Vineyard & Winery Insurance Program Case Study
Client – Vineyard (Napa Valley)
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Background of Challenges for Wine Producers
Our client is a wine producer in the Napa Valley region who invested heavily in the modern techniques of wine production. The 2007 California wildfires left many vintners worried about their economic future. Our client was not a casualty of the fires. Instead, they wanted to follow through on their plans to increase their credit line while expanding their business with protection of their “live assets”.
Vineyard & Winery Insurance Challenge
Wineries across the country are at great risk to natural disasters like wildfires. The government crop insurance program completely excludes vines from their program! This leaves the industry vulnerable to tremendous economic loss. Most insurance policies offer little or no coverage for live assets in the ground. The winery's current insurance coverage with a national carrier was limited to only $25,000 for their vines, which they found unacceptable because their live asset values were close to $10,000,000.
The winery's financial lender was unable to provide additional credit and recommended our winery & vineyard insurance policy.
Solution - Vineyard & Winery Insurance for the Vines, Trellises, Clips & Irrigation System
The wine producer asked us to insure his vines, trellises, clips and the irrigation system for $10,000,000. Based on our vineyard insurance, the lender was able to provide the funding the wine producer needed to expand.
The lender was listed as a loss payee on the vineyard insurance policy. In the event of another wildfire, our client and lender have both secured their assets with our Live Asset Insurance Policy. We work closely with all our clients' lenders, accountants, brokers and financial partners. Please let your business partners know about this important protection.
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