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Highly Commended Winner 2017 of Scottish Food & Drink Fortnight

We are delighted to have been given a highly commended award for our efforts at promoting Scottish Food & Drink during the recent Scottish Food & Drink Fortnight 2017.  The initiative encouraged businesses of all shapes and sizes to change just one thing to promote Scottish produce.  As members of Scotland’s Food & Drink we championed local producers and suppliers via our social media channels.

Speaking at the official prize giving at the NorthLink Ferries terminal in Aberdeen, Fiona Richmond, Head of Regional Food at Scotland Food & Drink, said:

“Scottish Food & Drink Fortnight takes place every year and it’s a fantastic way of celebrating our growers, producers, chefs and restaurateurs’, as well as our vast and delicious Scottish larder.”

Whisky Galore

This article recently appeared in the Scotsman 200.

Whisky Galore….

The remake of Whisky Galore is set to put the spirits industry firmly in the spotlight this year but for those with their nose on the malt money, it’s the leap in the value of collectibles malts that’s paying real dividends.

Prices for the top 1000 rarest single malt Scotch releases have risen by more than 175% since 2008 based on auction figures, according to Whisky Highland. Last year Bonhams sold the most expensive bottle of malt ever sold at auction in Scotland – a bottle of Glenfiddich going for £68,500 smashing the £25-£35k estimate. Even at the more conservative end of the market, a rare bottle can fetch many thousands of pounds.

As the valuation of rare whiskies rises, it’s important to consider insuring collections from fire, flood and whisky theft which is a very real threat for private whisky collectors, sellers and producers. Islay distillery Kilchoman had more than 250 bottles of a private single cask bottling worth over £38,000 stolen in March this year. Last year saw thieves steal over £14,000 worth of whisky from Perth and Kinross Distillery Tullibardine and a whisky enthusiast’s prized collection was stolen from his home in Renfrewshire.

Many might assume that a whisky collection will be covered under their general home contents policy. However, most household policies have low single article limits so they will not pay out on any claim for a single item that is worth more than on average £2,000 in value. Even then, the cover might not recognise the insurance needs that a private collection warrants.

It’s imperative that whisky enthusiasts get their collection valued by a specialist and that the stock inventory is kept up to date. This will help establish the amount that the collection needs to be insured for. Depending on the value of any individual bottle, the valuation may be needed in the event of loss or damage to quickly substantiate and evidence the value of those bottles that may be subject to a claim. This should enable a quick, un-quibbled settlement.

To ensure the necessary protection and preservation of a whisky or indeed wine, clocks, stamps or artwork collection, storage is essential. Keep bottles of whisky out of the sunlight and in a cool and dry place, up off the floor. Direct sunlight can result in the whisky lightening in colour and the labels fading. Often people store their whisky in a basement or cellar but these can be prone to flooding so it’s important that the collection is raised from floor level. If the labels come off the bottles (the most important single element of identification of a whisky bottle), the value is diminished.

The correct insurance provision will cover the cost to restore the label, plus any subsequent depreciation in value of the bottle(s) of whisky would be met. One insurer dealt with a claim where wine labels (although the same could apply to whisky) were eaten by snails that had crawled into the cellar. A standard household policy would not have paid out, since technically the product, the wine, wasn’t damaged.

If buying from auction or direct from a distillery, the whisky is automatically insured for up to 60 or 90 days from the point of purchase as long as the insurance broker is notified within that timescale and the appropriate additional premium is charged.

The policy wording is paramount here and there will be exclusions. It’s important that collectors and whisky enthusiasts ensure that specialist cover is employed for their collections. Remember that typically for whisky or wine collections, as soon as a bottle is opened, cover in respect of that bottle ceases so if it’s a rare one, best to keep it off the nose to keep on the money!

Charity Cycle sets Beaumont on track for record breaking mission

Fresh from his Round Britain tour and a month before his record breaking mission to cycle around the world in 80 days commences in July, cycling star Mark Beaumont is spear-heading a 56-mile  charity cycling event on Friday 2 June in the Scottish Borders in his role of Corporate Ambassador for the firm.

This particular cycling challenge sees over 30 staff and supporters of Bruce Stevenson  join Mark on the route of the Tour O’The Borders, a 56 mile (88.8km) stunning road sportive in the unspoilt Scottish Borders. Starting and finishing in Peebles with beautiful scenery, arduous climbs such as Tarra and Swyre and thrilling downhill descents, the Tour O’Borders route challengers are raising money for our nominated charity FareShare Scotland.

Mark Beaumont, best known for cycling around the world in 194 days in 2008, is our Corporate Ambassador  and supports the business with tailored speaker events and charitable activities.

We make an annual commitment to charity and our nominated charity for 2017 is FareShare Scotland. FareShare Scotland collects good quality, in date surplus food from retailers and producers and redistributes it to more than 454 frontline charities and community groups, to improve the life chances of vulnerable people in Scotland.

Commenting on the charity cycling initiative Edward Bruce, our CEO said: “A lot of our staff are cycling enthusiasts so it’s exciting that Mark Beaumont has agreed to support our charity cycle especially given the incredible challenges that he’s facing with his world record mission to cycle the globe!

“We’re raising money for an extremely worthy charity that’s benefiting thousands of people across Scotland. It’s also an incredibly scenic route that’s challenging in parts but we’ve got a superb ambassador leading the way so looking forward to tackling the Tour O’ Borders and raising lots of money for a great cause.”Mark Beaumont, Bruce Stevenson Insurance Brokers, Corporate Ambassador

Mark Beaumont added:  “I am delighted to be supporting Bruce Stevenson on their charity cycle.  It’s a beautiful part of the world to spend a day on your bike and a great way to raise money for such a worthy cause.”

For more information on FareShare Scotland, please visit www.fareshare.org.uk.  To support Bruce Stevenson’s fundraising cycle, you can donate via https://www.justgiving.com/fundraising/BSIB-TourotheBorders.

Festival and Event Insurance

Ahead of the Festival of Museums this month we were asked by the Museums Galleries Scotland – www.mgsblog.org  to write about event insurance and making sure you plan ahead for when things go wrong. 

It is not something you enjoy thinking about when preparing for an event, but envisaging a worst case scenario is an essential part of event planning. If a flood occurs at your premises the night before an event, exhibits or parts of the building are damaged, the premises can’t be used and the event has to be cancelled. Would you be confident that your insurance policy will react as you would hope?

At times of celebration with special events and exhibitions, risk and insurance can sometimes be overlooked. Unfortunately, things don’t always run like clockwork. It can pay to be diligent in checking your insurance documentation as part of the early planning and organisational process. Like a lot of things in life, preparation is key. Therefore, if something does go wrong, you can be confident that you have adequate insurance in place. Some important questions you should ask your insurance broker before staging a public event or exhibition are:

  • Does our existing insurance programme cover us for staging, hosting and organising a public event(s) or exhibition(s)?
  • What happens if the event should be cancelled or abandoned due to circumstances beyond our control?
  • Who is responsible for insuring what?
  • Have I checked the Public Liability insurance of any Third Party contractors or suppliers to the event?

Bruce Stevenson insurance brokers Festival Event InsuranceCommercial Insurance

As a Museum or Gallery, you are likely to have a commercial insurance policy that may cover some or all of your insurance needs: your property (buildings and contents), collections, loss of profits (business interruption), liabilities (public, product, employers and trustees), loss of licence, legal expenses, personal accident, money & assault and equipment breakdown (not an exhaustive list). As part of this purchase process you should have been asked for your full business description. This includes the details of any events or exhibitions you are likely to host throughout the policy period and any revenue they are likely to generate. This is then declared to the insurer who can often accommodate cover for the events/exhibitions within your commercial insurance package including any loss in income resulting from an insured peril (fire, flood, theft, accidental damage for example) under the property section of the policy.

Event Insurance

There may be an occasion when you need more specific insurance in respect of an event you are organising and hosting. Your event or exhibition could be affected by adverse weather and attendees can’t reach your venue in time or there has been a transport strike dramatically reducing the number of visitors or delegates. The insurer would pay the irrecoverable expenses to enable you to rearrange the event and your financial loss through reduced ticket sales if applicable. Remember that the insurance is not there to protect you against the commercial failure of the event. It is there to protect you in the event that you suffer a financial loss due to an unforeseen circumstance.

Less obvious points to note

When it comes to your collections, there are also elements of your insurance cover you should look out for. If you are hosting an exhibition which includes loans from third parties be sure that your policy has proper provision to cater for these. Especially if they are of unique historic or artistic importance. Some commercial policies do not provide cover for theft unless there is evidence of forcible or violent entry or exit to the premises. By their very nature, Museums & Galleries are open to the public. So, if a small sculpture is pocketed by an opportunist thief during an exhibition, will your policy react when there is no evidence of broken doors or windows? A specialist Museums policy would cover this, providing full theft cover.
If you are borrowing works from a National institution, they may request exclusions from your policy be removed. For example, losses arising from exposure to extreme light. Many commercial policies cannot be flexible on this and won’t remove their exclusions. Specialist Museum insurers are well versed in the requirements from National institutions and can usually accommodate such requests.

If you are staging events or exhibitions and have any questions regarding their insurance or any other insurance matters for your Museum or Gallery, please contact either Kerr Henderson or Alexandra Richards | 0131 553 2293 |www.brucestevenson.co.uk