Article in a snapshot:

• Why insuring gold is a unique and specialist type of insurance
• What specie really means in the context of gold
• Why gold can be complex to insure
• Static storage versus transit: two different risk profiles
• What claims trends tell you about areas of risk
• Submissions and blind spots: what underwriters want to see

Gold has always carried a particular reputation. In uncertain markets, it is often treated as a source of reliability, and when volatility rises, interest tends to follow. Over the last several months, that dynamic has been reinforced by ongoing geopolitical tension and shifting economic policy, with a knock-on effect for insurance. While there have been recent ups and downs in the market, as of February 2026, the overall value of the precious metal is still about 75% higher than it was a year ago. 

When the value of gold rises, insured exposures rise with it. Your clients may need to revisit limits, review how assets are stored and moved, and check whether policy structures still reflect their reality.

We spoke with one of our specie underwriters, Joshua Girling, about what is changing in the gold market, what drives losses, and what underwriters are focused on when assessing risk.

As Joshua puts it, “Gold has always been a safe haven. It’s always been somewhere people have gone to when the markets are struggling or when there’s volatility.” That safe haven status is translating into increased demand for cover. “With the increased price of gold, we’re seeing a lot of people come to the market to buy increased limits.” 

Why insuring gold is a unique and specialist type of insurance

Gold is not insured like many other commercial exposures. In property, clients often buy on a first loss basis or use a probable maximum loss approach, insuring what they believe is most likely to be lost in a single event rather than the total asset value. 

The same principle applies across many other lines too. In stock or inventory cover, businesses often insure average holdings rather than peak seasonal values. In marine cargo, limits are typically set per shipment rather than against the full annual throughput. Even in business interruption, cover is structured around estimated downtime scenarios rather than total revenue exposure.

Gold does not operate in the same way. Because it is highly concentrated, easily transferable, and often stored in a single location, clients usually want insurance that matches the full declared value at any given time, whether it sits in a vault, passes through a refinery, or moves between locations.

Joshua explains the distinction clearly: “When it comes to gold, clients want to buy to the full limit more often than not.” In a rising market, this becomes particularly important. If a client held £1 billion of gold and the value increases materially, yesterday’s limit can quickly become today’s underinsurance problem.

The insurance market is currently well placed to respond to demand. Joshua notes that, from a capacity perspective, brokers can often obtain meaningful limits quickly, and that can make a real difference when clients are reassessing exposures and need a solution without delay. The key is ensuring that the risk story is clear and the submission provides the level of detail underwriters need. The specie team are available for discussion, if you’re unsure about any requirements your clients might have.

What specie really means in the context of gold

Specie sits in the specialist end of the market for a reason. It is designed for high-value assets where the loss scenarios are unusual, the controls are critical, and the consequences can be severe. In practice, specie can include cash, bullion, precious metals, diamonds, fine art, and other high-value items that require tailored underwriting. 

There is a wide range of clients seeking to insure gold. You may be placing risks for a range of insureds, including depositories, refineries, wholesalers, retailers, and in some cases personal holdings through more consumer-oriented products. That range matters because “gold risk” is never just about the metal itself. It is about the insured’s operations. Where the gold sits, how it is secured, how often it moves, who can access it, and what controls govern day-to-day handling.

Why gold can be complex to insure

Gold can seem straightforward at first glance, but when underwriting insurance for gold, understanding operational risk is just as important as the gold’s financial value. Joshua describes the core information underwriters need: “Key facts we always look for when it comes to gold - we’re looking for the evidence: the ownership, where the gold is located, and then how it’s stored, secured, assessed.” 

The emphasis on evidence is important. Underwriters are not just assessing a balance sheet number. They want to understand what exactly is being insured, who owns it, and whether the storage and handling arrangements are aligned with the declared exposure. In many cases, the difference between a well-managed risk and a fragile one comes down to process discipline rather than headline security measures.

Joshua also points to the role that additional assurance can play, particularly where there are questions around security posture. “One of the things we often try and do, if we have concerns or have more questions, we may ask for a third-party surveyor to go in and assess the site from a security standpoint,” he says. That survey is not about evaluating the physical gold itself, but about validating the controls designed to protect it.

Static storage versus transit: two different risk profiles

As a broker, you may be particularly interesting in understanding the different risks and complexities between static exposure and transit exposure. Both can exist within the same client’s operations, but they behave differently and carry different loss dynamics. 

When gold is held in a vault environment, risk tends to be more stable. Controls can be clear, auditable and consistent. Joshua highlights the features underwriters look for in static risks, including certification, CCTV, access controls, and clarity on who has access. “This makes the exposure more of a consistent risk… you know who’s coming in, who has access to the vault and who doesn’t.”

Transit introduces a different set of variables. Even when gold is moved in armoured vehicles with concealment measures, it is still “on the move,” and that creates greater inherent vulnerability. Joshua explains: “transit is typically offered at smaller limits than static storage, but it can carry a higher propensity for loss because the protections are different and the risk environment changes constantly.”

The takeaway is that the same client can present very different exposures depending on how their gold moves through their supply chain. If you can help them describe those movements clearly, you make the risk clear to underwrite, and you also help ensure the policy responds in the way they expect.

What claims trends tell you about areas of risk

Claims trends in specie tend to split by severity and frequency. Joshua describes a broad spectrum. On one end, there are opportunistic thefts, often in retail environments. “We’re probably seeing a bit more opportunist grab and run thefts,” he notes. On the other end, there are still carefully planned events targeting couriers and storage facilities. “These are less frequent but higher severity.” Joshua says, capturing the dynamic that matters most for programme design. 

Importantly, he also highlights that losses do not necessarily arise from the absence of physical controls. Even where vaults and processes exist, problems can emerge when discipline slips or operational realities change. “Losses don’t just purely stem from whether or not there is a physical security in place,” he explains. “It’s sometimes the discipline around the security controls that can feed into driving up the losses.”

He gives examples of the kinds of “intangibles” that can increase exposure. Access can become broader than initially understood, particularly over time. “Privilege creep” can mean more people have access than the underwriter is aware of, or that access logs do not reflect actual practice. In transit, predictability can become a vulnerability. If routes become repetitive and staff are observed, “people get followed.”

For you, this provides a practical way to guide client conversations. It is not just about whether controls exist. It is about whether they are consistently applied, monitored, and reviewed as the business changes.

Submissions and blind spots: what underwriters want to see

Joshua is clear that brokers generally provide strong submissions in specie and recognises the level of work that goes into presenting these risks properly. 

There is always room to strengthen a submission in depth and clarity. “As with all risk, the more information you get, the better,” he notes. In practice, that means ensuring evidence of ownership is clear, storage and handling arrangements are specific, security controls are documented, and exposure fluctuations are properly understood.

Where necessary, a third-party security survey can provide reassurance and detail that a written submission cannot. In practice, the surveyor reviews stated controls, such as vault classification, access procedures, and security processes around who can access the gold and under what conditions. That feedback then becomes part of the underwriting decision, affecting pricing, appetite, and the amount of capacity deployed.

A specialist approach to underwriting and ongoing dialogue

In specie, clients rarely fit a standard template. Joshua stresses that this is where a specialist market can add value, particularly when clients have complex operations or unusual requirements. 

He describes Brit’s approach in terms of flexibility and tailoring, “We have the ability to craft and tailor policies for individual clients’ needs,” he says. “We’re not giving them a standard solution that is what we think they need. It’s what they know they actually need.”

That approach extends beyond inception. Joshua is clear that Brit’s preference is not to treat the policy as a once-a-year interaction. “We like to have two-way conversations,” he says. “We like to continue that conversation throughout the policy period and not just at renewal or inception.”

That kind of engagement can be invaluable in a class where exposures and operations can change quickly. Gold values move. Holdings fluctuate. Transit patterns shift. Controls evolve. A more active dialogue supports better underwriting decisions and more accurate cover over time.

Why this matters now

Gold is receiving attention again for clear reasons: safe haven demand, rising values, and broader uncertainty. But the insurance discussion is not just about the price of gold. For you, the opportunity is to help clients translate market headlines into practical risk management and insurance decisions. That starts with ensuring limits reflect current values, but it presents an opportunity to also re-evaluate storage, transit, access controls, and operational discipline. 

Joshua’s comments underline a simple point. In specie, detail matters. If you can help clients provide that detail early, you improve the quality of the placement, reduce the risk of surprises, and support more confident underwriting.

If you would like to discuss a gold risk, or explore how Brit approaches specie placements, speak to the team or visit our specie page.