Independent re/insurance broker BMS Group has introduced BMS Bacchus, a stock throughput insurance solution designed to protect wine through all stages of its lifecycle – from grape harvesting to final product.
The solution aims to assist wineries in making informed risk management decisions through data-driven insights. BMS Bacchus offers coverage for production, storage, and transit, including wildfire risk assessment services in partnership with Green Shield Risk Solutions and FireBreak Risk.
The company said that one component of BMS Bacchus is its wildfire risk prevention support, which combines data from aerial imagery to analyze potential wildfire interactions with insured properties. By evaluating wildfire speed, direction, and scale, Green Shield Risk Solutions provides wineries with actionable insights to help manage risk in real time.
FireBreak Risk complements this by helping wineries pinpoint structural vulnerabilities through ground imagery analysis and offers guidance on preventive measures through an app and, when needed, in-person evaluations.
Incentives, including premium rebates, are available for wineries that demonstrate compliance with wildfire mitigation strategies as recommended by these risk assessment partners. The BMS Bacchus solution extends beyond wildfire, offering all-risks coverage that includes protection against flood, earthquake, contamination, temperature control issues, processing errors, and additional expenses.
Coverage options include selling price valuation for wine in production and finished products, as well as protection for irreplaceable harvested grapes.
Louise Rothschild (pictured upper right), BMS' director of cargo and stock throughput, noted the unique risks faced by winemakers, from extreme weather and wildfire exposure to contamination and transportation issues.
“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,” Rothschild said. “Wine is not only a booming business, but also an art, and a labor 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, CEO for BMS in the UK, commented on the addition of BMS Bacchus to the company’s suite of industry-specific solutions.
“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,” Gormley said.
“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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