The broker has launched a new precious metals product to insurer companies who mine, refine and trade
Broker Marsh has launched a new metals insurance, backed by Lloyd’s and other insurers, following a recent sharp rise in gold and other precious metals prices which left some companies uninsured.
The price of gold per troy has risen from pre recession prices of £327 in 2007 to an October high of £849, according to Lloyd’s. The price is expected to continue to rise.
In direct response to the high price of precious metals, Marsh developed a specialist insurance line for companies that mine, refine or trade in metal, combined in one product.
The new metals insurance is mainly placed with specialist subscription markets at Lloyd’s.
Paul Palmer of Marsh’s London-based specie division said: “With just one contract protecting all its metal and associated risks, a client can benefit from a comprehensive solution from the market’s leading insurers at competitive terms.”
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