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 changed depending upon a client’s requirements and business. The basis of the valuation is set at the market value on the date of loss, plus any other charges as requested and agreed by underwriters. Most importantly, specie policies respond to claims in a manner that protects purchasers’ valuable assets. We have seen this with universities, libraries, museums, mines, jewelry stores, banks, and many others.