While fine art insurance and specie insurance both cover valuable items, they focus on different categories of assets. Specie insurance is designed to cover valuable physical items such as gold, silver, precious metals, cash in transit and other high-value commodities. It also includes coverage for things like jewellery, gemstones and rare coins. It protects against loss, theft or damage to these assets, whether they are in transit, in storage or on display.
Fine art insurance is designed to protect valuable works of art, including paintings, sculptures, drawings, antiques, rare books and other valuable collectible items. It provides coverage for loss, damage, theft or destruction of art pieces.
Cash in Transit is a type of coverage that protects cash and other negotiable instruments while they are being transported from one location to another. The JSC’s Cash in Transit Working Party focuses on the issues and challenges pertaining to underwriting this class of business.
The Cyber Working Party was established in response to Lloyd’s requirements (Market Bulletin Y5258) that all policies should clearly state whether cyber events are covered. The working party has drafted and released several clauses to help the specie market with this requirement and continues to monitor cyber-related matters through this workstream.
This cross-market working party is reviewing how specie surveyors are paid, aiming to create a clearer and more efficient process. A key focus is addressing legacy debt, which poses a risk to small businesses and could impact the availability of surveyor services in the future.
Reparation, restitution and repatriation are increasingly relevant terms in the US museum sector and are not currently reflected in policy wordings. Given the broad scope of all-risk policies, improved clarity would benefit both underwriters and insureds. The working party is reviewing the existing defective title wording to determine whether, and how, the ‘3 Rs’ could be included or excluded.
The JSC helps to develop and issue LMA wordings for use across the market. To receive email notification of new wordings, please subscribe.
19 April 2023
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29 October 2020
29 October 2020
23 June 2020
