that from the moment you own it, it's insured. It also provides cover whilst bottles are being moved from one location to another.

In the event that unique labels and artwork suffer water damage then the cost to restore the labels, plus any subsequent depreciation in value of the bottles as a result of the restoration work, is also covered.


How do I get a quote?

Please complete this fact find and remember to note your SMWS membership number to ensure you benefit from the special members offer. Save and return the completed form electronically to alexandra.richards@brucestevenson.co.uk and we'll get back to you with your quotation.


What about cask insurance?

Perhaps you own or are buying some whisky in cask? Did you know that most storage facilities won’t offer insurance for your investment? Likewise, if you are buying directly from a distillery, once the ownership of the cask moves from a distillery to a private owner they are also unlikely to continue insuring the cask.

If you would like a quotation to insure your cask of whisky, please complete this fact find. Save and return the completed form electronically to alexandra.richards@brucestevenson.co.uk and we'll get back to you with your quotation.


Alexandra Richards

Private Clients Development Executive - Bruce Stevenson Insurance Brokers




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