Markel UK has rolled out its new art and collectables product to offer a range of cover for private individuals, companies and commercial, municipal and not-for-profit organizations with collections and investments in art and artefacts.
The specialist insurer said that the collectors policy is available through Markel UK’s online broker trading platform and offers brokers with a simple and easy to use product which meets a wide range of clients’ needs.
The new policy offers protection against accidental damage, theft, damage in storage or transit and exhibition cover with values of up to £10m and provide quotations for collections with a total value of up to £150,000 without referral to underwriters.
Markel art and collectables business technical line manager Richard Norman said, "As interest rates continue to offer negligible returns and equities remain volatile, there has been a developing interest in art and collectables from private collectors as well as corporate collectors and investors."
"Brokers need to be able to offer their corporate and private clients cost effective cover for their collections and our online broker product gives them the ability to do that without having to become art experts.
"Our policy gives brokers an attractive new line of business and our simple, online proposal process means that the risk is easily and quickly bound," Norman added.