Hiscox announced it has formed a new US$1 billion fine art consortium, the result of a collaboration with Ascot Underwriting.
The $1 billion capacity consortium has been constructed specifically to streamline the process of placing large fine art risks within Lloyd’s, Hiscox said in a statement.
It is available to any Lloyd’s approved broker and is appropriate for collections in the broadest sense of the word – from large private and corporate collections to museums and their exhibitions.
Robert Read, head of Fine Art at Hiscox, explained: “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. The consortium circumvents the need for some of the exotic facilities being peddled around the market and puts broker and customer convenience first.”
Gary Tredgett, Specie and Fine Art Class underwriter at Ascot, added: “For decades, Lloyd’s has been a major stronghold for fine art, 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.”
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