Specie explained
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What is Specie?
Specie literally means ‘money in the form of coins rather than notes’. It comes from the Latin ‘species’ meaning form or kind. ‘In specie’ means ‘in the actual form’. So in an insurance context it tends to refer to a broader range of physical assets, not just coins any more.
What do you insure?
Broadly our specie cover falls into two categories: privately owned assets and commercial businesses that deal in specie assets.
Specie provides insurance products that protect valuables or special collectibles such as artworks, jewellery, watches, coins, bullion, loose stones, wine, furniture, antiques and all manner of objects that people like to buy and collect.
Specie policies cover private collections for individuals, companies and superannuation funds, and comprehensive insurance for businesses that deal in specie items.
What cover is provided?
Assets are covered for accidental physical loss or damage, including theft. They are also covered for physical loss or damage from fire and a wide range of other events both naturally occurring (eg. flood) and man-made (eg. impact of aircraft).
Private policies have five types of cover:
Cover 1 – Artwork and Collectibles
Cover 2 – Jewellery and Valuables
Cover 3 – Transit Protection. This is offered within specified geographical limits and must be transported and packed professionally.
Cover 4 – Vault risks (eg items kept in a bank or commercial vault facilities)
Cover 5 – Exhibition. This is for the exhibition of private assets where they are always supervised both during and after exhibition hours.
Commercial policies have seven types of cover:
Cover 1 – Property Damage (covers damage to stock and contents)
Cover 2 – Theft (cover for burglary of stock and contents)
Cover 3 – Money (theft of or damage to the business’ money either in transit or on-premises)
Cover 4 – Glass (replacement of glass broken at the premises either accidentally or maliciously)
Cover 5 – Business Interruption (covers temporary cessation of business caused by damage to property or forced closure for other reasons)
Cover 6 – Sendings and Transit (covers damage or theft of stock while it is being transported either by the Insured or by a professional service).
Cover 7 – Exhibition and Shows (covers damage or theft of stock while on public exhibition anywhere in Australia).
What is the underwriting process?
Check whether there have been any past claims.
Look at the security of the location.
Assess the type of item/s to be covered, whether items are robust or fragile, whether wearing risk is required.
Assess the location risk from flood and cyclone aspect.
If transit or exhibition of assets is required as part of the cover, look at the reasons why and the circumstances surrounding it.
Commercial risks are more involved with more factors to be considered. Security is more complex, levels and nature of stock and income are considered, the background of the staff and a large range of covers are offered depending on the clients’ needs. For example, If transits are needed we look at different types required and their range which might be local, national or worldwide.
What’s needed to get a quote?
A comprehensively completed proposal form will give us all the details we need to quote accurately. This needs to be signed and dated by the client prior to binding cover.
Often a quote starts with basic details in an email, or better still, an unsigned proposal form attached that has good detail included.
Private policies are set up best when we have recent valuations or purchase receipts for the assets accompanying the proposal form details. This documentation allows us to provide agreed value quotes. Without these, we offer market value.
