Mosaic Insurance has unveiled a bespoke terrorism and sabotage insurance product tailored for the fine art and specie market.
This new offering aims to safeguard high-value items such as artwork in museums, exhibitions and private collections against physical loss or damage resulting from terrorist acts and sabotage.
It will offer up to $215m (£161.87m) in syndicated coverage per risk.
Bermuda-based Mosaic is leading the initiative through its Lloyd’s syndicate 1609, with additional capacity sourced from partner carriers.
The syndicated capital programme employed by Mosaic enables the underwriting of 100% of the capacity limits demanded by this niche sector.
The coverage is designed to benefit a wide range of clients, including those that may struggle with minimum premium requirements in the broader market, such as those hosting short-term exhibitions.
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By GlobalData
Mosaic’s political violence unit has been offering insurance against losses due to terrorism, war and riots since its inception in 2021.
This unit is one of seven specialised lines of business at Mosaic.
Its other units are transactional liability, cyber, financial institutions, professional liability and environmental liability.
Mosaic global head of political violence Adam McGrath said: “This enables us to offer fine art and specie brokers meaningful capacity and a single route to market –it represents a one-stop solution.
“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.”
Howden Insurance Brokers executive director Poppy Malcolmson said: “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 $150m 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. This not only enables our larger clients to carry out their commercial business operations swiftly but also adds to our team’s efficiency.”
In May, Mosaic partnered with Safe Security to introduce Incyde Risk, a cyber insurance facility.
This initiative, also led by Mosaic 1609, will provide up to $25m in capacity, both primary and excess, targeting mid-market US companies with annual revenues of more than $100m in various sectors.
