Currently sheltered by royal arch (7)
I believe the answer is:
knowing
'arch' is the definition.
(I've seen this before)
'currently sheltered by royal' is the wordplay.
'currently' becomes 'now' (right now).
'sheltered by' is an insertion indicator.
'royal' becomes 'king' (a king is royal).
'now' inserted within 'king' is 'KNOWING'.
(Other definitions for knowing that I've seen before include "Fly" , "Arch" , "Experienced; intelligent" , "Wise" , "Being aware of" .)