Offering an insured option provides a nice value added service and eliminates any ambiguity about the role of the bank in insuring the contents.
Chicago, IL (PRWEB) December 31, 2013
Suburban Bank and Trust, Albany Bank, and Allied First Bank have each entered into an agreement with Safe Deposit Box Insurance Coverage (SDBIC) to provide their customers with safe deposit box insurance. This convenient product insures all property stored in a safe deposit box for the coverage amount desired, without disclosure of the contents or need for expensive appraisals, maintaining the box holder’s confidentiality and privacy. The insurance also provides $3,000 of benefits to replace or restore important personal papers such as: wills, trusts, deeds, titles, or passports damaged in a loss.
Over the past decade, the US has experienced an enormous increase in the frequency and severity of natural disasters and catastrophes, resulting in safe deposit box contents being damaged. Unfortunately, most box holders incorrectly believe their property, like their checking and savings account deposits, is fully insured by the FDIC or their bank. When a loss occurs, customers are surprised and devastated to learn they were not protected.
“In the post Dodd-Frank, Consumer Financial Protection Bureau, the consumer’s level of misunderstanding as to the service being provided is a growing concern for many financial institutions,” according to Gerald Pluard, President of SDBIC. “Offering an insured option provides a nice value added service and eliminates any ambiguity about the role of the bank in insuring the contents,” added Pluard.
Insuring against floods, fires, terrorist attacks, theft, and virtually all other man-made and natural disasters, and covering anything legal that is placed in the box, including previously uninsurable items, such as: cash, gold, and all other precious metals, SDBIC’s patented product offers the most comprehensive, convenient insurance solution available, with no deductible. Over 300 banks nationwide currently provide an insured box option to their customers through SDBIC.