Security, Insurance and Privacy
How much insurance is included with a safe deposit box?
The short answer
The amount of cover that comes with a box is set by Knox's current insurance arrangement. Your rental includes R1 million in insurance cover per box. If you require more cover, you can purchase an increase to a maximum total of R5 million per box. Contact Knox for the additional premium and applicable policy details. All cover remains subject to the policy’s terms, conditions, limits and exclusions. Treat any included figure as a maximum under the policy rather than an automatic payout: what is paid depends on the insured event, proof of value, any limit per loss and the exclusions. If your items are worth more, ask about additional cover.
What an included limit means
An included limit is the most the policy will pay under the cover that comes with your box. It is not a promise that any loss will be paid in full. If the items in your box are worth more than the limit, the difference is not covered by that policy. If they are worth less, a claim is settled on proven value, not on the limit.
Limits that can sit inside the headline figure
Insurance policies often contain more than one limit. There may be a limit per box, a limit per loss or event, and lower sub-limits for particular kinds of items such as cash. Your rental includes R1 million in insurance cover per box. If you require more cover, you can purchase an increase to a maximum total of R5 million per box. Contact Knox for the additional premium and applicable policy details. All cover remains subject to the policy’s terms, conditions, limits and exclusions. and cash is covered only up to the amount set in the insurer's policy schedule. The insurer's total liability is also subject to an annual aggregate limit. Ask whether any sub-limits apply to the items you plan to store, and whether the limit applies per box or across all the boxes you rent.
Why advertised figures can differ
Marketing material sometimes quotes the maximum cover available with an optional top-up, or the cover linked to a particular box size, rather than the amount included as standard. When figures appear to differ, the policy summary and your agreement are the documents that count. Ask for both the included amount and the maximum available amount to be confirmed in writing before you sign.
Deciding whether the included cover is enough
Add up the realistic replacement or market value of what you intend to store, using recent valuations or current bullion prices. Remember that values change: a rising gold price can push a holding above the limit without you adding anything to the box. Compare the total with the included cover, then decide whether to arrange a top-up, ask your own insurer to cover the excess, or spread items across more than one box.
How Knox handles this
Ready for the next step?
Speak to the Knox team about your situation. They will confirm current pricing, availability and requirements before you decide.
