Underwritten by Lloyd\u2019s \u00b7 Policy LM/2024/8841
A lifetime,
in writing.
Every certificate Xene issues is accompanied by a transferable, indefinite guarantee of authenticity and mechanical grade \u2014 underwritten for the lifetime of the holder by Lloyd\u2019s of London under policy LM/2024/8841, brokered by Howden Specialty.
What is covered
Four heads of cover.
- 01
Authenticity
Should an item we have certified be proven inauthentic at any future date, Xene shall compensate the then-bearer at the prevailing market value, established by reference to two independent auction comparables.
- 02
Mechanical grade
If a coin, note, card or stamp is shown to fall outside the numeric grade printed on its certificate — under the same examination protocol used at the time of grading — Xene shall regrade and reimburse the differential in market value.
- 03
Holder integrity
Should the archival holder yellow, craze or fail under any reasonable storage condition within 100 years of issue, Xene shall re-encapsulate at no cost. The certificate remains in force throughout.
- 04
Registry continuity
The public registry entry is maintained in perpetuity. Replacement certificates are issued on a notarised declaration of loss for an administrative fee.
Scope of the guarantee
Disciplines, geography and caps.
The guarantee applies uniformly across all items bearing a Xene certificate, regardless of discipline, tier or the jurisdiction in which the item is held. The following terms define its outer limits.
- Covered disciplines
- Coins (ancient through modern), banknotes, trading cards, stamps, autographs and postal history across all Xene certificate tiers — Standard, Prestige and Heritage. The tier affects service level and turnaround, not the scope of cover.
- Geographic scope
- Unlimited. The guarantee is governed by English law and is enforceable in any jurisdiction that recognises English-law judgments or maintains a reciprocal enforcement treaty with the United Kingdom.
- Indemnification cap
- The lesser of (a) the prevailing auction market value at date of claim or (b) £5,000,000 per item. Aggregate annual liability is capped at £25,000,000 across all claims. Items whose specialist-assessed value exceeds £5m may be separately underwritten before submission on application to the Director of Guarantees.
- Transferability
- The guarantee transfers automatically to any subsequent bearer of the holder without endorsement or registration. The original certificate number is the instrument of the warranty; it requires no novation on change of ownership.
Mechanism
How a claim proceeds.
Most claims are resolved without recourse to the underwriter. The process is set out below for the rare occasion they are not.
- 01
Notification
Bearer writes to the Director of Guarantees with the certificate number, supporting evidence and a desk-top valuation.
- 02
Re-examination
Item is recalled to London at our cost. A fresh examination is conducted under the original protocol by two specialists who did not grade the item at issue.
- 03
Concurrence panel
Where re-examination differs from the original verdict, a three-person concurrence panel is convened — two on-staff specialists and one external consultant — and reaches a binding decision within twenty working days.
- 04
Settlement
Where the claim is upheld, settlement is paid within ten working days of the panel verdict. Where market value is contested, two auction comparables from the prior twelve months establish the benchmark.
- 05
Lloyd’s referral
Should settlement be contested by either party, the matter is referred to the syndicate under the policy’s arbitration clause.
Claims procedure
Supporting evidence required.
A claim that arrives with complete documentation is processed materially faster. The following four items constitute a complete first submission. Incomplete submissions are not rejected; the Director of Guarantees will write within three working days to specify what is outstanding.
- 01
Certificate number
The Xene certificate number as printed on the holder rim and paper certificate. Without this, a claim cannot be opened.
- 02
Desktop valuation
A written valuation from a recognised auction house, dealer or specialist appraiser prepared within six months of the notification date.
- 03
Two auction comparables
Printed or electronic records of at least two auction realisations of items of equivalent grade and provenance, realised within the prior twenty-four months.
- 04
Basis of challenge
A clear written statement of the grounds: inauthenticity, grading discrepancy or holder failure. Third-party expert opinion is welcomed but not mandatory at first stage.
Exclusions
What is not covered.
The guarantee is broad but not unconditional. The following exclusions are printed verbatim on the reverse of every certificate.
- \u25c6
Items that have been physically removed from the Xene holder by any party other than Xene staff. The sonic weld is the boundary of the warranty.
- \u25c6
Subsequent damage, alteration, cleaning, doctoring or restoration carried out after the date of certification.
- \u25c6
Items whose certification has been withdrawn under our Standards Review procedure (notified to the registered owner and published on the Population pages).
- \u25c6
Statutory force majeure: requisition by sovereign authority, acts of war, or judicial seizure.
Subrogation and assignment
Rights and recovery.
Upon paying a claim in full, Xene \u2014 and where applicable the Lloyd\u2019s syndicate \u2014 is subrogated to the bearer\u2019s rights against any third party responsible for the loss, including the vendor of any counterfeit item. The bearer is required to execute any reasonable assignment of claim or power of attorney to facilitate recovery proceedings.
Assignment of the guarantee to a new owner is automatic upon transfer of the holder. No notice to Xene is required, and no endorsement fee is payable. The new bearer acquires all rights under this guarantee by virtue of possessing the intact, sealed holder bearing the Xene certificate number.
Partial assignments \u2014 for example, where a beneficial interest in an item has been transferred as security for a debt \u2014 are recognised provided written notice is lodged with the Director of Guarantees before a claim is submitted.
Track record
Twelve years. Forty-one claims.
Since 2014 Xene has certified over 1.2 million items. Forty-one guarantee claims have been notified to the firm. Of these, thirty-three were upheld at first re-examination, four at panel stage, and four were dismissed. Total compensation paid: \u00a36,840,221. Average claim settlement time: nineteen working days.
Full claim history is published annually in our Standards Review, available on request to certificate holders.
- 1,247,832
- Items certified
- 41
- Claims notified
- £6.84m
- Compensation paid
- 19
- Avg. settlement days
- 100yr
- Holder warranty
- ∞
- Certificate duration
Market context
How we differ from PSA, PCGS and PMG.
The principal North American grading houses offer guarantee policies that are admirable in intent. The distinctions below are factual, not adversarial, and are documented from each firm\u2019s published guarantee texts as at January 2026.
| Term | Xene | PSA | PCGS | PMG |
|---|---|---|---|---|
| Underwriter | Lloyd’s of London syndicate | Self-insured by the grading company | Self-insured by the grading company | Self-insured by the grading company |
| Duration | Indefinite, in writing on certificate | Indefinite (policy, not insurance) | Indefinite (policy, not insurance) | Indefinite (policy, not insurance) |
| Indemnification cap | £5m per item; £25m aggregate | No published figure | No published figure | No published figure |
| Transferability | Automatic; no registration required | Transferable on request | Transferable on request | Not explicitly stated |
| Holder warranty | 100 years | Not specified | Not specified | Not specified |
| Third-party arbitration | Yes — Lloyd’s syndicate arbitration clause | Internal review only | Internal review only | Internal review only |
Sources: PSA Guarantee Policy (psa.com, accessed Jan 2026); PCGS Guarantee (pcgs.com, accessed Jan 2026); PMG Guarantee (pmgnotes.com, accessed Jan 2026). Xene does not warrant the accuracy of third-party policy summaries; readers should consult those firms\u2019 current texts directly.
To notify a claim
Write to the Director of Guarantees.
guarantees@xene.co.uk \u00b7 +44 (0)20 7946 0021