Oct 20 2008, 05:57 PM
QUOTE(cherroy @ Oct 20 2008, 05:23 PM)
The problem is insurance company might not accept the insurance in the first place. As in safe deposit, company has no right or knowing whatever stuff being stored in the safe deposit box by the client. So how can insurance company assess the premium should be charged on it?
If the safe box being assessed at like 10K insurance on it if being stolen, then it would be a costly premium, which eventually will make the rental of safe box bloody expensive to have it, which doesn't make sense for people to use the safe box as well. Might as well buy your own safe box, then put in your home and buy insurance accordingly, then no different at all.
The other way is customer need to somehow declare the value of goods they store in the safe deposit box, an appropriate Insurance Charges will then be imposed. Much like buying life insurance, you can purchase RM1 Mil, or RM10k. Then there will be lots of terms and conditions, such as break in only, fire, flood or even war/terrorist... etc.If the safe box being assessed at like 10K insurance on it if being stolen, then it would be a costly premium, which eventually will make the rental of safe box bloody expensive to have it, which doesn't make sense for people to use the safe box as well. Might as well buy your own safe box, then put in your home and buy insurance accordingly, then no different at all.
In the end, with the additional insurance charges, terms and conditions... it might not be viable to store in safe deposit box.
Might as well just put them in a Milo tin, bury it in the small garden infront of your house. Or have a tile at home which is removable, and put it in there.
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