Consumer VOICE

Bank Locker Insurance

Do you have a Bank Locker Insurance?

With your jewellery and valuables inside your bank locker you can have a goodnight sleep. Well that is what you think so? However, one gets to read about safe locker thefts frequently and who knows your safety locker for jewellery could
be the next target.

What is the next best way to protect your valuables? The answer is bank locker insurance. Yes you have heard it right. But are bank locker insurance covers available?

Insurance companies dealing with non-life (general) insurance products do not bank locker insurance. However, in case one wishes to have insurance cover safety locker for jewellery or currency notes kept in safe lockers, insurance cover
under ‘jewellery block insurance policy’ (as a part of household package policy) is being made available by most of the insurance companies in India. However, such insurance cover is only for ornaments and other pieces of jewellery as well as cash.

What do you need for bank locker insurance?

A bit of paper work is needed for safety locker for jewellery. You need to give original bills of purchase which includes, invoice, and year of purchase.

  •  The bill should be appraised by a registered or notified jewel appraiser under the insurance company’s panel (for ascertaining the valuation of the jewellery).
  • You need to do a comparative study of different insurance companies offering the best insurance cover for bank lockers to understand the terms and conditions.
  •  You will only get insurance cover for your jewellery and not for cash or important papers like share certificates or property papers.

Why is insurance cover for bank Lockers important?

The answer is very simple. Though banks have their own security measures, yet they can’t guarantee that your valuables will not be stolen. In order to give your valuables maximum protection, you need to have additional security and the best
solution to it is insurance cover.

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