INSURANCE PROGRAM

IF IT'S IN YOU COLLECTION, IT'S WORTH INSURING!
Wine Ark has taken considerable care in the selection & preparation of its facilities. Each site is carefully designed to protect your wine against physical damage and incorporates very sophisticated security systems. This risk management is ongoing. However, it is important to understand that your wine is stored at your own risk in all things, and that there will always be some perils that are beyond our control. Given this, we highly recommend that all wine stored in our facilities is insured for its full replacement value.

NO FUSS INSURANCE PROGRAM
To help facilitate this, Wine Ark has arranged a comprehensive ISR master policy to cover all the Goods stored within our premises. Clients who elect insurance coverage are nominated on this policy and their wine is fully insured in the event that it is lost or damaged due to:

• Fire & Specified Perils - including fire, lightning, explosion, earthquake, subterranean fire, tsunami, impact, malicious damage, aircraft & sonic boom, riots & civil commotion, malicious acts, conflagration or other catastrophe.
  
  
• Burglary & Theft - including loss or damage as a result of theft or burglary consequent upon forcible and violent entry, attempted or threatened armed hold up, a person hiding on the premises.

COVERAGE

PRIVATE WINE VAULTS
The total amount of insurance cover suggested with each vault is based on its maximum advertised capacity at an average bottle value of approximately $75. Additional insurance is available upon request at a cost of 0.5% of the cover required / annum. To see a copy of the suggested coverage & associated costs click here.

MANAGED CELLARAGE
All wine stored within our Managed Cellars is automatically insured for its full replacement value. The total amount of cover offered to each client is determined in accordance with our Basis of Settlement. For your piece-of-mind and absolute convenience, the insurance cover for managed cellarage is included within our storage fees.

BASIS OF SETTLEMENT

• Current Release Wine
  Where a wine is of current vintage and available from a wholesale source, the replacement value is based upon the wholesale price. However should the wine be available only from a retail source the replacement value is based upon the recommended retail price. Should the wine be no longer available from either wholesale or retail services, the replacement value is the original purchase price.
  
• Older Vintages
  a. When the vintage is no longer available from either a wholesale or retail source the replacement value will be based upon the latest available auction price; b. Where the last available auction price is more than 2 years old, replacement value will be based upon the last available auction price indexed according to Australian Consumer Price Index but not exceeding last available auction price plus 20%;

In both instances (a) and (b), the replacement value thus determined will be adjusted by discounts and charges (including handling and storage costs and other overheads) to which the wine would have been subject had there been no damage. The resulting amount will be adjusted to reflect its net present value at the time of the loss or damage.

POLICY DOCUMENTS
A full copy of our insurance policy terms & conditions including exclusions is available for viewing at our offices or via the link below. This document is to be read in conjunction with our standard storage & management agreement terms & conditions.