The Value Coverage Program 

Financial institution provides base insurance for each rented safe deposit box. The insurance is more comprehensive and costs far less than any other coverage available in the market today.  The policy covers all assets inside the customer’s box- even important documents and photos – against all natural disasters, fire, flooding, burglary, robbery, explosions, terrorist attacks, and other catastrophes. There is no deductible. Disclosure of the box contents is not required.  At program inception, each existing box holders receives a one-page insurance certificate evidencing coverage. New box holders are given a certificate at the time they are completing the paper work for the rental of the box. 

At the same time, box holders are given the opportunity to purchase additional coverage from SDBIC.  This is a wonderful value added benefit for your customers. A recent independent survey validated that when 91% of box holders thought it was somewhat to very important that their financial institution provides the insurance option.

There are significant benefits for the financial institution: 

You earn a fee (or commission) for every instance where a box holder obtains additional coverage.

You can market an “insured safe deposit box” distinguishing you from your competitors while attracting new customers to fill unused boxes. When opening a new branch or facility this program can help generate foot traffic and accelerate growth.

If you are considering raising your rental rates, you can add the insurance benefit as part of that initiative for a minimal cost (far less than the rate increase), reducing the risk of disgruntled customers.

If there is a catastrophic event:

Your brand is protected against adverse publicity as customers cannot claim they did not know they were not insured.

SDBIC’s expert loss specialist will be on site coordinating with the staff, paying claims, and helping box holders assess the damage, while also providing access to our network of repair and restoration experts.

The cost of the program:

The cost is dependent on the amount of coverage a financial institution wishes to offer, the number of boxes and their location.  For example, a $1000 of coverage a box will typically cost the institution less than $.50  a month. The additional fee earned from those customers obtaining additional coverage can more than offset that cost.