What happens if an item in my box is lost or damaged?

The first steps to take

1. Tell Knox staff while you are still at the facility, if that is when you notice the problem.
2. Avoid moving or cleaning affected items until the situation has been recorded, unless that would cause further damage.
3. Write down what you believe is missing or damaged, and when you last saw it.
4. If theft is suspected, ask whether a police case should be opened and keep the case number.

To claim, you complete a contents affidavit, attend an interview with an experienced officer (and any follow-up interviews), and provide the best available evidence of each item and its value, such as jeweller appraisals, insurance valuations, receipts and photographs.

What decides whether a claim is paid

A claim is assessed against the policy wording. Insured events such as theft or fire are treated differently from gradual deterioration, wear, pests or damage caused by something stored in the box itself, which policies may exclude. 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. Payment is also subject to the included or topped-up limit and any limit per loss.

Why the type of item matters

Insurers often treat cash, bullion, jewellery, documents and art differently. Cash may be limited or excluded, bullion may be valued at the market price on the date of loss, and documents may be covered only for the cost of replacing them rather than any value they represent. The box insurance covers items of intrinsic value such as jewellery, coins, bank notes, securities and certificates, but cash is covered only up to the amount in the policy schedule. Insurance for items held in safe custody outside a safe deposit box (such as art, trunks and large items) works differently: it is based on the potential value of each item, so Knox confirms the cover for your items before intake.

Insurance, liability and your own cover

The contents cover attached to your box is not the same as Knox's liability. Whether Knox is legally responsible for a loss depends on the agreement and the circumstances. If you also have personal insurance that covers the items, tell that insurer promptly, because late notification can affect a claim.

If you disagree with the outcome

Ask for the reasons in writing and use Knox's complaints process. If a dispute with an insurer cannot be resolved directly, the National Financial Ombud Scheme South Africa may be able to assist.