Discussion in 'Bullion Investing' started by myownprivy, Nov 25, 2018.
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Mike, So where does someone buy the insurance?
If you stop paying on your SDB they will confiscate the SDB and drill out the lock and put a charge against your account - all banks/CU/SBD establishments are different on everything so you would have to ask the specific place the specifics of charges and what they do in particular situations (ie, if you pass away/or just stop paying/ forget and they don't know and you fall behind 12 mths on payments, etc).
They also normally have a charge to change locks if you lose your key.
here are example charges at the bottom from a place:
The SDB at my places don't see what in the boxes. They don't ever see me move the boxes. They leave the room before I pull it out to go to a small curtained-off table. I put it back in, pop my head out of the big safe when I'm done and ask them to lock the outer door.
It doesn't bug me that I don't check it on a daily basis.
Probably at least monthly as I use it for other things too.
Each year it is reinventoried too for everything in it.
I try to pay a few years in advance - some places do not allow this.
You also have to read the contract of what you can or can't have in your SDB - this is institutional specific. There may be no restrictions, or there may be restrictions, read your lease.
I use Hugh Wood Insurance . . . An affiliate of the ANA, but there are many other insurance companies which would do the same. My coins are covered under a fine art policy.
a lock smith can make another key in seconds
I'm not so sure about that. If it was that fast and easy, why do the banks have the boxes drilled out instead?
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