BMS Group, the London-based independent specialist insurance and reinsurance broker, announced the launch of BMS Bacchus, a stock-throughput solution designed to protect wine across all stages of production, storage and transit, from harvested grapes to finished product.
BMS Bacchus is a single source solution that empowers wineries to make effective decisions about risk mitigation and resource deployment using data. A key benefit of the solution is its wildfire risk prevention offering in partnership with Green Shield Risk Solutions and FireBreak Risk, which provides the tools to understand how wildfire is likely to interact with properties and identify potential structural vulnerabilities.
A BMS representative confirmed that BMS Bacchus is available for wineries in the US and across the globe.
There is no restriction on the sideways total-insurable value (TIV) that can be accepted, according to Louise Rothschild, director of cargo and stock throughput at BMS, in an emailed explanation of the product.
“Bacchus can provide the first US$40 million at each and every location; then we have dedicated excess wine capacity to build towers above this to almost any level. The program is designed to work best for medium to very large wineries,” she added.
Green Shield Risk Solutions combines multiple data points, including aerial imagery, in order to provide insights into how a wildfire is likely to behave in the immediate surroundings of the insured assets, BMS explained. An assessment of the speed, direction and scale of a wildfire is produced in order to inform resource deployment and mitigate risk, with a level of precision that is superior to typical insurance models.
FireBreak Risk helps insureds identify structural risks, using information extracted from ground imagery, and delivers feedback on preventative action via a user-friendly app, together with on-site visitations as needed.
Premium rebates and financial incentives are available for those wineries that prove they adhere to the highest standards in wildfire risk mitigation, in accordance with the recommendations provided by these two complementary resources.
In addition to wildfire, the solution includes comprehensive “all-risks” coverage for flood and earthquake, leakage, external contamination, failure to maintain temperature, processing errors and extra expense, among others. Selling price valuation is also available for finished product, for wine in production and for irreplaceable harvested grapes.
“Extreme weather conditions, exposure to wildfire, contamination, handling errors, issues during transport, among others, are some of the daily concerns of winemakers,” commented Rothschild in a statement.
“They face a challenging landscape that is fraught with risks, and which calls for a bespoke approach that takes the particularities of the industry into account,” she continued. “Wine is not only a booming business, but also an art, and a labour of love. BMS Bacchus was born out of the wish to provide some peace of mind to passionate winemakers, ensuring they can focus on what they do best.”
“BMS Bacchus joins a growing suite of solutions that are designed to meet the precise needs of clients. By partnering with proven risk experts such as Green Shield Risk Solutions and FireBreak Risk, we are able to offer wine producers data-informed ways of thinking about the risks they face, and more importantly, support in managing them,” said Ian Gormley, UK CEO.
Source: BMS
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