The latest from BMS, who have an insurance solution for wine growers;
BMS Group (BMS), the independent specialist insurance and reinsurance broker, today announces 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.
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. 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 to 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.
Louise Rothschild, director of cargo and stock throughput at BMS, said “Extreme weather conditions, exposure to wildfire, contamination, handling errors, issues during transport, among others, are some of the daily concerns of winemakers. 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. 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.”
Ian Gormley, UK CEO, said: “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. What Louise and her team have achieved with this solution is precisely what BMS is all about: delivering the strongest possible outcomes for clients around the world, supported by data and innovation.”
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