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InsuranceMan

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InsuranceMan last won the day on March 26

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About InsuranceMan

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    With over a decade of experience in craft distillery insurance,
  • Birthday 08/21/1974

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    Male
  • Location
    Sheridan, WY

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  1. jumpstone, I work with several distilleries that are in mixed use locations (distillery on the main floor and condo homes above), as well as ones that share the same parcel of land as their own private residence. If you would like to reach out to me at some point I could potentially put you in touch with some of my clients who have gone through this process. Oh, and @Silk City Distillers, that is where you tell him to contact me ....... not just some random insurance guy
  2. InsuranceMan

    PATH Act and Lower FET rates

    DC88, Absolutely!!!!!! You can feel free to email me at aaron.linden@hubinternational.com or give me a call on my cell at 307-752-5961. I would love to work with you! I work with nearly half of all the operating distilleries in the country and would love to add you to the family!
  3. Dear Forum Readers, I just wanted to take a moment to say congratulations to all of the award winners this year for the 12th Annual Craft Spirits Awards! As I went through the list I cannot tell you how overjoyed I was to see so many of the folks that I work with appear on this awards list. There are so many of you that I have worked with from the "inception period" all the way up through production and the winning of awards and it is so fun to watch you grow and be recognized for your amazing talents! I have reached out to many of you personally with an email or phone call, but to all the rest that I either do not know, or have not tasted your product as of yet, CONGRATS!!!!!!!!!!!! Everyone on that list, and all of you here for that matter, pour your heart and soul, blood, sweat, and tears into your business - your passion - and you all should be congratulated for doing what you do, doing what you enjoy, doing what makes you happy and gives you drive. I am truly the luckiest guy around that I get to work with so many of you. There truly are no nicer people on the planet and it is an honor and pleasure to know so many of you. So again, congratulations to all of you and do take time to stop and enjoy this moment for it is big. It is what you have worked so hard to achieve for so many years. Thank you to all of you for doing what you do, and thank you for allowing me to be a part of it!
  4. InsuranceMan

    Technology Woes

    All, After two weeks without my cell phone, I am back up and running on a new one! So feel free to shoot me a text or give me a call at 307-752-5961! Thank you so much to the 21 new distilleries that reached out to me during this time and worked with me through these technical woes, I appreciate your understanding!
  5. InsuranceMan

    Inusrance

    All, Anyone that may be interested, I work with nearly half of all the operating distilleries in the country and I will tell you that I only have a handful with Cincinnati at this point in time. There are a couple of carriers that offer broader insurance coverage, better limits, and do it for a much lower premium that what I have found Cincinnati can offer. I have been in the insurance industry for 16 years, and specializing in distilleries for the last 7 years. There are other options that may be more cost effective for some of you folks. If you are interested in having me take a look to see what I can do for you please do feel free to email me at aaron.linden@hubinternational.com or call me at 307-673-2496. I would love to see if there isn't something I could do to save you some money all while increasing your overall coverage.
  6. InsuranceMan

    Inusrance

    @River City Distillery and @Eharmz, I did send each of you emails, please do let me know that you received them.
  7. InsuranceMan

    PATH Act and Lower FET rates

    Good Day ADI Forum Members, I wanted to do a post today in regards to the new regulations that have taken effect in regards to the PATH Act and the new lower FET rates that have been implemented and how that may affect your need for a bond. This seems to be a hot topic currently so I thought I would address a few issues here. As you all are aware, the PATH Act and the lower FET rates have kicked into effect for the next two years, and there are many of you that are super excited to cancel or terminate your current DSP bond. Well, let’s just hold on a second and think about what these new changes really mean. In the PATH Act, it was determined that any distillery that has less than $50,000 worth of taxable withdrawal in a year’s time no longer is subject to a bond requirement. Then, the new legislation has gone ahead and lowered the FET from $13.50 per proof gallon down to $2.70. That is wonderful, and a boon for distilleries that will allow for growth, capital investment, the hiring of staff, etc. Both the PATH Act and the reduction of the FET’s are fantastic ……………… HOWEVER ………….. The only item that was really contemplated in the PATH Act was the "Withdrawal" amount; the act never specifically said anything about the operations side of the bond. The operations side of the bond is comprised of the "Distiller / Warehouseman / Processor" portion. This portion of the bond covers for items that you have on hand that is either bottled, in process, being held in totes, or aging/maturing on site. In fact, ALL distilleries still have this exposure being that everyone has product on site in one fashion or another, and many of you have a considerable amount of product warehoused at your facilities. Think about this, if for some reason your product on hand were to be lost, stolen, or hijacked the government could still charge the full amount of taxation that would have been due. Yes, the Federal Government reserves the right to still collect the taxation that WOULD have been collected on that product! Sure, there is a repeal process that you could potentially go through to have the taxation abated or forgiven, but there is no guarantee that the TTB would waive these charges, it is done on a case by case basis. In some instances, the taxes may be due upfront until the repeal process can go through the proper channels, and that process can take a while. Although these situations are rare, they can happen. It is also rare for distilleries to blow up or burn to the ground, but that does not mean that you should not carry insurance. For this reason alone, it may be beneficial to keep your bond in place. If a situation such as this were to occur, and you have cancelled your bond, you would have to come up with the cash to pay for the taxation of the lost product. That could certainly become an issue and cause a lot of heartburn in an already stressful situation. In most cases your federal TTB bond should not be costing you more than a few hundred dollars a year, and that is fairly cheap for your piece of mind. As well, the reduced FET’s are only certain for 2018 and 2019, after that, who knows. It could be determined that the rate will go back to $13.50 or even higher, we don’t know, maybe they will leave it alone forever, God willing. Another potential reason to keep an active bond may be that it is easier to increase an already existing bond than it is to go through the entire bonding process again when you get to a point that you have to have one. If you have a history with a surety company of having a bond in place, it is a fairly easy process to issue a superseding bond to increase the amount needed. If you cancel your current bond, and for some reason your financials are not as strong in the future, obtaining a bond for a higher amount (Operation plus your need for over $50,000 in withdrawal) could be difficult. I do want to be clear, I am not trying to be a “fear-monger”, whether you keep your bond in place or not is a personal preference and I would never "twist" someones arm to keep a bond in place if they did not see the need to have one. I just want to make certain that people are educated in this arena prior to making a decision that could potentially have a severe impact on the businesses you all have worked so hard to build. Also, please keep in mind that having a bond in place is not “free money”. By that I mean, as owner of the bond you are indemnifying yourself to the surety. This means that if the surety has to make payment on your behalf, the surety will make every attempt to collect the funds that they paid out to the TTB. They can seize assets of the distillery, your personal assets, etc. The bond is simply there to make payment on your behalf if you cannot at that time. Sooner or later you will have to reconcile with the surety. If you don’t have a bond in place, you will be reconciling with the government. Either way, eventually you will be paying someone back! The long and the short of it is, just because the taxation rate is less for the next two years, and just because you may not hit $50,000 in withdrawal, you may be money ahead to keep your bond in place, especially in regards to the operations side of things. Just "booze for thought".
  8. InsuranceMan

    Bond termination

    dhdunbar, That is correct, the surety would in deed come looking for its "pound of flesh", as you put it, from the indemnitors listed on the bond. The main issue as I see it is that the taxes may be assessed and required to be paid prior to the repeal process, which could cause an issue for some distillery owners.
  9. InsuranceMan

    Bond termination

    Dave and Lang, Hello to both of you! It has been a little while since we last spoke but I wanted to interject here for a moment. Although the PATH Act and now the lower FET rates have kicked into effect for the next two years, there may still be situations where it is advisable to have a bond in place. The only thing that was contemplated in this was the "Withdrawal" amount, the act never specifically said anything about the operations side of the bond, the "Distiller / Warehouseman / Processor" portion of the bond. This portion of the bond covers for items that you have on hand that is either bottled, in process, or aging/maturing on site. If, for some reason, this product on hand were to be lost, stolen, hijacked, spilled, or lost due to a fire or other disaster, the government could still charge the full amount of taxation that would have been due. Yes, there is a repeal process that you could potentially go through to have the taxation abated or forgiven, but there is no guarantee that the TTB would waive this. For this reason, it may be beneficial to keep your bond in place. There are many other mitigating circumstances as to why you may want to keep your bond in place that I will address in a separate post. The long and the short of it is, just because the taxation rate is less for the next two years, and just because you may not hit $50,000 in withdrawal, you may be money ahead to keep your bond in place. Just "booze for thought".
  10. InsuranceMan

    Technology Woes

    Dear ADI Forum Members, I wanted to let everyone know that over the weekend my iPhone had a major malfunction and is currently not operating. Apple has been amazing and they are getting a new one to me as fast as they can. However, in the meantime, I do not have access to retrieve any voicemails left at my 307-752-5961 number. If you have recently left me a voicemail on my cell phone please also give me a call at the office at 307-673-2496 (or toll free at 1-800-300-4370), or send me an email at aaron.linden@hubinternational.com . Also, do yourselves a favor out there ....... if you rely heavily on your phone and technology, PLEASE back up your files and have a secondary access point. I remember the day when I knew the phone number for everyone that I would call, and know I don't know any of them. Siri is a great assistant, until she is not there anymore!!!!!!!!! LOL!!!!!
  11. InsuranceMan

    Inusrance

    @River City Distillery and @Eharmz, I am actually heading out of town here in a few minutes to "shred the gnar" as it were, but I will be back in the office on Monday. In the mean time, if you want to send me an email at aaron.linden@hubinternational.com or shoot me a text at 307-752-5961 I will make sure to get all of the info over to you upon my return and hopefully we can have a phone call to further discuss things. I greatly look forward to speaking with both of you! Best, Aaron
  12. Hi  

    Send me your email so we can discuss Insurance for our new distillery

    oceansidedistillery@outlook.com

     

    Thanks

  13. InsuranceMan

    Inusrance

    jbdavenport1, I would be more than happy to have a discussion about insurance with you, as I currently insure nearly half of all the operating facilities in the US. If you would like, you can contact me via email or on my cell phone and I would be more than happy to speak with you. I have the most competitive rates in the country and I can help you with any state or federal bonding as well. I look forward to hearing from you!
  14. Do you insure in Louisiana?  If so would love to discuss this with you.  Just beginning the process and need some quotes to complete business plan.

  15. I'm finishing my business plan to open a distillery and tasting room in Denver, CO. Could you please give me a dollar amount I could use in my 5 year plan? We don't have a location, but are looking in industrial spaces. Thanks in advance for your time.

    Black-cherrydistillery@outlook.com

    Paige 

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