All assets known as specie share the fact that they are valuable, at Beazley we believe this is where the similarity ends.
Those in the jewellery trade have different concerns to organisations that regularly transport cash. The protection needed by those with a fine art collection is not the same as required for storing financial instruments.
A move towards e-trading is creating a significant shift in the operating models of clients. This has led to new patterns of exposure with payments being made remotely and the delivery of goods creating an increase in “sending risk”.
The current economic volatility has resulted in increased demand for gold and fine art investment classes. This in turn has increased the demand for bullion and fine art storage capacity along with higher vault limits for commercial and private clients.