A rose is a rose and a nose is a nose, but very few noses are valued at €5 million ($7.8 million). However, if you’re in the wine business, being able to “taste/smell” the wine you’re producing is vitally important, as tasting, which is essential to guarantee the constant quality of the wine, involves as much smelling as drinking.
So, when Ilja Gort the Dutch owner of Chateau de la Garde in Bordeaux and producer of Tulipe Wines, got worried about the impact of losing his sense of smell, he went looking for a solution to the risk.
Fortunately, for all of its reforming zeal, Lloyd’s hasn’t lost its appetite for writing coverage on unusual (and sometimes bizarre) risks. Working with Allianz Nederland and reinsurance broker Benfield, Lloyd’s created a bespoke policy that covers Gort for the loss of his nose and sense of smell.
On the technical side, Lloyd’s explained: “Whereas the tongue has only five areas of taste, the nose can distinguish millions of different scents.”
Jonathan Thomas lead underwriter at Watkins Syndicate who co-insured the policy with Allianz Nederland commented: “This certainly is an insurance policy not to be sniffed at. The nose and sense of smell of a winemaker are as important as the fingers of a chef. We are delighted to have been able to create a bespoke policy that covers Mr. Gort and continues Lloyd’s reputation for covering specialist risks.”
Source: Lloyd’s – www.lloyds.com
Topics Excess Surplus Lloyd's
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