Insurers will sometimes stipulate that a safe be installed or you may decide that it’s worth buying a safe for you own peace of mind. In either case, we hope that this guide is of use. A safe does give great peace of mind, especially if you are away from home or employ household staff. A good household insurance policy will pay out in the event of a loss subject to certain terms BUT sentimental pieces can never be replaced!

Insurers will require a safe to be installed due to a variety of factors, but predominantly because the valuables’ (i.e. jewellery, watches and items of precious metal) sums insured are above a certain limit.

The limit can depend on your location and your “wearing habits”. London for example is generally deemed a higher risk than central Wales. However insurers usually take into account other security measures such as central station alarms or CCTV. Insurers may waive a safe requirement if for example you have an expensive item of jewellery that is worn every day, therefore making a safe rather redundant.

On the other hand, you may decide yourself that it is worth installing a safe for your own benefit, regardless of whether or not it is an insurance requirement.

VALUABLES IN THE SAFE ONLY

If you have jewellery, perhaps inherited, that is never worn, it may be worth asking if it can be insured on an “in safe” basis only. There may be a premium saving as the “rate” to insure jewellery in the safe is about half that of the usual “worldwide” rate. A word of warning though, most insurers will not insure an “in safe” item of jewellery whilst it is out of the safe, even for a few hours. This sounds common sense, but the definition is often misunderstood. Speak to your client account handler, if you think you might benefit from an ‘in safe’ rate.

FLOATING LIMIT

A few insurers offer the option of what is known as a “floating limit”. This overcomes the restriction of “in safe” only. A floating limit allows you to take an agreed amount of jewellery out of the safe at any one time. For clients with large collections this can work very well – as it can be impossible to wear all of the jewellery at once! It can also bring the annual premium down, though some insurers ask that all jewellery be specified. Again, speak to your account handler if this is of interest.

Safes come in varying qualities, the higher the level of cash rating, the better the quality. As the quality increases, then generally the body of the safe and the door become

A GUIDE TO SAFES

www.larkinsurance.co.uk

WHERE WE EXCEL

BUILDINGSINSURANCE

CONTENTSINSURANCE

CONTRACTWORKS

LANDLORDINSURANCE

LISTEDPROPERTY

OVERSEASPROPERTY

THATCHPROPERTY

thicker and the locking mechanisms stronger and harder to break into.

Insurers categorise safes in relation to the protection offered. The categories vary depending upon whether the risk is private or commercial. Generally, insurers multiply the cash rating given to a safe by 10 to give the level of jewellery cover for a private risk. Therefore a cash rating of £10,000 would mean a jewellery limit of £100,000, that would be classed as a Grade One Safe.

The required safe rating will often be dictated by the insurer. It’s worth thinking about whether you are likely to be purchasing more jewellery in the future and buying a safe with a higher cash rating to save purchasing an additional or replacement in a few years’ time. That said, it is often worth having a second safe, both to spread the risk and to offer as a decoy in the event of a burglary under duress.

WHAT SIZE OF SAFE DO I NEED?

The physical size of safe will depend upon what will be stored in the safe. It is worth gathering items together and then deciding what space will be needed.

• Will the items (jewellery) be kept in boxes?

• Are paper documents being stored?

• It is worth noting that not all safes are fireproof and increased fire protection will cost more. All UK manufactured safes will have a fire rating.

TYPES OF SAFE

Avoid purchasing via the internet. Use a company that employ their own installation technicians otherwise you are introducing an unnecessary risk into the home. There is a correlation between unscrupulous safe installers and subsequent burglaries. Many safes manufactured overseas, although stating they are allowing a rating for certain valuable limits, are of an inferior quality. Only purchase a safe that meets EN1143-1 EN14450 or for smaller safes up to £40k valuable rating LPS 1183 issue 4 standards.

Freestanding safes These are safes which usually stand directly upon a floor and are bolted from inside to the floor or sometimes a wall. Where underfloor heating is an issue adhesive can be used which is acceptable to insurers.

Underfloor safes These safes are sunk into the floor and cast into concrete. There may be decoration and structural works and costs involved.

Wall safes Cemented into a wall and tend to be of lower quality. There may be

www.larkinsurance.co.uk

decoration and structural works and costs involved.

WHERE SHOULD THEY BE FITTED?

The two deciding factors are accessibility and cost as a secondary option. Upstairs installation can cost from £80 to £100 extra. Larger and heavier safes are a little more expensive and in rare instances cannot be taken upstairs due to their weight. The best people to advise on location and type is a professional safe installation company.

GRADINGS

Grade 0Safe equals to £6,000 cash rating and £60,000 valuables.

Grade 1Safe equals to £10,000 cash rating and £100,000 valuables.

Grade 2Safe equals to £17,500 cash rating and £175,000 valuables.

Grade 3Safe equals to £35,000 cash rating and £350,000 valuables.

Grade 4Safe equals to £50,000 cash rating and £500,00 valuables.

Grade 5Safe equals to £100,000 cash rating and £1,000,000 valuables.

www.larkinsurance.co.uk

WANT TO LEARN MORE?REQUEST A CALL

BACK

EXISTING LARK CLIENT?

SPEAK TO YOUR EXISTING ACCOUNT HANDLER TO FIND

OUT MORE!

CONTACT US

GREG TIGHE

greg.tighe@larkinsurance.co.uk 020 7543 2835

Find out more about

Jewellery and

Collectables insurance.