Specie Insurance
Specialised Underwriters
With over 23 years of expertise in the Specie market and significant experience managing risks for various underwriting syndicates at Lloyd’s of London, several leading underwriters recognised the growing need for a specialised company to address the unique insurance requirements across the African continent. This vision led to the establishment of Osprey Underwriting Managers (Pty) Ltd. in South Africa.
Specie Insurance, a distinct niche within the broader short-term insurance market, provides comprehensive coverage for high-value assets, whether in transit or at rest. In today’s environment – where specialisation is essential and the demand for tailored solutions has never been greater—Specie Insurance meets specific needs, underwriting challenges, skill requirements, and market opportunities that more general insurance offerings cannot.
Richard Pearson, with his extensive industry background and longstanding relationships, was entrusted to lead this initiative. Osprey was initially created to assist in risk management and business development across Africa for Lloyd’s. As the market continued to evolve, the need for specialised advice and bespoke insurance solutions became increasingly apparent, solidifying Osprey’s role as a trusted partner for tailored Specie Insurance throughout the continent.
Specie Product Lines
- Assets in Transit (Cash, Bullion, Precious Metals, Precious Stones, Negotiable Instruments)
- Deposit Taking Devices (Static and Transit Exposures)
- Fidelity Risks (Contract Specific or General)
- General Specie
- Mining (Static and Transit Risks)
- Static Vault/Safe Cover
Premiums Tailored to Individual Risk
In-Depth Industry Understanding
Proficient in security measures, as well as the operations of cash and valuables transit and storage.
Competitive Pricing & Excesses
Tailored pricing based on specialised risk management.
Focused Risk Management
Protecting the interests of all parties through detailed knowledge and risk management strategies.
At Osprey Underwriting Managers, we combine intelligent, pragmatic risk management advice with specialised expertise in high-value commodities, cash in transit, and static risk protection. Our commitment is to deliver customised insurance solutions that safeguard our clients’ most precious possessions, making Osprey the premier choice for comprehensive and expert Specie Insurance solutions in Africa.
What is Specie insurance?
Specie Insurance provides comprehensive coverage against longstanding risks like piracy, known in South Africa as hijacking or theft of cash and valuables in transit or storage. Coverage can also include accidental and, sometimes, malicious damage. While fidelity cover is not typically included, arrangements can be made to provide this protection under specific conditions.
Leveraging market expertise & insight.
Osprey Underwriting Managers (Pty) Ltd possesses extensive expertise in the Specie Insurance sector, particularly within the security industry and the logistics involving the transit and storage of cash and valuables. Leveraging this in-depth knowledge, Osprey Underwriting Managers (Pty) Ltd provides competitively priced solutions and tailored excess options, underpinned by specialised risk management strategies to safeguard all stakeholders’ interests.
Items typically covered by Specie insurance.
Cash and assets classified as ‘valuables,’ including securities, various forms of valuable documentation such as cash letters, shares, debentures, bonds, bills, and checks, as well as foreign currency, precious metals like gold and silver, diamonds and gemstones, jewellery, artworks, antiques, and collectibles such as coins, stamps, and rare or historical books.
Who benefits from Specie insurance coverage?
Specie insurance is designed for the protection of individuals or organisations that own valuable items, as well as entities responsible for safeguarding these assets. This coverage provides reassurance against liabilities that may arise while such cash or valuables are under their care and custody.
Providing effective cover at lower cost.
CLIENT PROFILES
ATMs / Cash in Transit – with Associated Risk / Banks and Financial Institutions / Diamond Dealers and Traders / Diamond Polishers, Processors and Setters Diamond Retailers and Wholesalers / Government Institutions / Precious Metal Mines and Mining Companies / Refineries