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<p>[QUOTE="calcol, post: 7949427, member: 77639"]The OP has a point, though the thread title is false. Insurance for SDBs is relatively cheap … because the risk is very low, of course. The insurance premium is more about administrative costs and profits than loss payouts. I keep my more valuable coins in a SDB, and keep considering insurance … but keep putting it off.</p><p><br /></p><p>Some precautions on SDBs:</p><p><br /></p><p>1. Get one (or more) in a bank that is part of the Federal Reserve system. No, FDIC and other bank insurance won’t cover your SDB. But the Federal Reserve requires member banks to follow certain security and bookkeeping requirements. A full-service bank has a strong incentive to have good vault security … that’s where their cash and records are kept after hours. SDB-only “banks” can do pretty much as they like.</p><p><br /></p><p>2. Bank vaults are very fire resistant. But they aren’t waterproof. So, a. don’t use a bank that has the vault in the basement, and b. be sure your box is a least several feet off the floor. Coin slabs aren’t waterproof.</p><p><br /></p><p>3. Be sure at least one other trusted person has keys and is signed-on with the bank as having access. Typically, this will be your spouse, adult child or other relative. If something happens to you, you don’t want your executor, heirs or trusted other to need a court order to access the box. A good plan is that if something does happen to you, the contents should be immediately moved to another bank. If the bank hears of your demise or incompetent state, it may bar access to the box without a court order.</p><p><br /></p><p>4. Keep thorough, up-to-date records of what’s in the box … preferably including pictures. Be sure your trusted other knows where the records are. If you have insurance, the company may cover only what is in the last list you submitted to them.</p><p><br /></p><p>5. Coins and precious metals are heavy. My large box weighs about 25 lbs. So, I put a sign on it that it’s heavy. When I access it, bank personnel see the sign and ask me to pull it out and carry it. This avoids a dropped box.</p><p><br /></p><p>Cal[/QUOTE]</p><p><br /></p>
[QUOTE="calcol, post: 7949427, member: 77639"]The OP has a point, though the thread title is false. Insurance for SDBs is relatively cheap … because the risk is very low, of course. The insurance premium is more about administrative costs and profits than loss payouts. I keep my more valuable coins in a SDB, and keep considering insurance … but keep putting it off. Some precautions on SDBs: 1. Get one (or more) in a bank that is part of the Federal Reserve system. No, FDIC and other bank insurance won’t cover your SDB. But the Federal Reserve requires member banks to follow certain security and bookkeeping requirements. A full-service bank has a strong incentive to have good vault security … that’s where their cash and records are kept after hours. SDB-only “banks” can do pretty much as they like. 2. Bank vaults are very fire resistant. But they aren’t waterproof. So, a. don’t use a bank that has the vault in the basement, and b. be sure your box is a least several feet off the floor. Coin slabs aren’t waterproof. 3. Be sure at least one other trusted person has keys and is signed-on with the bank as having access. Typically, this will be your spouse, adult child or other relative. If something happens to you, you don’t want your executor, heirs or trusted other to need a court order to access the box. A good plan is that if something does happen to you, the contents should be immediately moved to another bank. If the bank hears of your demise or incompetent state, it may bar access to the box without a court order. 4. Keep thorough, up-to-date records of what’s in the box … preferably including pictures. Be sure your trusted other knows where the records are. If you have insurance, the company may cover only what is in the last list you submitted to them. 5. Coins and precious metals are heavy. My large box weighs about 25 lbs. So, I put a sign on it that it’s heavy. When I access it, bank personnel see the sign and ask me to pull it out and carry it. This avoids a dropped box. Cal[/QUOTE]
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Safety Deposit Boxs are NOT safe
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