Dual NA bumps up fine art limits to $100mn through new capacity deal

By Chris Munro

Feb 13 - (The Insurer) - Dual North America has secured capacity support so it can now offer per risk limits of up to $100mn for fine art, jewellery, couture, wine and spirits, and other valuable assets, a significant increase on what the Howden Group-owned business previously provided.

The specialty program administrator said the new capacity deal marks “a significant enhancement to Dual’s capabilities by providing higher limits and broader coverage for clients in the sector”.

As Dual North America explained, the newly enlarged capacity covers risks including wildfire, hurricane, earthquake and flood, and is “specifically built to address the evolving needs of the fine art world”.

The $100mn per risk capacity offers buyers proprietary open peril coverage for private collectors, galleries, museums, and corporate collections.

“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,” said Peter Gosselink, executive vice president of fine arts at Dual North America.

According to Dual North America’s marketing materials, previously its fine art program offered a maximum limit of $30mn for primary placements, and a maximum $50mn for excess placements.

The company had a minimum attachment point of $25mn on the excess placements.

“We are not just underwriters, we are problem solvers, and this new coverage capability enables us to offer our clients more comprehensive and robust solutions for their commercial and personal account needs, giving them the security they need,” Gosselink added.

Dual North America offers a suite of property, casualty, financial lines and surety products through various specialist subsidiaries. The company has offices in 14 locations across North America that underwrite and manage its programs portfolio.

In 2023, Dual North America transacted over $1.5bn in gross premium written in 2023 across more than 45 insurance products.