DUAL North America Expands Capacity for High-Value Asset Insurance
DUAL North America has recently announced a significant enhancement to its insurance offerings, securing a remarkable $100 million per risk capacity specifically tailored for fine art, jewelry, couture, wine and spirits, and other high-value assets. This strategic move aims to provide clients with greater security and comprehensive coverage options in an increasingly volatile environment.
Enhanced Coverage for Valuable Assets
The new capacity represents a substantial increase in limits and broadens the coverage DUAL can provide. This expansion is crucial for addressing the unique risks associated with high-value assets, particularly in the fine art sector. The insurance coverage now includes protection against a range of natural disasters, including wildfires, hurricanes, earthquakes, and floods. These risks have become more pronounced due to changing environmental conditions, making robust insurance solutions more essential than ever.
Proprietary Open Peril Coverage
One of the standout features of this new insurance capacity is the proprietary open peril coverage. This type of coverage is designed for private collectors, galleries, museums, and corporate collections, ensuring that their valuable assets are protected against a wide array of potential threats. With this enhancement, DUAL is not only expanding its market reach but also reinforcing its commitment to safeguarding valuable collections.
Meeting Evolving Client Needs
Peter Gosselink, EVP of Fine Arts at DUAL, emphasized the company’s proactive approach to client needs. "With this increased capacity, DUAL is responding more effectively to the rapidly evolving needs of our clients, who are increasingly looking for more substantial and consistent coverage in today’s volatile climate," he stated. This sentiment underscores DUAL’s dedication to being more than just underwriters; they aim to be problem solvers for their clients.
Consolidating Coverage Under One Provider
The ability to offer higher limits allows clients to consolidate their coverage under a single provider, reducing the complexity of managing multiple insurance policies. This streamlined approach not only simplifies the insurance process but also enhances the overall security for clients, as they can rely on a single source for their high-value asset insurance needs.
Strengthening Market Position
By securing this new capacity, DUAL is solidifying its position in the fine art and valuable assets insurance market. As the landscape of risks continues to evolve, DUAL is committed to providing innovative solutions that deliver financial security and stability for collectors, businesses, and institutions alike. This strategic expansion reflects DUAL’s focus on delivering risk management solutions that are both comprehensive and tailored to the unique needs of their clients.
Related Developments in the Insurance Sector
DUAL’s expansion comes at a time when the insurance industry is witnessing significant changes. For instance, DUAL recently appointed new leaders for its casualty and liability divisions, further enhancing its operational capabilities. Additionally, the company has expanded its marine energy unit, showcasing its commitment to diversifying its insurance offerings and addressing the varied needs of its clientele.
To learn more about DUAL’s recent initiatives, you can explore related stories on Insurance Business and DUAL’s marine energy expansion.
Final Thoughts
In essence, DUAL North America’s new $100 million per risk capacity marks a significant advancement in the insurance landscape for high-value assets. By providing enhanced coverage options and addressing the evolving risks faced by clients, DUAL is positioning itself as a leader in the fine art and valuable assets insurance market. This proactive approach not only meets the immediate needs of clients but also prepares them for the challenges of an unpredictable future.