Engineered wording preserved limits for a cross-border cash operator
A major cash-in-transit operator in Eastern Europe operating over 50 cash centers, servicing both the financial services industry and the jewelry/precious metals sector. The client handles high-value cash movements across multiple territories with varying risk profiles.
A significant robbery occurred involving EUR 5.5 million in cash while loading USD 25 million onto an armored vehicle at one of the client's premises. The incident took place outside the cash center, before the cash could be loaded onto the armored vehicle.
The key question was whether pavement limits applied to this loss. The existing pavement limits were significantly below the loss amount, which would have resulted in substantial financial harm to the operator.
Comprehensive understanding of client operations through regular site visits
Expertise in designing sophisticated reinsurance contracts and wordings
Strong relationships with leading specie reinsurers at Lloyd's
Access to expert surveyors across multiple territories worldwide
Our specie claims team leveraged carefully engineered policy wording that had been designed with detailed focus on:
Designed a bespoke insurance programme combining transit, vault, specie, and third-party liability coverages — structured to handle extreme-risk scenarios.
Leveraged multi-market and specialty insurer/reinsurer access — including global & 'hard-to-place' markets — to secure terms and capacity where conventional insurers would decline.
Included robust underwriting conditions and risk control recommendations (security protocols, route vetting, vault audits) to satisfy underwriters and reduce premiums.
Full settlement of the EUR 5.5 million claim was successfully negotiated.
Despite the loss occurring on the pavement, the policy wording ensured that vehicle and premises limits remained applicable under the specific circumstances.