Specie insurance provides coverage for valuable items that are difficult to replace or reproduce. The term “specie” refers to precious metals, coins, banknotes, and other high-value items.
Specie insurance is commonly used to protect high-value shipments, such as precious metals, diamonds, fine art, and antiques during transport and storage. It covers the loss or damage of these items due to a range of perils such as theft, fire, water damage, and natural disasters.

Coverage Options

  • Coverage includes damages or loss caused by natural perils, like fire, flood, and windstorm
  • Theft or physical damage
  • Coverage for bullion / precious metals in their purified form
  • Coverage of diamonds and precious stones
  • Cash and securities
  • Fine art

Key Features

  • Coverage for high-value items: Specie insurance is designed to provide coverage for valuable items that are difficult to replace or reproduce; it covers a wide range of items, including precious metals, coins, banknotes, fine art, and antiques
  • Protection against a range of perils: Specie insurance covers the loss or damage of insured items due to a range of perils, such as theft, fire, water damage, and natural disasters; this coverage can extend to transit, storage, and exhibition risks
  • Tailored coverage: insurance policies are tailored to meet the specific needs of the client and the items being insured; the coverage and premium of a specie insurance policy depend on factors such as the nature of the items being insured, the mode of transportation, the destination, and the level of security measures in place
  • High limits: policies typically offer high limits of coverage, reflecting the high value of the insured items; this coverage can be customized to meet the specific needs of the client
  • Experienced underwriters: specialized knowledge and expertise is required to underwrite effectively; insurers typically employ experienced underwriters who have a deep understanding of the risks and exposures associated with high-value items
  • Claims handling expertise: in the event of a loss, claims require specialized handling to ensure a fair and efficient settlement; insurers with expertise in specie insurance claims can provide clients with dedicated claims handlers who have the knowledge and experience to handle complex claims

Target Classes

  • Precious metals recyclers and refiners
  • Owners, carriers or producers of valuable items
  • Mining companies or financial institutions
  • Diamond dealers and traders
  • Transporters, packers and shippers of fine art or bullion
  • Institutional or individual collectors

Submission Requirements

  • Specie application including:
    • Description of items to be insured
    • How goes are to be transported
    • Security measured in place
    • Detailed description of storage location
  • 5 year loss history
  • Minimum premium of $5,000