Markel boosts fine art and specie capacity to $250 million
Markel has increased its fine art and specie underwriting capacity at Lloyd's to $250 million from $100 million, the insurer said on Tuesday. The access to higher limits is aimed at supporting larger and more complex risks.
By Jemima Denham Oct 7 (The Insurer) — Markel has increased its fine art and specie underwriting capacity at Lloyd's to $250 million from $100 million, the insurer said on Tuesday. The access to higher limits through a single placement is aimed at supporting larger and more complex risks, such as art collections, jewellery and precious metals, Markel said. Rising valuations and concentrated collections of high-value assets have driven demand for higher coverage limits, said Danny O'Donoghue, head of fine art and specie at Markel. "Similarly, brokers are seeking larger placements to reflect these growing risks," O'Donoghue said.