Specie

Who we are

RPSG Provides a bespoke approach to Specie Transport markets,
providing a tailored plan to protect all of your valuable cargos.

Specie

RPSG Provides a bespoke approach to Specie Transport markets, providing a tailored plan to protect all of your valuable cargos.

FINE ART  •  JEWELRY •  GEMS & PRECIOUS METALS  •  CASH IN TRANSIT  •  AND MORE

SPECIE

Overview

Specie is quite an old term, dating from the 18th century and was used at the time to refer to valuable cargo. The broad term is still true today, but the sector has expanded to include some very specific areas. There are always outliers as well, and underwriters in the specie sector are used to receiving some interesting proposals. The insurance perspective is divided into two underwriting areas. Much specie is underwritten under cargo policies as is traditional in these areas, but some very well-regarded underwriters in the specie world write their business on a non-marine property basis.

Specie Areas

Pictures, sculptures, prints, images, antiques, books, and many, many other things could be included under the general term above. The environment includes galleries, museums, auction houses, private collections & individual personal items. Transit and storage risks are very important too, as are specified freight forwarders and specialist storage facilities. Risks include theft, damages in transit, defective title, as well as the usual hazards to the item in situ. An important facet of fine art policies is the ability for an insured to claim loss of value/depreciation to a damaged work of art.

This covers many areas of jewelry and precious stones, as well as precious metals and design. Jewelry can be anything from the very high end, such as Cartier, Van Cleef, and Bulgari, to the more utilitarian wholesale and retail offerings in widespread locations. The risks are reasonably obvious, including theft, robbery, and misappropriation. Other areas may include substitution, mysterious disappearance, entrustment losses, and travel exposure. There is a strong tradition of travelling salespeople who visit potential customers with lines of jewelry, and they are often targeted by organized criminal gangs. While internet sales have reduced this aspect, it is still quite common in the wholesale jewelry sector. The Jewelers Security Alliance, based in New York, is a valuable resource, promoting security in the jewelry industry and producing a valuable “Handbook of Jewelry Security.”

This covers quite an extended supply chain involving mining and processing risks, the transit of metals and stones to their destination to be sold, polished, refined, and made into finished products. This is a fundamental part of the industry and one with a high risk factor. Gold and gemstones are often mined in very remote and frequently difficult parts of the world, and the risks of internal theft, corruption, organised crime, and fraudulent transactions cannot be overemphasised. Scammers and fake shipments are frequent occurrences, and excellent loss control and risk analysis should be undertaken. In the case of diamonds, they are usually cut and polished from rough stones, and this is often carried out in the major diamond markets in Mumbai, Antwerp, Ramat Gan, and New York. Here, the industry has high standards of policing and bearing down on fraud and theft.

While cashless transactions have spiraled since the Covid pandemic, much of the world still depends on cash, and this causes a major security headache. Losses from armored cars and ATM facilities are common, and in many parts of the world, criminals have little compunction in causing casualties in the furtherance of robberies. Careful risk management is essential, and procedures and company and staff vetting are quite as important as physical protections. Again, with cash, fraudulent claims are quite common, and losses need to be carefully investigated.

SPECIE

Overview

Overview

Specie is quite an old term, dating from the 18th century and was used at the time to refer to valuable cargo. The broad term is still true today, but the sector has expanded to include some very specific areas. There are always outliers as well, and underwriters in the specie sector are used to receiving some interesting proposals. The insurance perspective is divided into two underwriting areas. Much specie is underwritten under marine cargo policies as is traditional in these areas, but some very well-regarded underwriters in the specie world write their business on a non-marine property basis.

Risk Protection Services can assist Insurers in many areas of this diverse class of business:

SPECIE

Other Areas

These could include documents, stamps, letters, furniture, wine, digital art, prototypes, vehicles, ships, and aircraft, and a plethora of other collectables. Each has its own peculiarities, and all fall into the broad category of specie.

Specie

RPSG Provides a bespoke approach to Specie Transport markets,
offering a tailored plan to protect all your valuable cargos.

Fine Arts – We can work on claims investigations as well as security and pre-risk analysis for Museums, Galleries, Auction Houses, and collectors, as well as shippers and packers. We can assess security for locations and transit of art and for business and private collections.

In the event of a loss, where appropriate, we will work with Appraisers, Conservators and Restorers to enable Insurers to reach a rapid and fair settlement taking account of the balance between loss of value and restoration.

Antiques and collections – An area of almost infinite variety we work to secure and protect the integrity of delicate and irreplaceable items. We will ensure that each item in a collection is considered and work with specialists to the quantum and risks inherent with a collection and in the event of theft, loss or damage, work with all parties to achieve a fair and equitable settlement.

Gold, and Prescious stones – From the mine to the wearer’s finger, RPSG can oversee the journey from mining, refining / cutting, manufacture and wholesale and retail sale. We can work providing security at every stage of the process. Our work covers all aspects of security, loss prevention advice and working with Insurers at every stage in the event of a claim. We have access to forensic accountancy services, specialist claims investigators and law enforcement professionals. We operate on a worldwide basis and in operations in difficult to reach countries and locations.

Cash in Transit – Large parts of the world still have a heavy reliance on cash transactions and cash is transported, counted, and stored in locations worldwide. Attractive to criminals, the CIT industry relies on working to the highest standards of security to avoid internal or external loss. We work with industry professionals and Heads of Security throughout the world to ensure that physical protections are verified and all those involved in this business area are suitably vetted and that all security procedures are appropriate and are correctly followed. Again, we can provide bespoke or contractual security and will assist Insurers in the claim’s investigation process at all stages.

Naturally the above are general headers and Insureds may have a variety of requirements, described above or in other areas. These could include documents, stamps, letters, furniture, wine, digital art, prototypes, vehicles, ships, and aircraft, and a plethora of other collectables. Each has its own peculiarities, and all fall into the broad category of Specie.

In all events the team at RPSG will work with Insurers and other experts to provide the best service possible to Insurers and Reinsurers, whatever their requirements may be!

SPECIE

Other Areas

These could include documents, stamps, letters, furniture, wine, digital art, prototypes, vehicles, ships, and aircraft, and a plethora of other collectables. Each has its own peculiarities, and all fall into the broad category of specie.