June 27, 2011 at 8:39 AM
Managing personal risk is not always a simple straightforward option. The notion that selecting a high level of coverage may not be the answer in arriving at a full coverage solution. Even deluxe insurance providers like Chubb and ACE have policy limits and /or exclusions that can create coverage gaps or inefficiencies.
In an effort to provide proper risk management and coverage, a complete inventory of the assets and values needs to be conducted. Only with this investigation will there be a full understanding of the real exposure.
As an example, it is not unusual for an individual to be a collector, of wines, of stamps or possibly coins. Insuring collectibles such as wine requires an inventory with periodic updates of the values if the true value of the collection is to be insured. This typically requires a “cellar management” program to ease the burden in making sure the collection is insured.
In our effort to provide a solution to the inventory and values of collecting wine, we have identified for our clients an inventory management system that is both comprehensive in organizing and recording values, but more importantly, requires a minimum of effort to stay up-to-date.
With this kind of reporting the ability to provide proper comprehensive insurance protection becomes a simple step. On a periodic basis the values are automatically updated to provide full coverage for the appreciation of the wine.
Providing innovative solutions starts with identifying the exposure and then doing the research to manage the risk and the values in providing full coverage in the event of loss.