Cinnamon Kitty wrote:
teakid wrote:True! It is probably expensive to properly insure against the many perils (smoke, odor, fire, flood, rain, insects, etc.) that could potentially damage our fine puerh. Also, how would you appraise the tea cakes from time to time and convince the insurance company of their value? Oh well, I think I'm gonna just take my chances and hope for the best.
Investing in puerh is risky business...but fun though.
Actually, you could get something called an Inland Marine Policy that covers valuables. It's common for jewelry, furs, art work, and instruments of high value so why no pu? It does require an appraisal of the stuff to be insured though. Otherwise, a lot of things are covered by a homeowners policy. The only thing that I have seen that required extra coverage is flood, but most of the time the insurance underwriters can add in coverage to round out the policies to cover what is needed.
Yay for spending two summers working at an insurance brokerage...
the company did
include something like wine or whatnot as something that they could cover, then an Inland Marine or Homeowner's Scheduled Item would probably be the place where you could obtain the coverage.
However, pretty much every personal lines company you are going to find would not cover something like puerh. There's just not enough underwriting information to have accurate expectation of loss probability. I know for a fact that your regular ol' Nationwide, Allstate, State Farm, Farmers, or other big name carrier will not write coverage on wine (and so, I'm going to assume puerh as well).
There are, however, smaller 'select' companies that do have a similar capability. I currently live near the 'millionaires' section of Indianapolis, and Chubb Insurance is a popular carrier among that set. That company allots for a myriad of custom features on homes, and I know that they have the capability to insure a fully stocked semi-professional wine cellar. As you might imagine, their underwriting guidelines are strict. I do not know if they would accept a regular home--and that would preclude you from scheduling items or taking out a separate Inland Marine.
Your best bet would be to get in touch with an insurance broker. They can sort of surf the market for you and find someone to create a policy for you. But, to be honest, the only company I can think of that would be able to create a puerh policy would be Lloyd's of London. At any rate, you will likely need plenty of pretty pennies for whatever they can come up with. Sorry.
Oh, and if you do any selling out of your collection, an insurance company may consider it a 'business,' which would likely void the policy. You'd have to be explicitly clear with them on what you do and how you treat your puerh.