Specie Insurance

Throughout the industries that participle in the valuable goods specie sectors the challenges can vary considerably, anything from changes in technology to the territories they operate within.

These changes are happening quickly, as technology is changing the way many companies operate. When these business operations change it is imperative that specie insurance products continue to evolve to meet the changing needs of your industry.

JLT’s specie team is a highly specialist and experienced group of insurance brokers. This combination of experience and specialism means that however unusual your insurance need, you know we’ll have dealt with it before.


Specie What we do
Specie What we do

Our dedicated team offers specialist insurance for clients in the following areas:


While growing regulation means that fewer financial institutions now offer safety deposit boxes, a lot of independent companies have begun to specialise in this sector. But because of the complexities involved in proving the contents of the boxes, only a couple of insurers have actively underwritten this risk.

We’ve been able to change that. Our specialist knowledge and the scale of our business has allowed us to create alternative markets – giving you more choice and more competitive protection against any loss or damage to your customer's goods.


When it comes to specie, financial institutions need coverage for the valuable goods they store and transport on behalf of their customers. These include storage and transportation of securities, cash, precious metals, coupons and other papers of value protecting customers goods who invest with them.

We can broker insurance that replaces your papers at face value, in the event that they’re destroyed by flood, fire or theft (internally or externally) or any other events that cause physical damage or loss to papers of value.


If you’re a metal trader, you understand that movement brings risk – even when it’s only the physical title that’s moving. You need to cover your metals for third-party storage around the world. And increasingly, you may need insurance against deprivation and failure of access.

Our coverage protects you against these risks, as well as against catastrophic events and physical loss or damage. So if anything happens while you’re holding the title, you know you’re fully protected – for a competitive price.


Our mining products protect your goods against any physical loss or damage, from extraction through to the end customer. Our standalone minting or refining products cover all physical loss or damage, whether your goods are in transit, at your premises or in a third-party location. And whatever you’re protecting, we always tailor the wording to your precise needs.


A specie insurance policy will cover the valuable goods at your and third-party locations. It will also cover goods in transit. The coverage can be tailored to your specific needs.

Due to the nature of the goods (cash, precious metals or other valuables of any nature), one of the most prominent risks is employee theft. It is therefore important that your policy addresses this exposure adequately.

If the stolen good is cash, it can simply be valued at replacement cost. However, following a loss of precious metals, other methods need to be used. These typically involve the use of one of the metals exchange to determine the replacement cost.

Yes, a dedicated specie policy can include this coverage should it ever be required.

Cash-in-transit companies, ATM service providers and gold refiners mandatorily need insurance to trade with their customers. The onus is therefore on these firms to insure the goods in their care and in many cases, insurance forms a part of the contractual terms provided by them to their customers.

Key Facts

Place insurance for the worlds largest cash in transit firmsPlace insurance to protect many of the worlds ATM machinesWe protect several precious metal refiners globallyWe provide and support cash movement across the globe


Still not sure if we’re the right broker for you? Here are four more reasons to trust our team:


Because we’ve worked with clients like you for the last 30 years, we really understand the intricacies involved in protecting fine art, diamonds and jewellery. We recognise how your industry – and risks– have evolved and are well-qualified to transact business between you and the insurance market, in a language you understand.


Our team is highly focused and totally dedicated to specie and cash logistics. This laser-like attention means we’ll always look for the most tailored and competitive solution for you – not a more general one, which might cost more and leave you exposed.


As well as our colleagues in the fine art, jewellery and specie team, we also work closely with other teams in JLT Specialty and the wider Group, such as financial institutions credit, political and security risk and cargo. So if you need specialist risk management advice, we can refer you to leading experts in your field.


In the event that you need some advice or to make a claim, our market-leading service and claims management team can help. Our dedicated claims team, which sits next to us in our London HQ, will take the time to understand your business, fight your corner and process your claim quickly and efficiently.

Case Study

Specie Case Study

New business venture

A client, contacted us with a new business venture they were entering into in the precious metals storage sector and requested our assistance. The client wanted to understand the cost implications of obtaining over USD 2 billion in coverage limits, they needed to manage their external PR and the risk appetite of their board of directors whilst at the same time ensuring the product they were proposing was attractive to their customers.

One of their concerns was whether this venture would be viable, balanced against the costs of securing the custodian insurance. They needed to ensure that the coverage they obtained would fully meet their contractual obligations with their clients. The significant limit required would need to utilise the vast majority of the available capacity in the market.

We designed the structure of the placement outside of a traditional approach in order to maximise cost efficiencies, catering for the significant limits. By mobilising our resources we were able to place the required coverage within 48 hours. We expanded the boundaries of the coverage to ensure it met all of their contractual obligations as well as their implied obligations.

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