What is a specie underwriter?
Underwriter, Specie, AXA XL. An important but lesser-known niche of the global insurance industry is specie insurance. This specialized form of coverage is essentially about protecting high-value, portable items – such as precious metals, gems, securities, cash and even cryptocurrency.
What is marine specie?
The specie account effectively covers the transit and premises risk of any goods of a valuable nature. The main risks covered include loss caused by natural perils (fire, flood, windstorm, earthquake, and so on), together with theft or physical damage to the insured items. …
Can gold bullion be insured?
Most policies only pay up to $250 to replace bullion, coins and other similar items. So, homeowner’s insurance is not an option for insuring bullion. Instead of relying on homeowner’s insurance for self storage, the best thing you can do is fortify where you hold your bullion.
What is considered an insurance policy?
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay.
What is fine art and specie insurance?
Our Fine Art and Specie insurance covers organisations and individuals against loss of or damage to valuables including currency, bullion, precious stones, documents and works of art.
How can I protect my gold bars?
There are really only three ways to store your gold—keep it at home, use a bank’s safe deposit box or pay a third-party storage firm. Mike Clark, president and general manager of Diamond State Depository, points out the danger of investors storing gold bullion on their own. “If you lose it, it’s gone,” Clark says.
Can individuals own gold?
Gold is legal to own. However, there was a time when it was illegal for U.S. citizens to own gold. On December 31st, 1974, private gold ownership restrictions ended. Starting on January 1st, 1975, U.S. citizens could freely hold any gold with no licenses.
What is the basic definition of insurance?
Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium.
What is insurance and its characteristics?
The most important feature of insurance is that it is legal contract between the insurer and insured, under this insurer promises to compensate the insured for the loss which is mentioned in the policy and the insured promise to pay a fixed rate of premium which is consideration in this contract for the promise of the …
What is the difference between gold and bullion?
Gold would include various forms of gold like coins, bars and other forms of the metal. When you talk of bullion, it also includes other precious metals like silver and platinum. Bullion is a pretty vague and general term that is used for a whole lot of commodities. It can comes in coins, ingots and bars.
Why is it called bullion?
The term is ordinarily applied to bulk metal used in the production of coins and especially to precious metals such as gold and silver. It comes from the Anglo-Norman term for a melting-house where metal was refined, and earlier from French bouillon, “boiling”.
What is the financial definition of in specie?
Financial Definition of in specie. What It Is. In specie is a Latin term describing the provision of an asset in its physical form rather than in the cash value of the asset.
What does fine art and specie insurance cover?
Fine art and specie insurance covers physical damage to fine art, specie and similar types of moveable property when it is not in transit. In most territories, the risk location is where the moveable property is normally situated.
What does the Latin word specie stand for?
In specie is a phrase describing the distribution of an asset as is, rather than selling it and distributing the cash proceeds. In specie distributions are made when cash is not readily available or if allocating the physical asset is a better alternative than distributing cash. In specie is a Latin word that stands for “in its actual form.”.
What is the definition of an in specie transfer?
The latter is an in specie transfer. The in specie option avoids triggering tax consequences. Taking the cash, for however brief a period, would have obliged the investor to pay capital gains taxes on any appreciation in the investments.