High net worth and specie
The high net worth, fine art and specie market has been subject to a number of major losses in recent times. Superstorm Sandy in 2012, for example, is estimated to have resulted in a US$ 300 million exposure overall to (re)insurers.
At Weightmans, our high net worth and specie team is accustomed to dealing with the problems which commonly arise in claims in this specialist class of business, providing straightforward, commercial advice on high net worth, fine art and specie claims, for both insurers and reinsurers.
We have significant experience advising (re)insurers on issues such as non-disclosure and misrepresentation; stillages warranties; perimeter warranties, burglar alarm and maintenance warranties; locked safes warranties; personal conveyance clauses; close and personal custody warranties; and theft exclusions, among others.
With close relationships with specialist advisers around the world, our experience includes dealing with claims arising from overseas jurisdictions, including the United States, Canada, Europe, Africa and Asia.
Work examples, advising:
- Insurers on loss of paintings
- Insurers on loss of jewellery
- Reinsurers on cash in transit claims in Kenya
- Insurers on theft of high performance and luxury vehicles
- Insurers and reinsurers on losses under jewellers block policies in the U.S. and Canada, Continental Europe, Hong Kong, Thailand and Malaysia.
- Insurers on theft of uncut diamonds in London