Marsh Canada develops new metals insurance product in response to high gold prices

Record high gold bullion prices mean firms involved in metal trading, storage and transit are at risk of being under-insured against physical damage or loss, Marsh Canada Ltd. says.In response, Marsh has developed a new metals insurance product that will provide up to $1 billion of cover.The new product provides protection for precious and base metals while in transit or in store worldwide, plus related plant, machinery and equipment.Designed for the specific needs of financial institutions, metals and mining companies, metals traders, refineries, transporters and storage companies, the metals insurance product covers ‘all risks of physical loss or damage.’This includes employee theft, theft and mysterious disappearance. Political risks and advanced loss-of-profit cover is also available.