High-value goods bring high risks, from employee theft to kidnap. Technological advances are creating new opportunities for criminals, and fluctuating currency rates, along with growing regulation, are making day-to-day operations more difficult.
To overcome these challenges, you need to protect your business properly. This means using a broker that really understands your industry, and has the expertise and experience to make sure your coverage adapts to reflect your risks.
Our Specie and Cash Logistics team is a highly specialist and experienced group of brokers that forms part of JLT Specialty’s Fine Art, Jewellery and Specie Division.
Our areas of expertise and products include:
Cash in transit: The transporting and storage of banknotes, coins or other items of value is a high-risk activity that requires comprehensive coverage and fast, effective claims management. Consolidation in the industry also means your coverage needs to be flexible, so you can grow and meet the changing needs of your clients.
We have specialist knowledge, as well as colleagues who’ve worked in your industry and have access to leading third-party risk management. So whether you’re a cash in transit firm or a wholesale currency trader, we can design and broker full but flexible coverage for your cash, while improving your controls so you hopefully never need to make a claim.
ATMs: More and more institutions now offer ATMs. But as technology evolves, so do the risks. Today’s criminals can use malware to trick an ATM into releasing all its cash, and tomorrow will bring fresh challenges.
We place coverage for some of the biggest players in this area, so we’re always up to speed on the risks. Our scale also means we can challenge the market to keep up. As a result, your policy will always cover you for the latest risks to your cash, as well as the cost of repairing your ATM and any interruption to its service.
Bureau De Change: Typically, a bureau de change company has a number of operations in various locations, all holding currency – so it’s important to be well protected. At the same time, if you have 50 branches, they aren’t all going to get flooded or experience employee theft.
We work with third-party risk assessors to establish what’s a realistic level of risk for you. Then we use our in-depth understanding of your industry and business to negotiate the right level of coverage, for the right price.
Cheque cashing: Cheque cashing has changed dramatically in recent years. Regulation has increased, and while the industry has shrunk since 2008, cashers are now performing a wider range of transactions - from remittances to money orders.
This raises new risks that require specific coverage. We’ve used our influence in the market to create a wording for cheque cashers, so the policy you buy will be totally tailored to you, while being simple and clear.
Financial institutions: When it comes to specie, financial institutions need coverage for the valuable goods they store and transport on behalf of their customers. These include storage and transportation of securities, cash, precious metals, coupons and other papers of value protecting customer’s goods who invest with them.
We can broker insurance that replaces your papers at face value, in the event that they’re destroyed by flood, fire or theft (internally or externally) or any other events that cause physical damage or loss to papers of value.
We can also top up any government-funded investor protection scheme (such as Excess SIPC/CIPF or Excess FSCS), so your broking or trading is more secure – and you can attract more customers by increasing your customer’s protection.
Safety deposit boxes: While growing regulation means that fewer financial institutions now offer safety deposit boxes, a lot of independent companies have begun to specialise in this sector. But because of the complexities involved in proving the contents of the boxes, only a couple of insurers have actively underwritten this risk.
We’ve been able to change that. Our specialist knowledge and the scale of our business has allowed us to create alternative markets – giving you more choice and more competitive protection against any loss or damage to your customers’ goods.
Metal trading: If you’re a metal trader, you understand that movement brings risk – even when it’s only the physical title that’s moving. You need to cover your metals for third-party storage around the world. And increasingly, you need insurance against deprivation and failure of access – something a non-specialist broker may not cater for.
Our coverage protects you against these risks, as well as against catastrophic events and physical loss or damage. So if anything happens while you’re holding the title, you know you’re fully protected – for a competitive price.
Precious metals mining, refining and minting: The mining industry is going through volatile times. Regulation is rising, currency rates are fluctuating and it’s becoming harder to access capital. At the same time, rising values could be leaving you under-insured.
Having the right protection will give you a solid foundation to manage these challenges. Our mining products protect your goods against any physical loss or damage, from extraction through to the end customer. Our standalone minting or refining products cover all physical loss or damage, whether your goods are in transit, at your premises or in a third-party location. And whatever you’re protecting, we always tailor the wording to your precise needs.
For further information, please contact Barry Vickery, Senior Partner on +44(0)20 7528 4598