Mosaic Insurance has launched a new global terrorism and vandalism coverage specifically designed for fine art and coinage clients, with a maximum limit of US$215 million per risk through a combined structure.

The product is designed to provide protection against physical loss or damage caused by acts of terrorism and vandalism, and to cover high-value items such as artwork in museums, galleries and historic properties.

Adam McGrath (pictured above), Mosaic’s Global Head of Political Violence, said the new offering provides intermediaries in the fine art and numismatic markets with a significant level of capacity through a single route.

“By bringing together multiple sources of capacity under one roof, we can speed up the appointment process, which is vital when brokers need urgent coverage for their clients,” said McGrath.

Mosaic’s joint capital programme, a key element of its offering, allows the insurer to cover 100% of the large capacity limits required in the sector. The company manages each risk through the Lloyd’s 1609 syndicate, in addition to capacity from partner carriers.

This arrangement is intended to assist customers, including short-term exhibition hosts, who may face challenges in securing coverage in the open market due to minimum premium requirements.

Bobbie Malcolmson, CEO of Howden Insurance, highlighted the importance of rapid response in the fine art and coin sector, where terms often have to be finalized within hours and coverage limits often exceed $150 million.

She explained that the counter-terrorism line provided by Mosaic has provided brokers with quick and efficient access to capacity without the need to deal with multiple markets, which in turn allows clients to proceed with their trading operations smoothly.

Since launching the Political Violence Unit in 2021, Mosaic has built a reputation for providing solutions to clients affected by political violence, including war, terrorism and riots.

Political violence is one of Mosaic’s seven main lines of focus, which also include transactional liability, cyber risk, political risk, financial institutions, professional liability, and environmental liability.

In a separate development in August, Mosaic made a strategic move to further its North American expansion efforts by appointing Joe Boren as chairman of a newly created advisory board.

Boren, a seasoned executive with extensive experience in the specialty insurance sector, particularly in environmental insurance, will lead the Board, which is tasked with guiding Mosaic’s strategic growth. The Board will focus on market participation, innovation and strategy, and Boren is set to play a pivotal role in bringing the Group together.

Boren, who also serves as a senior advisor at U.S. wholesale broker Synapse Services, is highly regarded for his contributions to the global specialty insurance industry. At Mosaic, he will ensure the Advisory Board is aligned with the company’s broader goals of expanding its reach and strengthening its leadership in key specialty insurance lines.

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