Gold Insurance
Cover for gold bullion, dust, nuggets and finished gold products owned by miners, cooperatives, traders and exporters. Policies can cover gold held in a vault or safe location, gold in transit between mine site, refinery and buyer, and gold declared for export, with sums insured based on current market valuation and independent assay/purity certification.
- Cover while stored in a licensed vault, safe or Safe Keeping facility
- Cover in transit — road, air or sea — between mine, refinery, buyer and port of export
- Valuation based on prevailing market price and independent assay/purity testing
- Cover against theft, armed robbery, mysterious disappearance and physical loss or damage
Insured Perils
The events below are covered subject to the full terms, conditions and exclusions of your policy schedule.
- Fire, lightning and explosion
- Theft, burglary and armed robbery
- Hold-up and violent seizure during transit
- Accidental loss or damage while being weighed, assayed or processed
- Collision, overturning or derailment of the conveying vehicle, vessel or aircraft
- Flood, storm and water damage while in storage
- Malicious damage and vandalism
- Mysterious disappearance, subject to the policy's notification and evidentiary conditions
Sums Insured, Valuation & Basis of Settlement
The sum insured under a Westshield Gold Insurance policy is fixed against an independently verified valuation rather than a nominal or declared figure. Before cover incepts, gold is weighed and assayed by a recognised assayer or refinery to confirm fineness or purity, and the sum insured is calculated against the prevailing international bullion market price converted at the exchange rate stated in the policy schedule. Cover can be arranged on an agreed-value basis for identified parcels or on a fluctuating declaration basis for stock that moves in and out of a vault or workshop, with the sum insured adjusting to a stated average provided declarations are kept up to date. Where a claim is admitted, loss is settled on the basis stated in the schedule — replacement in like kind and fineness, or a cash payment calculated against the market price ruling on the date of loss — after deduction of any policy excess.
Territorial Scope & International Recognition
Gold Insurance is not confined to Sierra Leone. Cover can be arranged to follow gold from the point of extraction or purchase, through licensed vaults and refineries, to export and delivery at an overseas buyer, refinery or bullion exchange, with the territorial limits of each policy stated clearly in the schedule so that cover, currency and governing law can be matched to wherever the gold travels. Policy wording is drafted along internationally recognised cargo and specie insurance principles, so documentation is accepted by banks, refiners, freight forwarders and customs authorities in the destination country, and policies can be issued in US Dollars, Pounds Sterling, Euros or another currency requested by the policyholder.
- Sierra Leone and the West African sub-region
- Onward export markets in Europe and the Middle East
- Bullion exchanges and refineries in destination countries
- Extendable worldwide by endorsement on request
Policy Conditions & Warranties
- Gold must be stored in a vault, safe or strongroom meeting the security standard stated in the policy schedule when not in transit or on display
- Any movement above the notified transit limit must use a licensed carrier, security escort or bonded courier as specified in the schedule
- Losses must be reported to Westshield and, where applicable, the police within the time limit stated in the policy — normally 48 hours of discovery
- Accurate stock records and assay or purity certificates must be kept and produced on request to support any claim
- Any material change in storage location, security arrangements or declared value must be notified before it takes effect
General Exclusions
As with any insurance policy, certain circumstances are not covered. These are set out in full in your policy wording.
- Normal wear, tear, gradual deterioration or inherent vice in the gold itself
- Loss or shortage first discovered at stocktaking with no evidence of an insured event
- War, invasion, act of foreign enemy or civil war, unless specifically extended by endorsement
- Nuclear reaction, radiation or radioactive contamination
- Confiscation, requisition or detention by customs, government or public authority
- Dishonesty of the policyholder, its partners or directors (employee dishonesty may be separately endorsed)
- Unexplained or mysterious shortage not reported within the notification period stated in the policy
- Loss arising from failure to hold a valid mineral export licence or required regulatory documentation
This is a summary of standard policy terms for illustration. Your actual cover, limits, excesses and exclusions are those set out in your individual policy schedule and wording, issued after underwriting.
How To Claim
1. Notify Us
Report the loss to Westshield immediately, and to the police where applicable, within the notification period stated in your policy.
2. Submit Documentation
Provide your policy schedule, assay or purity certificate, purchase or stock records and any police or incident report.
3. Loss Assessment
Our claims team, or an appointed loss adjuster, verifies the circumstances and quantifies the loss against your insured valuation.
4. Verification
Independent assay or expert verification is arranged where needed to confirm quantity, purity and market value at the date of loss.
5. Settlement
Once agreed, your claim is settled on the basis stated in your policy — by replacement in kind or cash settlement at the ruling market price.
International Compliance & Standards
Gold Insurance is issued to work alongside, not instead of, proper mineral trading compliance. Policyholders are expected to maintain documentation consistent with the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals, a valid mineral export licence, and current assay or purity certification, together with standard anti-money-laundering and know-your-customer checks on buyers and counterparties. Aligning cover with these internationally recognised standards is what allows a Westshield gold policy — and the shipment it protects — to be recognised by refiners, banks and exchanges outside Sierra Leone.
Also Insuring Diamonds Or Shipping Internationally?
Diamond Insurance
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View Diamond Insurance →International Gold & Diamond Policy
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View International Policy →High-Value Goods Overview
See coverage, valuation and claims details that apply across all our precious-goods policies.
View Overview →Insure Your Gold With Confidence
Get a specialist quotation for storage, transit or export cover — tailored to your certified valuation.
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