Ergo Versicherungsgruppe AG : Adequate cover for valuables in safe deposit boxes and safes

Press release 23 January 2013

Since the beginning of the financial crisis, demand for safe deposit boxes and safes has increased significantly. In times of insecurity, people place their trust mainly in tangible assets such as jewellery, gold and valuable documents. They need to be deposited safely and adequately insured.

Safe deposit boxes
Nowhere is 100 percent safe - even bank vaults can fall victim to thieves or fire. Many customers store important papers, jewellery, gold and cash in banks, yet the content of a safe deposit box is not automatically insured by the rental fee. Depending on the bank, the insurance cover of a safe deposit box is limited to figures between 5,000 and 20,000 euros. When renting a safe deposit box, customers need to pay attention to the amount for which valuables can be replaced and whether or not the depositing of cash is permissible.

Household contents insurance covers the value of a bank safe deposit box up to 15,000 euros, whilst those with a special customer deposit box insurance can insure the contents to a value of 500,000 euros. This additional insurance only extends to the amount not covered by the bank's liability. "With regard to household contents and deposit box insurance, the contents of a safe deposit box are always insured, including any cash that is stored inside. Damage caused by fire, break-ins or theft is also covered", Frank Sievers, Board member responsible for private customers at property-casualty insurer ERGO Versicherung explained. It is down to the customer to prove the contents of the safe deposit box. "Customers should keep a record of their deposit box, documenting the valuables stored inside. With regard to jewellery, for example, this can be done through photographs, bills and professional reports", said Sievers.

Safes
With a total of 132,595 property break-ins recorded in Germany in 2011, crime statistics were up 9.3 percent compared with the previous year. Those who wish to keep their valuables at home should first seek advice from their insurer. Should the value of the household contents significantly increase, then the amount insured needs to be adjusted to prevent the customer from possessing inadequate cover. For items of greater value, such as cash, jewellery, coins or important documents, it can be worth acquiring a safe. With ERGO, valuables are covered up to 25 percent of the sum insured. Should cash be kept outside of a safe, however, then only amounts totalling no more than 1,500 euros are insured.

Please note: a safe should be built into the brickwork or floor to prevent it from being easily transported. Choosing the right safe depends on the value of the insured items. Experts in the insurance sector assist customers in selecting the correct safe, based on the items that are to be stored inside. "A safe alone, however, is not enough. The homeowner should always ensure doors and windows are protected against break-ins and think about installing an alarm system", Sievers continued. "Ultimately, it is not only important to ensure the contents of the safe are protected, but it is arguably much more important to prevent thieves from entering the property in the first place."

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About the ERGO Versicherung 
With premium income of 2.7 billion euros in 2011, ERGO Versicherung ranks among the leading property-casualty insurers on the German market. The company offers a broad range of products and services for private, commercial and industrial customers. Its certified claims management ensures rapid handling of loss reports. ERGO Versicherung which formerly operated under the name Victoria is the largest property-casualty insurer of the ERGO Insurance Group with over 150 years of experience.
As a company of the ERGO Insurance Group, ERGO Versicherung is also a part of Munich Re, one of the world's leading reinsurers and risk carriers.
More at www.ergo.de

Disclaimer
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of ERGO Versicherung. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forwardlooking statements or to conform them to future events or developments.