Mosaic provides syndicated terrorism coverage for Fine Art & Specie

Bermuda-based specialist insurer Mosaic Insurance has launched bespoke global terrorism and sabotage cover for fine art and species policyholders, with syndicated capacity extending up to $215 million per risk.

The new product provides cover for physical loss or damage caused by acts of terrorism and sabotage, protecting works of art and other high-value content housed in museums, exhibitions, stately homes and similar establishments.

“This allows us to offer fine art and species brokers significant capacity and a single route to market – it’s a unique solution,” global head of political violence Adam McGrath said in a statement. “By pooling multiple sources of capacity under one roof, we can speed up the placement process, which is vital when brokers need urgent coverage for their clients.”

Mosaic said its syndicated capital program facilitates its ability to write 100% of the high capacity limits required in the sector. The insurer runs each risk through Lloyd’s Syndicate 1609 and builds capacity from partner carriers. The solution can help a variety of customers, including short-term trade show hosts, who may otherwise find minimum premium requirements difficult on the open market.

“In our fine art and species business, we are often required to change terms in as little as two hours and with limits often greater than the $150 million mark. The Mosaic terror line has given us the ability to access capacity both quickly and efficiently, removing the need to address numerous markets in a short space of time,” noted Poppy Malcolmson, chief executive, Howden Insurance Brokers. “Not only does this enable our larger customers to run their business quickly, it also contributes to the efficiency of our team.”

Since launching in 2021, Mosaic’s political violence unit has provided insurance solutions to clients facing losses arising from acts of political violence, including war, terrorism and insurgency perils.

Political violence is one of seven specialist lines of work for Mosaic, each selected for its high technical barriers to entry and relevance to current and projected geopolitical and economic conditions. Other units include transactional liability, cyber risk, political risk, financial institutions, professional liability and environmental liability.

Source: Mosaic Insurance

TOPICS
Catastrophe Natural disasters