Specie insurance
Specie insurance: An important form of protection
The Specie account offers protection for priceless items while they are being shown, stored, or transported.
The highly skilled staff at United Precious Insurance, a market leader in the specialty insurance sector, has a proven track record of creating creative solutions to challenging problems. We establish tight ties with our clients in order to create enduring coverage that meets their changing needs. The group is committed to offering the best customer service possible while making judgements that are prompt, flexible, and reliable.
Our devoted internal claims staff is capable of adjusting claims of any complexity or size.
Working with a global clientele ranging from private individuals to major investment institutions, we write a varied portfolio across all product lines. All physical loss and damage risks are covered on a global scale.
Our offerings consist of:
- Fine art – a broad category of artistic expression that includes works on paper, sculptures, books, collectibles, historical artifacts, pottery, furniture, fine wine, and musical instruments.
- General Specie – comprising gold, silver, cash, stocks, and priceless papers.
- Jewellers Block – includes jewellery and diamonds throughout the whole supply chain.
- Cash in Transit – this category includes businesses that collect, process, and deliver cash and other high-value assets.
In addition to our basic products, United Precious Insurance also underwrites a number of specialised lines, such as excess coverage for Securities Investment Protection Schemes and Cryptocurrencies in cold storage.
The capacity of Specie is 130 million USD.
Frequently asked questions regarding Specie insurance
Fine art and precious metals are exposed to numerous physical and digital threats because of their high valuations. Employee theft accounts for 90% of all specie losses, and accidental damage accounts for 90% of losses to great art. Robbery, unexplained disappearances, fire or flood damage, cyber risk, electronic funds transfers, and transit are some more reasons of loss. In order to create an insurance policy that is appropriate for your needs, UPI collaborates with a number of external specialists to thoroughly assess your risk.
Fine art and specie insurance guards against physical loss or damage to high-value items like fine art, precious metals, cash, and other high-value items, whether they are kept on-site or in transit. The following types of assets are typically covered by insurance: • Gold, silver, palladium and other precious metals from mining to Consumption • Jewellery manufacturers, wholesalers, and/or retailers • Cash in transit • Fine art and collectibles • Classic cars • Automatic teller machines • Cryptocurrency and digital art • Luxury brands
Policies for fine art and specie often offer "all risks of physical loss or damage" protection. There are, however, a few specific exceptions, including: • War and terrorism • Nuclear, chemical, and biological events • Owner fraud • Cyber
Depending on the kind of goods they mine, make, sell, store, show, handle, and/or transport, people get fine art and specie insurance. Corporations, financial organisations, retail and wholesale enterprises, traders, specialised logistics companies, storage companies, mining companies, museums, specialty galleries, auction houses, universities, libraries, internet merchants, private individuals, and more are examples of buyers. Organizations that previously would have secured their valuable assets under a basic property or contents policy are increasingly discovering the value of specialist specie cover as values have risen over time. Specie plans offer coverage that is crafted by specialized specie brokers and insurers and customized to customers' needs. Unlike other conventional policies, specie insurance wordings can be modified to meet the needs and business objectives of a customer. For instance, the purchase price or the current market value, whichever is higher, is frequently stated as the basis of valuation in a specie policy. Fine art claims are particularly appropriate for such a clause. The most crucial thing is that specie plans respond to claims in a way that safeguards buyers' priceless valuables. This has been observed in institutions including colleges, libraries, museums, mines, jewellery shops, and banks among many others.
Yes. These plans may include coverage for asset transit across international borders.
The value and location of your asset will determine how much coverage you are able to purchase. We can assist you in locating coverage options that are suitable to safeguard your priceless assets thanks to our wide selection of products and experience working across a wide range of industries. You can acquire coverage up to the entire value of your assets with the help of UPI's numerous patented placement options. A well-known MMC facility on the market is one of these options, and it can offer a maximum of up to US$1.25 billion for any one site. Because only two underwriters must agree to the policy, we can frequently offer a quote and have coverage in place within 24 hours.
To satisfy your specific insurance needs, United Precious Insurance offers you specialized and custom insurance coverage.
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