Fine Art, Jewellery & Specie | Insurance Broking & Risk Management

Who purchases fine art and specie insurance depends on the nature of the valuables they mine, create, sell, store, display, handle, and/or transport.

Buyers can include corporations, financial institutions, retail and wholesale businesses, traders, specialized logistics companies, storage companies, mining companies, museums, specialist galleries, auction houses, universities, libraries, online retailers, private individuals, and more.

As values have increased over the years, organizations that once would have protected their valuable assets under a simple property or contents policy are now realizing the value of specialist specie cover.

Specie policies are much more flexible and provide coverage, created by dedicated specie brokers and insurers, tailored to purchasers’ requirements. Unlike other standard policies, specie policy wordings can be adapted depending upon a client’s requirements and business.

For example, the basis of valuation in a specie policy is often specified as the purchase price, or the current market value, whichever is higher. Such a clause is most relevant to fine art claims.

Most importantly, specie policies respond to claims in a manner that protects purchasers’ valuable assets. We have seen this with universities, libraries, museums, mines, jewellery stores, banks, and many others.