Long-term customer loyalty is worth far more than any short-term gain.
We proudly work with agents and brokers, and offer a highly competitive commission structure. If your clients are storing important documentation, jewelry, photos, collectibles, art, precious metals or any other items of personal or financial value; you now have the ability to offer a new, unique and complimentary insurance solution for protecting your their valuable assets.
Store It. Insure It.
SDBIC’s patented, consumer-friendly insurance covers all legal property stored inside a safe deposit box or vault unit, without requiring any upfront disclosure or appraisals of the contents being stored. There are no deductibles paid upon a claimed loss.
It is more comprehensive in coverage than any comparable homeowner’s policy schedule or rider, and is also significantly less expensive. SDBIC is also the only insurance in the market today that provides coverage for important documents, photos and digital storage devices, as well as cash and other forms of currency.
Most importantly, policies up to $500k can be purchased instantly online in less than 5 minutes, with coverage effective the very next day.
The SDBIC Difference
A typical homeowner’s policy will provide coverage for certain property stored in a safe deposit box, but it will not cover cash, precious metals or several other classes of assets. It may also exclude losses due to certain perils like hurricanes, earthquakes and flood–the #1 cause of damage and destruction to box and vault contents.
In addition, if there are single items with a value over a specified amount–typically $1k–your client must provide some proof of value, either a relatively current purchase receipt or a formal appraisal. You submit the information to your underwriter and wait for the quote.
This can be a frustrating, inconvenient and time consuming process for you and your client that often ends in sub-standard coverage. With SDBIC, there now exists a way to avoid all of this, and put forth a better solution in the process.
SDBIC Brings Value to You & Your Customers
Advising your clients to make the smartest decision–get the greatest insurance coverage at the lowest possible price point–increases trust, loyalty and retention. It also offers you a clear and distinct competitive advantage when attempting to secure new business.
Clients maintain complete confidentiality of and access to their treasured possessions while ensuring they are protected and insured in the best way possible.
Number of financial institutions that insure the contents of your safe deposit box? Zero
Know the Facts #2
Upwards of 60% of consumers have no insurance coverage for their jewelry or collectibles
Know the Facts #3
More than 50k safe deposit boxes have been impacted by catastrophic events in the past 3 years.
Know the Facts #4
of valuables stolen from a home are never recovered
Get Coverage/Get Commission
Asking the Right Questions
Your clients are looking for you to provide the insurance needed to protect them against economic loss as a result of the damage or destruction of their property. When it comes to safe- storage solutions and the protection of valuable assets, here are some key questions that could help determine if and why SDBIC is right for your clients:
Where is that property stored?
Do they use a safe deposit box?
Do they understand the homeowner’s coverage limitations applicable to that property?
If they currently have vault coverage, would the broader, more convenient and far more flexible coverage offered by SDBIC represent a better value for your client than the existing coverage from your homeowner’s carrier?
If they are carrying a personal-article floater for property they do not normally wear or display, analyze whether your clients could save on their annual premium costs by renting a $45 safe deposit box and carrying SDBIC insurance, which starts at $25 for $5k of coverage.
SDBIC may not work for all your clients, but it is an option that should be considered and evaluated, particularly in today’s environment where competition is so fierce and customer loyalty is critical to growth and long term success.
How to obtain Coverage for your Clients
We will work with any producer and offer a competitive commission. We do not require minimums but are receptive to incentive commission programs based on volume. With either path, rest assured that we will work with you to put the appointment documents in place to pay your earned commission.
Minimal information is required to bind coverage for your client: Contact Info, Date of Birth, Coverage Amount Desired, Last 2 Digits of Box, Facility Name and Location, Payment Authorization.
Contact us at 224-227-6181 if you want us to direct bill you or your client. Recognize coverage will not attach until premium is received by us.
You or your client can also use the Purchase Coveragemodule right here on our website or, again, simply call us at 224-227-6181 to purchase coverage using a credit card or ACH payment method.
It takes less than 5 minutes and the policy is immediately e-mailed to the address provided.
Customer & Partner Testimonial
“Despite common misperceptions, items kept in safe deposit boxes are not insured by the bank or FDIC. We are encouraged that many banks across the country have begun offering this kind of insurance as an enhancement to their current safe deposit box services.”
Deanne Marino, Executive Director, American Banking Insurance Association (ABIA)
“That heirloom jewelry, those high-value baseball cards stored in a safe-deposit box–you think they’re insured from mishap? Unlike bank deposits, they’re not…”
AARP Bulletin, September 2015
“The designed unknown makes the product unique. Typically an insurer goes to great lengths to gather information before assuming any risk, but the lack of knowledge on the part of SDBIC is a strength in this case.”
Value Penguin, March 2015
“The safe deposit box insurance product, including the marketing materials alongside the affirmative election requirement, does not raise any concerns or present risks of the type that are traditionally the focus of CFPB’s guidance, enforcement actions or examinations. The feedback received from the CFPB …supports our view.”
Chrys D. Lemon, Partner, McIntyre & Lemon, PLLC
”SDBIC provides our customers with an alternative to storing valuable items in their home, where perhaps they are not fully insured and are certainly more vulnerable to a catastrophe.”
Sharon Lee, EVP Client Services, American National Bank of Texas