London — Lloyd's of London, known historically for insuring "unique" items of value, has insured a leading European wine maker and taster's nose for five million Euros ($7.8 million).

Working with Allianz Nederland and reinsurance broker Benfield, Lloyd's created a bespoke policy that covers Ilja Gort for the loss of his nose and sense of smell.

The Dutch owner of Chateau de la Garde in Bordeaux, and producer of Tulipe Wines, says his nose is the most important asset in his profession and a good sense of smell is essential to guarantee the constant quality of his wines. Whereas the tongue has only five areas of taste, the nose can distinguish millions of different scents.

"This certainly is an insurance policy not to be sniffed at,” said Jonathan Thomas, lead underwriter at Watkins Syndicate who co-insured the policy with Allianz Nederland. “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 of London

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access