Security, Insurance and Privacy
Are safe deposit box contents insured?
The short answer
Contents are insured only to the extent that a specific policy says so. At a private vault, several covers may be involved: cover included with the box rental, optional extra cover, the provider's own liability insurance and your personal insurance. Each has its own limits, exclusions and proof requirements, so ask exactly which policy would pay, how much, and for which kinds of items.
Why a vault does not automatically mean insured
A vault reduces the chance of loss, but insurance is a separate contract. Whether an item is covered depends on who holds the policy, what it insures, the limits it sets and the exclusions it contains. Storing something in a strongroom does not, on its own, put any insurance in place.
The different covers that may apply
- Included contents cover: cover that comes with the box rental, up to a stated limit.
- Optional top-up: additional cover for higher values, usually at an extra premium and on the insurer's conditions.
- The provider's liability cover: insurance that protects the provider if it is legally responsible for a loss. This is not the same as insuring your property, and a claim may depend on showing the provider was at fault.
- Your own policy: some household or specified-items policies can extend to items kept in a vault.
How Knox's arrangement is set out
Each Knox safe deposit box includes complimentary insurance cover of R1 million. Clients can choose to increase this to R5 million as optional extra cover, paid for by the client. There has never been an insurance claim on Knox's safe deposit box cover since Knox opened in 2009.
Cover is subject to the policy wording, which may include a limit per loss, conditions and exclusions. Different kinds of items, such as cash, bullion, jewellery, documents and art, may be treated differently.
The cover excludes, among other things: dishonest acts by Knox staff; items already insured under another policy (except any excess); war, terrorism, riot and confiscation by authorities; gradual deterioration, rust, pests, dryness, humidity, light or temperature extremes; unexplained loss or mysterious disappearance; nuclear, chemical, biological or cyber-related loss; and consequential loss from stored data. Full exclusions are in the insurer's policy.
What depends on your items and records
Insurers generally pay on proven value, not on what you remember. Keep receipts, valuations, certificates and photographs somewhere other than the box, and update valuations for items such as gold and jewellery whose value changes. If the total value of what you store is above the included limit, consider whether a top-up or your own policy is appropriate.
Checking your cover before you store
Ask Knox for the policy summary in writing, check it against what you plan to store, and speak to your own insurer or broker if you need more cover or are unsure how the policies interact. If a dispute with an insurer cannot be resolved directly, the National Financial Ombud Scheme South Africa may be able to help.
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.
