Break-In News
Educating and advocating for increased use of safe deposit boxes….
“Not at my Bank. Not on my Watch”
Think again.
The Hatton Gardens Safe Deposit Box Ltd. burglary in London garnered worldwide attention when brazen burglars drilled through the concrete vault, emptying 72 boxes of property worth approximately $300 million.
Safe deposit box holders were not insured.
In the US, vaults at three banks were breached in just the past few months.
And in 2014 there were a total of 70 burglaries at financial institutions across the country–of which 61 were commercial banks, and 38 of which were on the West Coast.
These events all share common characteristics:
- Most occurred on a weekend or holiday when the bank is closed
- Access was gained via adjoining properties by drilling thru walls or floors
- Alarms and security systems were disabled or bypassed
Most notably, it was the FIRST TIME each facility had experienced a burglary.
There is significant fall out all around. Customers harshly learn their stolen property was NOT insured by the bank. Banks lose customers, and incur a high level of press scrutiny and adverse publicity.
The solution?
Financial instutions across the country are offering safe deposit box insurance from SDBIC as an enhancement to their core box services.
SDBIC provides the first and only insurance solution of its kind in the market today for safe deposit box holders. Each policy covers ALL the property in a customers’ box against natural and manmade catastrophes as well as theft due to burglary or robbery. No disclosures or appraisals required. No deductibles.
It is a turnkey product with no system integration, which has been positively received by key bank regulators. It enhances customer retention. And thru SDBIC’s innovative marketing programs, banks can increase box usage and overall customer acquisition.
PLUS the financial institution earns REVENUE on each policy purchased by their customers.