Updated: Sep 18, 2024 01:35 PM
Adam McGrath, global head of Political Violence, Mosaic Insurance (Photograph supplied)
Mosaic Insurance, the Bermudian-based global specialty insurer, has launched customised global terrorism and sabotage coverage for fine art and specie insureds, with syndicated capacity extending up to $215 million per risk.
The company said the new product offers coverage for physical loss or damage caused by acts of terrorism and sabotage, protecting artwork and other high-value contents housed in museums, exhibitions, stately homes, and similar establishments.
“This enables us to offer fine art and specie brokers meaningful capacity and a single route to market — it represents a one-stop solution,” said global head of Political Violence Adam McGrath.
“By pooling multiple sources of capacity under one roof, we can expedite the placing process, which is vital when brokers need urgent cover for their clients.”
Mosaic said its syndicated capital programme facilitates its ability to write 100 per cent of large capacity limits required in the sector. The specialty insurer leads every risk through its Lloyd’s syndicate 1609 and builds in capacity from partner carriers.
Through economies of scale, the solution can assist a variety of clients, including short-term exhibition hosts, which otherwise can find minimum premium requirements challenging in the open market.
“In our fine art and specie business, we are often asked to turn around terms in as little as two hours, and with limits frequently upwards of the $150-million mark. Mosaic’s terrorism line slip has provided us with the ability to access capacity both quickly and efficiently by removing the need to approach numerous markets in a short time frame,” said Poppy Malcolmson, executive director, Howden Insurance Brokers.
“This not only enables our larger clients to carry out their commercial business operations swiftly, but also adds to our team’s efficiency.”
Political violence is one of seven focused lines of specialty business for Mosaic, each selected for high technical barriers to entry and relevance to current and projected geopolitical and economic conditions. Other units include transactional liability, cyber, political risk, financial institutions, professional liability, and environmental liability.
Poppy Malcolmson, executive director, Howden Insurance Brokers (File photograph)
