New billion-dollar insurance to combat gold prices

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Marsh creates cover that covers all risk of physical loss or damage.

To help ensure jewellers are not under-insured as a result of rocketing gold prices, insurer Marsh has developed a new metals insurance policy that will provide up to US$1 billion (£630.9 million) of cover.

The new policy provides protection for precious and base metals whist in transit or in stores worldwide, plus related plant, machinery and equipment.

Philip Turner, head of Marsh’s Specie Practice in London, said: “Any business involved in the transit, storage and trading of precious and base metals are potentially at risk of being under-insured as a result of the recent dramatic increase in wholesale prices. While the actual physical amount of metals in transit has not changed dramatically in the past 12 months, values at risk have doubled in some cases.”

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Marsh claims the policy has been designed for the specific needs of financial institutions, metals and mining companies, metals traders, refineries, transporters and storage companies and that the metals insurance product covers “all risks of physical loss or damage”. This includes employee theft, theft and mysterious disappearance. Political risks and advanced loss-of-profit cover is also available.

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