What we offer
We provide a fully comprehensive all risks of physical loss or physical damage coverage for valuable personal property that often requires more coverage than the usual limits provided by an insured’s homeowner policy. We will pay the cost to repair or replace clients’ property at an agreed value basis for scheduled items and market value for blanket coverage up to US$25,000 per item.
We sell this cover as part of a Personal Articles Floater (PAF) and it is available in the USA, and Canada via a binding facility to third party Coverholders, which wraps together the individual standalone private collection policies.
We also provide a Homeowners’ HO5/PAF package solution that is sold directly from our USA offices.
Typical items that we insure include:
- Fine art
- Antique furniture
- Coins and numismatics
- Wine/whiskey collections
- Baseball/sorts cards/comic books
- Gold/silver bullion
- US$10 million capacity for any one collection/any one location
- Coverholder underwriting authority for in scope risks up to US$1 million
- Automatic cover for new acquisitions up to 25% of a collection’s value
- Market appreciation up to 150%
- Defective title cover up to US$100,000
- Fake and Forgeries cover up to USS100,000
Coverage enhancements can include:
- Lower deductibles
- Nat Cat peril
- Worldwide coverage
- No class/item limits
- Full transit coverage
- A broader range of collection types that can be deemed a
How can we help
We have a proven track record stretching over thirty years of insuring clients’ private collections and protecting their valuable items, and we provide binding authority solutions for easy to place, light touch and automated underwriting for risks located in the USA and Canada, that match our risk criteria.
With our specialist experience and expertise, we know that each risk will have a set of unique characteristics so we aim to be flexible in our approach to finding coverage and rate solutions. And, we know that high speed and responsive underwriting is key to our Coverholder service. We don’t wait for end of year reviews to assess the performance of the binder contract; instead, we work in partnership with our Coverholder partners and hold regular high level meetings throughout the year so that they have contact with our key underwriters.
We also recognise the importance of efficient claims handling, be it for large or small notifications, and that claims need to be managed in a timely and sensitive manner to deliver a positive result if the worst should happen. If required, we can utilize a dedicated private collections’ third party adjuster to give peace of mind to our clients.
Because we place the business via our Lloyd’s syndicate, we benefit from the Lloyd’s “Chain of Security” and a consistently high rating from A.M. Best, Fitch and Standard and Poor’s.
What is needed to set up a binder?
- A Lloyd’s of London accredited broker
- Approved business plan introducing the Coverholder, underwriting team and outlining the Personal Articles Floater opportunity
- Lloyd’s delegated authority approval for an FA: Risk code.
Who we can help
We can help a wide range of clients including:
Where Is This Offered?
Policies are offered to insureds with a named location based in the USA and Canada.
The Beazley Difference
Freedom lies in being bold. We dare to be different and seek bold possibilities to create more innovative, fair and satisfying outcomes for our clients, brokers and employees. From insuring the highest building in the world, to the first commercial lunar vehicle to operate on the moon - we boldly go where others won’t.
STRIVING FOR BETTER
Good is a start, but we go all-out for better. A driven community of individuals relentlessly push the needle and creating value. From launching the market’s first dedicated ESG syndicate to the establishment of our business unit focusing on designing digital insurance solutions, we pride ourselves on always going above and beyond. Simply put, at Beazley we go to 11.
DOING THE RIGHT THING
Acting with integrity in a straightforward, decent way is instinctive. Open and honest with others, we show respect and empathy however challenging the situation – demonstrated by our multi-award winning claims team. Doing the right thing makes for a fair-minded, rewarding environment and makes work and life better for all.
Examples or Scenarios
With global temperatures rising and climate conditions becoming increasingly volatile, natural catastrophe events such as fires and floods are impacting growing numbers of homeowners and their property, including items of value both financially and personally. This situation makes it essential to have access to the right modelling tools to determine the risk and appropriate risk management measures to protect clients’ homes, collections and valuables.
In addition, admitted market carriers’ appetites are decreasing across the USA and Canada, resulting in tightening aggregates being applied. This situation is creating opportunities for Coverholders looking to the excess and surplus lines market for solutions for these increasingly hard to place risks.