What is specie insurance

what is specie insurance

The objective of Specie Insurance is to provide cover for one of the most common and oldest risks – historically known as "piracy" – but in South Africa commonly referred to as hijacking or, more mundanely, as theft of cash and valuables whilst in transit or storage.

Undoubtedly, Specie Insurance is a narrow, highly specialised niche within the overall short term insurance market.

Insuring such risks in the conventional commercial market would invariably be costly with a very high excess and not provide the extent of cover required for your unique circumstances.

Anyone who regularly takes in and holds significant amounts of cash or valuables needs Specie Insurance cover. This includes:

  • Small and Medium sized Retailers and Wholesalers (Filling Stations, Supermarkets, General Dealers etc)
  • Cash Handlers (Payroll Movements, ATM Companies)
  • Security Companies and their clients
  • Banks and other financial institutions
  • Mining Operations
  • Museums and Galleries
  • Government Institutions
  • Art Collectors

Main Product Lines

  • Assets in Transit (Cash, bullion, precious metals, precious stones, negotiable instruments)
  • Static Vault /Safe Cover
  • Fidelity Risks (Contract specific or General)
  • Fine Art and Collectables
  • ATM’s and Deposit Taking Devices

    (Static and Transit Exposures)

Cover Provided

  • Cash / valuables lost whilst in the custody and care of an Approved Security Services Provider
  • Cash / Valuables lost whilst in storage (Vault or safe)
  • Cash /Valuables lost in transit – either by:
    • Outside influence
    • Accidental Damage

Benefits to Policyholders

  • Tailor made wording for the industry
  • Excess Free or low excess
  • This type of Insurance is usually difficult to obtain by smaller clients
  • Risks covered under our policies are usually not covered by the general insurance market
  • Price fluctuations minimal and cash claims do not influence non-cash related premiums, as it allows our policyholders to separate high valuables insurance from their normal commercial insurance policies
  • Product suits high risk exposures;
  • Expert knowledge of cash, valuables and fine art insurance industry;
  • Facility provides higher limits than traditional insurers;
  • Access to and support of international markets with intimate knowledge of mitigating risks associated with our products
  • Excellent Reinsurance backing

This is a guide only. The full terms and conditions are contained in the policy wording.

Source: www.genric.co.za

Category: Insurance

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