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Wine Collections Part 2

Part 2 of 6

Storage Options Away From Home

It is not uncommon for individuals to develop a passion for wine and start collecting. Before you know it, you have a collection and not enough room to store it. That makes it difficult if you want to enjoy a special vintage or sell it.

There is growing popularity in offsite storage facilities. Like home storage, offsite facilities can take many shapes: from your local self-storage facility (temperature controls and backups a must), to your favorite restaurant or wine bar to more sophisticated high-tech operations at which serious collectors cannot only store but also manage their holdings.

Keep your most valuable bottles offsite and your more everyday consumable bottles or gift bottles at home. In addition to helping you have room to store your holdings properly, offsite storage offers other advantages.

As with all purchases, know what you’re getting, which is much more of a concern in smaller establishments where storage features are a service ancillary to its core business. Make sure all the conditions and terms of storage are outlined in a contract signed by you and the restaurant owner or facility. You also need to make sure that they have a good security system. Equally important, use an Excel-like spreadsheet to keep track of your wine additions and use.

How your wine is stored and identified as yours is also key. You don’t want your wine mixed with another customer’s. Is a sommelier or a responsible manager in charge of your collection, so one of your bottles is not haphazardly or irresponsibly handed out to someone else?

It is not uncommon for wine aficionados to house their collections in an at-home wine cellar and several offsite facilities. Much like storing your jewels or art in several different places, offsite storage helps you prevent a total loss in the case of theft or damage from water, fire or earthquake.

Next: It’s All in the Journey (part 3 of 6)

The opinions and positions expressed are the authors’ own and not those of Chubb. The information and/ or data provided herein is for informational purposes only and is not a substitute for professional advice. Insurance coverage is subject to the language of the policies as issued.