Mosaic to offer $200m terrorism insurance for fine art and specie market

Mosaic Insurance now offers customised tailor-made global terrorism and sabotage coverage specifically designed for fine art and specie insureds, with syndicated capacity reaching up to $215 million per risk.

Offering coverage for museums, exhibitions, stately homes, and comparable institutions, this new product aims to protect artwork and other high-value contents housed in museums, exhibitions, stately homes, and similar establishments, against physical loss or damage resulting from acts of terrorism or sabotage.

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.”

Mosaic’s syndicated capital program allows it to fully underwrite 100 percent of large capacity limits needed in the sector. The specialty insurer utilizes its Lloyd’s syndicate 1609 to manage all risks and supplements its capacity by collaborating with partner carriers.

By leveraging economies of scale, Mosaic’s new solution can cater to a range of clients, including short-term exhibition organisers who typically struggle to meet the minimum premium thresholds set by traditional insurance providers.

Poppy Malcolmson, Executive Director, Howden Insurance Brokers, stated: “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 timeframe. This not only enables our larger clients to carry out their commercial business operations swiftly, but also adds to our team’s efficiency.”

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