InSURANCE SAVINGS

Storing rare and valuable property in a safe deposit box significantly reduced insurance premiums.

Owners of valuable personal property, such as rare collections of stamps, coins or jewelry, must consider specifically including these items on a scheduled personal property endorsement to their homeowner's policy. It is also worth noting that we don't insure items stored in a safe deposit box. Individuals are liable for their property.

Nearly ALL homeowner policies place SPECIAL LIMITS of liability on such items and any replacement offerings by insurance companies are likely to cover only a fraction of the full replacement cost .

Insuring valuable personal property on a scheduled endorsement or rider to your homeowner's policy can significantly reduce your insurance premium costs if you protect the property in a vaulted safe deposit box.

Table 1 below depicts premium rates for in-vault storage vs.

Out-of-vault storage among two competitive insurance companies:

Table 1:

Insurance Provider PremiumIn-Vault Premium Out-of-Vault

Company A € 0.56 / € 200 Value € 3.26 / 200 Value
Company B € 0.60 / € 300 Value € 2.90 / 200 Value

In addition to protection against theft, there is also greater protection from fire and water damage which are more likely to occur in your home or other out-of-vault site.

NOTE: It is important to note that policies covering items stored in safe deposit box typically require notification when the items are removed from your safe deposit box. Premium amounts will be adjusted according to the length of time estimated that the item is outside the vault. Reliable Fiduciary & Logistic Group will work closely with insurance companies to develop a turn-key out-of-vault notification program for clients who may have that need from time to time.

Should you require insurance to cover the contents of the safe deposit box, we will be pleased to arrange it, provided that the items are disclosed and a valuation certificate is provided. The insurance premiums will however be borne by the customer (It is recommended that your possessions be independently and adequately insured under your household cover with your own insurance broker).

When you apply to rent a safe deposit box you can appoint a nominee, who may be a spouse or attorney for example, who will have the same level of authority as yourself.

In the event of death, your assets, including the contents of your safe deposit box, will be frozen until an executor has been appointed by the Master of the High Court to attend to the winding up of your estate. Once your executor has the appropriate authority, he/she can access the vault once International Vaults has been provided with that authority. You are able to bequeath the contents of your safe deposit box to beneficiaries in your will.

When applying to rent a safe deposit box, you will be required to provide International Vaults with certain identifying documentation and information and will be required to sign a comprehensive lease agreement. Should you require insurance to cover the contents of the safe deposit box, we will be pleased to arrange it, provided that the items are disclosed and a valuation certificate is provided. The insurance premiums will however be borne by the customer.

We have met the stringent requirements of our insurance company to enable us to obtain insurance on behalf of our clients. Contents in bank safety deposit boxes are not insured. We provide complimentary insurance underwritten by certain underwriters to a limit of $800 for each safe deposit box.

We offer complimentary insurance to the value of €5,000 per safe deposit box and €20,000 complimentary insurance per safe deposit box with a Gold Card Membership. We have comprehensive insurance cover, which means that we are able to pass on the benefits of being insured to our customers.