BX Meridian
A private English risk desk for royalties, reinsurance, surety, hulls, and the other expensive lines.
BX Meridian publishes original long-form memos on mining royalties, reinsurance treaties, surety bonds, aircraft and yacht hulls, title insurance, pensions, pharmaceutical liability, satellite cover, crop insurance, and scheduled fine art. We are not a miner, insurer, lender, broker, or dealer. 10 desks, with exclusive features on each.
Royalties
An NSR is what remains after the deductions
Treaties
A quota share cedes a percentage, not a feeling
Surety
A performance bond is callable on a default, not on a delay you dislike
Hulls
Hull cover at agreed value is a number, not a market quote
Titles
An owner's title policy is not the lender's policy
Pensions
A pension's funded status is a date and a rate
Royalties
Mining royalties, streams, and the cheque after the ounce.
- An NSR is what remains after the deductions
- A stream pays only if the ounces are delivered
- A lithium royalty follows the price formula, not the headline grade
- Copper payability is the royalty base
- Closure costs can outlive the royalty cheque
- A royalty buyback needs cash and a window
- An area of interest can swallow the next discovery
- A royalty audit is a right, not a courtesy
- A cross-border royalty can be taxed before it arrives
- Selling a mine does not always sell the royalty away
Treaties
Reinsurance treaties and the loss behind the premium.
- A quota share cedes a percentage, not a feeling
- Excess of loss starts at an attachment, not at zero
- A facultative certificate covers one risk
- Unauthorized reinsurance needs collateral
- A commutation turns an open loss into a number
- An hours clause decides whether two storms are one loss
- A sliding commission moves with the loss ratio
- Follow-the-fortunes is not a promise to pay every settlement
- A reinstatement premium is the price of a second limit
- A silent cyber exclusion can sit inside an old treaty
Surety
Bonds, indemnities, and the project that can call them.
- A performance bond is callable on a default, not on a delay you dislike
- A payment bond pays the people the statute names
- A bid bond is the price of walking away from a bid
- The indemnity behind a bond is the real collateral
- A warranty bond outlives substantial completion
- A subdivision bond is a promise to finish public work
- A court bond buys time, and it has a premium
- A license bond is a condition of staying open
- Bond premium follows contract price, and the price changes
- Co-sureties share a loss only as the agreement says
Hulls
Aircraft, yacht, and hull cover, and the exclusion under the premium.
- Hull cover at agreed value is a number, not a market quote
- A yacht hull policy has to know the cruising area
- Hull war risk is a separate map and a separate premium
- Passenger liability is not included just because the hull is
- Hangarkeepers liability covers other people's aircraft
- A hull deductible is paid before the insurer is
- A constructive total loss is a calculation
- A crew warranty is a condition of the yacht policy
- Spares are insured only if they are scheduled
- The lender wants to be on the hull policy
Titles
Title insurance, surveys, and the defect under a closing.
- An owner's title policy is not the lender's policy
- A survey exception is a hole you can close
- Gap coverage is the time between closing and recording
- Access is an endorsement, not a view from the road
- A zoning endorsement states a use, not a hope
- A mechanic's lien can arrive after you have paid
- A leasehold title policy insures the lease, not the land
- Mark up the commitment before you close
- A creditors' rights exclusion leaves a fraudulent-transfer risk outside
- A title claim starts with notice, not with a lawsuit
Pensions
Pension funding, fiduciaries, and the cheque after the promise.
- A pension's funded status is a date and a rate
- Fiduciary liability insurance is not the plan's asset cover
- Multiemployer withdrawal liability can arrive after you leave
- A plan audit is a condition of the filing
- An investment policy is the record of prudence
- A pension buyout transfers a promise to an insurer
- An early-retirement window is a plan amendment
- A late pension contribution is a cost, not a delay
- Participant data is a plan risk
- Plan surplus on termination has an owner
Compounds
Drug liability, patents, and the cover under a product.
- A drug liability tower fails at the drop-down
- A trial needs cover for the subject, not only the sponsor
- A patent indemnity in a supply contract is a balance-sheet item
- A batch recall is a product event and a policy event
- The label is the claim the policy will read
- Diversion is a loss the cargo policy may not mean
- Safety monitoring is a cost after approval
- A licence milestone is payable on a definition
- A quality warranty can be the indemnity
- Advertising injury cover is narrow around a drug claim
Orbits
Satellites, launch, and the premium on a payload.
- Launch cover is a period, then in-orbit cover begins
- An in-orbit incentive is a payment schedule, not a bonus speech
- Space liability is a treaty problem and an insurance problem
- Insure the payload value you could not replace quickly
- The satellite policy often stops at the ground station
- A transponder lease is capacity, and capacity can be dark
- A payload export licence can delay a covered launch
- Collision risk is a model and an exclusion
- A total loss in orbit is a definition
- A slipped launch can change the premium
Harvests
Crop, livestock, and weather cover, and the deductible under the season.
- Hail cover and multi-peril cover are different policies
- Revenue protection pays on price and yield together
- Prevented planting is a date and a cause
- Livestock mortality cover excludes what the warranty names
- A weather index pays on a station, not on your field
- A grain warehouse bond is not crop insurance
- Input finance is repaid by a crop that may not come
- An organic crop needs the price election the policy allows
- A dairy margin policy pays a formula
- A harvest claim has a deadline
Appraisals
Agreed values for art, jewelry, and collections, and the schedule under them.
- Agreed value on art is a schedule, not a memory
- Jewelry left off the schedule is jewelry left uninsured
- Mysterious disappearance is often excluded
- A museum loan needs the museum's insurance or yours, in writing
- A pair-and-set clause pays more than the lost half
- Restoration can exceed the agreed value
- A dealer's stock floats, and the policy must float with it
- Title to art is not the same as insurance of art
- A storage vault for art has a limit of its own
- An old appraisal is a stale agreed value