VRA Insurance, trusted providers of insurance solutions for unique and significant high-end assets, is setting a new record by insuring the world’s most expensive cigars in potentially the world’s largest humidor.
Considered the Rolls Royce of cigars, Gurkha Cigars are known for limited release and rare tobacco products with outstanding and artistically-oriented packaging. Most recently, the company made headlines for producing the world’s most expensive cigar, the His Majesty’s Reserve (HMR) that retails for nearly $20,000 a box of 20. And now Kaizad `Hansotia, owner of Gurkha Cigars, has asked Louis D. Spagnuolo, CEO and risk management expert with VRAInsurance.com VRA Insurance to underwrite its three-room, temperature-controlled, 9,000-square-foot humidor, possibly the world’s largest humidor, located inside its expansive 25,000-square-foot facility in Tamarac, Florida.
“Humidors typically aren’t insured,” said Spagnuolo, “but then again, most humidors aren’t 9,000 square feet with a value in excess of $5 million. There are many aspects to consider when underwriting a perishable product such as cigars. We look at the owner’s experience, the storage and handling and the extent of the collection. Then we look at the risk involved for possible harm to the product and create a replacement value for both the cigars and all other contents.”
In this case, the owner’s experience was truly exceptional, he said. “The storage is temperature controlled at 64 degrees with 74% humidity and the handling is limited to a select group of pre-designated people who have been trained to go beyond industry standards. There are back-up systems to mitigate risk, such as back-up generators and humidifiers and we were able to create an acceptable replacement value in the event of a catastrophe.”
“It was fortuitous meeting Louis,” said Hansotia. “He originally came to us looking to buy a box of the HMR cigars to celebrate a professional milestone. After touring our facility, he completely understood our needs and was able to provide the insurance solutions to protect our unique assets.”
Established in 1887, Gurkha Cigars are steeped in legend and rich in history. They were named after Nepalese warriors whose bravery impressed the British soldiers. The company was purchased by Hansotia in 1989 with the intention of giving the cigars as unique gifts to customers of his family’s watch business. Since then, the company was reborn and became one of the most famous brands of luxury cigars in the world. Bill Clinton, Bill Gates, Carlos Slim and an assortment of global dignitaries, world leaders, government officials and celebrities as well as the Special Forces and Seal Team Six are all clients. Having extraordinary quality, premium blends of tobacco and a reputation for unparalleled excellence, Gurkha now offers 48 distinct brands of cigars with plans to launch an even rarer and more expensive cigar reputed to be infused with an extraordinary cognac and carrying a price tag of $75,000 a box. The Gurkha Cigar Group Inc. is located at 6600 Hiatus Road, Tamarac, FL 33321. For information, call 305-593-2254 or visit www.gurkhacigars.com
VRA Insurance is a trusted advisor who provides insurance solutions for high-net-worth individuals and families with significant assets to protect. They offer discretion and personalized first-class service that these clients typically require. They have relationships with premier insurance companies that can provide special insurance programs and a level of coverage and service that exceeds what is typical. Some common insurance coverage policies include: High Value Homeowners, Excess Flood, Builder’s Risk, Artwork, Jewelry, Employment Practices Liability, Domestic Staff Worker’s Compensation, Antique and Valuable Automobiles, Yacht, and Private Aviation. For information, visit www.vrainsurance.com or call 954-616-6400.