Product covers 'all risks of physical loss or damage'
Marsh has launched a metals insurance product that provides up to $1bn of worldwide cover for precious and base metals in transit or storage.
The product, which also covers related plant, machinery and equipment, was developed in response to high gold bullion prices leaving firms involved in metal trading, storage and transit at risk of being under-insured against physical damage or loss.
Philip Turner, head of Marsh's specie practice in London, said: "Any businesses involved in the transit, storage and trading of precious and base metals are potentially at risk of being under-insured as a result of the recent dramatic increase in wholesale prices.
"While the actual physical amount of metals in transit has not changed dramatically in the past 12 months, values at risk have doubled in some cases."
