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Fine Art & Specie

From diamonds to museum pieces, everything that falls under the category of fine art and specie has a high financial or cultural value. But such niche and precious items can be hard to insure.

Introduction

With years of combined experience and a can-do attitude, our team focuses on finding a solution, rather than giving brokers a straight “No”. We provide cover in four areas: fine art, jewellers’ block, cash in transit and general specie. Our $200m maximum line size means brokers don’t need to go to as many insurers for cover. And with our fast turnaround times and dedicated claims team, we bring something different to an established and fairly static market.

For general questions feel free to ask the team directly via email at their team inbox.

Fine Art and Specie (FAS): [email protected]

 

 

Lucy James

Underwriter

I’ve been in insurance for 17 years, most recently underwriting fine art and specie at CNA Hardy. Before that I worked in central operations teams, where I learnt a bit about everything. The uniqueness of fine art and specie appealed to me – I once insured a model skeleton of a T-Rex!

I joined Convex partly because of the appeal of building a book from scratch and partly because I hadn’t heard anyone say a bad word about it. Now I’m here, I understand why. Convex hires people who know that they’re doing, then trusts them to do it. It’s collaborative rather than competitive, too – everyone’s very helpful. There’s a real buzz about the company, internally as well as externally.

Who we do business with

Within fine art, we insure museums, art dealers, galleries, private collections and temporary exhibitions. Our jewellers’ block cover encompasses retail and wholesale jewellers as well as diamonds, and our general specie cover ranges from crypto currencies to excess SIPA. Cash in transit speaks for itself. With the exception of Canada, Australia and Switzerland, our coverage is global.[AC(3]

This breadth means we can help insure a large gallery with billions of dollars of art one day and a retail jeweller with $300k of stock the next. Most of our book is subscription markets, where our large line size benefits brokers by reducing the number of insurers they need to approach.

Whatever capacity we’re offering, and however big or small the end client, our fast response times and solution-focused approach make us stand out in the market. As time goes on, and brokers support us more in response to our good service, we expect every element of our book to grow.

How we work

As a young but experienced team, we combine expertise with a fresh outlook and the “can do” attitude Convex is known for.

This means we’re always exploring ways of insuring risks others would turn down. It’s a lot of work, but it allows us to offer brokers a solution, rather than saying no if something doesn’t fit into a box. And because we don’t make unnecessary referrals, we can respond within a day, either with a decision or a question. Brokers already recognise us for these fast turnaround times. But the more data we collect, the more information we’ll have on exactly what exposures we have and where, and the faster we’ll be able to respond. We’ll be able to see more trends, too, which will help us with pricing. And finally, should a claim come in, our dedicated team can handle it quickly and efficiently.