Specialist insurer Hiscox has unveiled a new fine art consortium resulting from its collaboration with Ascot Underwriting.
The company said the consortium with a US$1 billion capacity has been constructed specifically to streamline the process of placing large fine art risks within Lloyd’s of London.
The new offering will improve efficiency and put the customer’s needs first by providing completely transparent capacity and promoting healthy competition in the market, Hiscox added.
According to the insurer, the consortium is available to any Lloyd’s approved broker and is appropriate for large private and corporate collections as well as museums and their exhibitions.
“Billion dollar collections used to be a rarity, but this is no longer the case; such large fine art risks are now commonplace in the Lloyd’s market,” said Robert Read, head of fine art at Hiscox.
“The consortium circumvents the need for some of the exotic facilities being peddled around the market and puts broker and customer convenience first,” Read added.
Gary Tredgett, specie and fine art class underwriter at Ascot, noted that Lloyd’s has been a major stronghold for fine art for the past decades, providing insurance solutions globally.
“This new fine art consortium, the largest of its kind and open to all approved Lloyd’s brokers, will continue to provide the same high level of service and expertise to brokers and to clients,” he said.
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