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CHES Jewellery block insurance, Fine Art and Specie, in Canada.

CHES Special Risk has one of the leading MGA teams specialising in Jewellery block insurance, Fine Art and Specie, in Canada.To known more about them visit them on-https://www.chesspecialrisk.ca.

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CHES Jewellery block insurance, Fine Art and Specie, in Canada.

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  1. FineArt, JewelleryandSpecie

  2. Introduction TheJewellersBlock insurance policywasoriginallydevelopedatLloyd'sofLondon inthe late1880'sbyadiamondmerchant'sclerknamedThomasMarch.Mr.March,whowas concernedattheinabilityofhisemployertoobtaininsuranceagainst theft,wasfriendly withoneoftheleading Lloyd'sUnderwritersofthedayandbetweenthemtheydevised thefirstJewellers Blockpolicy. CHES SpecialRiskhasoneoftheleadingMGAteamsspecialisinginJewellery,FineArt andSpecie, inCanada. Wehaveglobalexpertiseprovidingclientswithinnovativeprogramsandcustomised solutionswithintegratedplacement,administrationandclaimsservices, andour UnderwritersatLloyd’s ofLondonareexclusivetous. WehaveateamspecialistTeamofpeoplefocusingontheclass,soweareabletooffer a widerangeofknowledgeandwithalargeteamareabletoprovideahighlevelof servicetoourclients. AsoneofthelargestMGA’s,wehavethenecessarybuyingpowertoenableustomeet ourclients’needs.

  3. AreasofExpertise • CHES SpecialRiskareabletoofferaflexible approachandofferspeciallystructuredand creativeinsuranceproductsbasedoninternationaltermsforthefollowingsectors: • FineArt • JewelleryInsurance in Canada, JewelleryRetails,Wholesalers andManufacturers • DiamondandGemstonedealers • PreciousMetalsandGemstoneminingoperators • ArmouredCarand Cash/Valuablesintransit • Cashand Valuablesinvault • ReinsuranceProgramsandTreaties • CaptiveProgrammes

  4. ClientBase OurclientbaseemanatesfromallaspectsoftheSPECIE Market,fromArtGalleries, JewelleryStores,Furriers,toPawnBrokerswithhighvalued preciousgemsandMetals, and armouredcardeliveryofhigh valueitems. Wehaverecentlyseenanevolution in thePAWNBrokerbusinessInsurance whichisnowbuying and sellinghighvaluedesigneritemssuchashandbagsandleathergoods. CHESSpecialRisk haskeptpacewiththesechangesandmetdemandwithatailored policythatrespondstothedemandsofthemarket. Don’t justthinkofthisTypeofcoverageonlyrespondingtothehighvalueditems, becausethepolicycoversfurniture,fixtures,Fittings,officeequipment,show cases, glass,atrue‘Tenants’policy,whichcanalsobeextendedtocoverCGL,andElectronic Breakdown

  5. FineArt • FineArtencompassesawiderangeofcollectible items,frompaintingsandsculpturesto glassware,antiquesand coins. • Ourclientbaseincludes: • Museums • Privateand CorporateCollections • FineartDealers • Shippersand Packers • Auctioneers • AntiqueDealers • CoinCollectionsandDealers • StampCollectionsandDealers • Exhibitions

  6. FineArt–ScopeofCoverage • CHESSpecialRiskhaveanumberofwordingswhicharedesignedfordifferent proposes.Generally,theseareonanAllRisks physicallossorphysicaldamagebasis, includingdepreciation withanumberofexclusions,forexample: • Losses sustainedwhilsttheartisbeingworkedupon,forexample,whilstbeing repaired • Wear,tearand gradualdeterioration • Consequentialloss • Radioactivity • Earthquake • War • Terrorism

  7. FineArt–ExtensiontoCoverand Othercoverages • Inadditiontothestandardcoverage,insurersareoftenpreparedtoextendcoverageor placeaseparatecontracttoinclude: • Earthquake • Terrorism • Furniture,FixturesandFittingsoftheGalleryorMuseum • TransitoftheFineArt • DefectiveTitle • ProfessionalIndemnity • Agreedvalueofpair ofitems,whenoneof • pairorset islostordamaged • Warwhilst theinterestisin transit • Firstlosscoveragebasis • Contingentcoverage • DifferenceinConditionsorLimits

  8. FineArt –UnderwritingRequirements • Whilstnotacompletelist, thebasic informationunderwriterswillneedtoconsider whetherornottoaccepttheaccountand if sounderwhatconditions andpremium includes; • Typeofbusiness,forexample,Museum,PrivateCollectionorDealer • Itemstobeinsured–scheduleofitemswhichshouldincludebriefdetailsofeach • item,thevalue andnature(fragileornon-fragile) • Location(s)–wherearetheitemslocated,areanyitemsdisplayedoutsideorin basements • Securitydetails–protectionsagainstfireandtheft • Area–isthearealiabletoflood,is itinanearthquakezone • Occupancyoflocation–isthepropertyeverleftunoccupiedforaperiodoftime • Iscoveragerequiredfortransit–howis itshipped,packed andwhataretheannual valuesshipped,whoistheshipper • Deductible • Whatbasis shouldclaims bepaidon–AgreedValueorCostPrice • Levelofcoverage/wordingstobeused • Claimsrecordforfive years

  9. FineArt–ExhibitionsandFineArtFairs UnderwritingInformation • Overtheyears,the TeamatCHEShaveplaced anumberofblockbusterexhibitions, many withveryhighsumsinsured. • InordertoconsiderExhibitions,insurerswill needtoknow: • Nameof exhibition • Organiserof exhibition • NameofInsured/details ofinsuredandexperience • Periodof exhibition • Venue(s) • Total Values • Breakdownofvalues splitbetweenfragileandnonfragile • Securityatexhibition–forexampleguards,alarms, temperaturecontrolled and lockshowcases • Istransitrequiredto/fromtheexhibition • Preandpostconditionreport • Previouslosses

  10. Jewelleryand Gemstones • Weprovidesolutions forawiderangeofdifferentoperationswithintheindustry,from largemultinationalJewelleryRetailersandDiamondWholesalers.Thetypeofbusiness willinclude: • JewelleryRetailers • WatchManufacturersandRetailers • DiamondDealers • Wholesalersand Manufacturers • Luxurygoodsretailers • PawnBrokers • Diamondand GemstoneminingOperators • Transporters • Aswellasplacing individualaccounts,wehaveexperiencein puttingtogethercoversfor thirdpartiessuchasoverseasInsuranceCompanies,includingbothbindersandtreaties.

  11. Jewellery–ScopeofCoverage • TheJewellersBlockInsurance Policyisan"allrisk"coverage,whichmeansthattheinsurermust specify whatis notcovered.Ifariskis notinthelistofexclusions,itis covered. Typical risksthatarecoveredareBurglary,Robbery,Shoplifting,GrabandRun, TrickLoss, SubstitutionandAccidentalDamage,inadditiontotheusual riskssuchasFire. • Forlargerclients, weproducebespoke policiesbasedonourclientsneedsand requirements,whichwehavedevelopedover theyears. • CoverageisonaJeweller block insurancebasis andcanbe extendedfor: • Coverageforstockheld instorewindows • Personalconveyanceforstockin transit • Stock on memorandumtothirdparties • Stockwhilstatemployeeshomes • Shipmentsof stock • Exhibitions • Wearing ofitems atevents • Earthquake • Cuttingandpolishingofdiamonds

  12. Jewellery–Underwriting requirements • Itisnormalpracticetoaskthe client tocompleteafullproposalformwhichwilloutline • detailsoftheinsured,whichwill include: • Name/Address • Retailerorwholesaler • Typesofstock,forexample watches,jewelleryordiamonds • SumInsured–foreachlocation,windowlimit andamountoutonmemorandum • PersonalConveyance–averageand maximumamountcarried,numberofdays travelled • Fullsecuritydetails–whichwillincludedetailsofsafes,alarmandCCTV • Claimsdetails overthepastfiveyears • Oncealltheinformationhasbeenconsidered,insurersapply ratetovariousaspectofthe coverage requiredtocometoa finalpricing. • Forlargevolumebusiness, forexamplesmallerJewellery Retailers,Reinsureswould consider placingabinderortreatywithsetterms,ratesandconditions.

  13. GeneralSpecieandCashinTransit • Thisareaincludescoverageforcash,goldandothervaluablescompaniessuchas: • CashinTransitCompanies • CashCountingOperations • VaultcoverageforBanks • SafeDepositVaults • AutomaticTeller Machine(ATMs)operators • GoldandPreciousMetalTraders • PreciousMetalRefiners • PreciousMetalMines • RareMetaldealers • ChequeCashers

  14. GeneralSpecie– Underwriting Requirements • Whilstofsomeclassesastandardproposalformisavailable,withotherareas itismore commontoaskindividuallytailoredquestions totheriskinquestion,thegeneral informationthatwill beneeded includes: • Nameandaddressofclient • Operationdetails/activity types • How long hastheclientbeen in business • SumInsuredperlocation/anyonetransit • Total annualshipments • Territorial limits • Grossrevenues • Securityat premises • Vault/safedetails • Howare staffscreened

  15. LossPreventionand Claims Noteveryriskwewriteissurveyed,however,whenneededournetworkofrisk surveyors areable toworkwithourclientstomanageandreducerisk. Surveyorsareonoccasion appointedtovisit theclient todiscusspossibleimprovements inriskmanagement. Ifaclaim doesoccurwehaveadedicatedclaimsteam,whohaveaproventrackrecord ofsettling alltypesoflosses,fromthesmalltothelargeandcomplex.

  16. ContactUs Rachana Patel SeniorUnderwriter EmilyNewell Underwriter 4165597297 rachana.patel@chesspecialrisk.ca 6474801534 emily.newell@chesspecialrisk.ca Thankyou .

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