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Precious Metals Insurance


StonedMofo

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Hi everyone I'm fairly new to stacking but have built up a decent amount of silver and some gold, I am due to renew my contents insurance and was looking at the terms which states in lay mans                "precious metals of gold or silver individually up to £2000 per piece to a total of £15000" I'm just curious if anyone has had to make a claim ever and how much hassle it was, what receipts etc they required and whether it's worth taking pictures also. I have a small safe deposit box but that isn't insured ( the costs are ridiculous ) and I've read of police raiding entire centres and confiscating the lot and it being very hard to get your items back insured or not, so now i'm wondering if my main stack should be kept at home and smaller amounts in the safe box as opposed to vise versa as I do it now ?

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When it comes to insurance claims the first thing an insurance company will do is to decline your claim and make it as difficult as possible.
You tell them you lost your £15k and then they might say - ah you had a collection because they were stored in the same containers or tubes so the most we will pay you is £2k less deductions etc. Does a tube of 25 silver Maples count as a single item i.e. a tube of coins or a collection of 25 coins or 25 individual coins each separately insurable ?
I can pretty well guess how an insurer would treat a tube of coins.

I'm not convinced having photos is foolproof.
You see a nice gold coin posted here so you copy the photograph etc etc.
Basic photo editing can add anything you want to make it look genuine.
Receipts seem failsafe but how can you prove that you haven't sold, hidden or gifted the item since purchase and so on it goes.

Safe deposit boxes in some banks seem pretty secure, you would think, but the small print states that any loss is entirely at your risk.
Specific insurance for the contents is not cheap so most people probably don't bother.
Same problem - how can you really prove what was inside the box ?
A bank deposit box would be a more secure place than a small fire / key safe at home but it's all about your attitude to value and risk and from whom you are protecting your stack.

No simple answer unless others can share their thoughts.

 

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Yep both options have their cons I renewed anyway as had to but did it over the phone knowing that they record the calls and went over the " no not one single coin or bar is worth more than 2k, so are they covered " a few times and she repeated as long as each piece is under 2k then that's ok even if your collection is well over, I know it's not much but i think with receipts, pics bank transfers and even a spreadsheet all you can do is build up as much evidence as possible.

As for the safety deposit box mines at a specialised company and it looks secure enough but we all know that where there's a will there's a way with thieves. I was more worried that if the police suspect a criminal using the facility under an alias they can seize every box and lets face it there must be a few dodgy types using them, again you'd be in the same position regards proof but have much more red tape and legalities to overcome. Also if ever the SHTF would any guards there turn up for work to let you in?

I don't think a small safe is worth it as that is just saying here it is guys and off they toddle with it, I'd rather have a few small caches around the house.

I think for now i'm going to keep doing what i'm doing and keep some at home and some at the centre until it's value is worth looking at other options like a large safe and insuring the box, hopefully will never have to make a claim and find out !!!

Found this article ... £50k in a £500 safe .... erm no thanks lol

What about storage and insurance?

Holding physical gold involves storage and insurance costs. If you have a safe, storing your bullion at home is a possibility. Just don't go bragging about it at the pub. Installing a safe rated for holding gold to a value of (say) £50,000 might cost in the region of £500 or so. Safes rated as good for larger amounts for insurance purposes cost correspondingly more.

Given appropriate security measures, you can normally add bullion to a household contents policy for only a modest additional premium. As with most insured valuables, you need to have proof of purchase to make a claim.

Can I put gold in a safe deposit facility?

Yes. Safety deposit facilities at normal bank branches are now limited. But for London residents, Selfridges has a long-established secure safety deposit facility with a minimum annual cost for a small box of £120. 

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Most if not all branches of METRO bank have safe deposit boxes in a vault with long opening hours 7 days per week.
Expect to pay around £250 per annum for a box that would hold a decent stack of gold coins.

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I did some more research with my home insurance company and apparently my bullion that is stored in my safe deposit box IS actually covered by my home contents policy also !!!

I pay £140 a year for my box which will hold 5x what I have now and can be upgraded when needed and £60 a year for my contents insurance so it’s not too bad and although we all know how insurance companies are when you need to claim at least it’s covered while here, in the box and it’s actually covered on route to and from either. Meaning I get to enjoy each new purchase for a while before boxing it 😃

I’m there tomorrow to put in a cpl of bars and I’ll pick up a few refer a friend vouchers that give each a few extra months free of charge, it only has branches in Manchester and Leeds but might be useful for a cpl of people 👍🏾

 

 

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I think I have mentioned before on this forum, that I have a friend who is a specialist in a very particular field where insurance is required for ownership of particular artworks. 

He surmised that people who insure very valuable works of art seem ore like to get their artwork nicked. He is not blaming the people insuring the artwork.....  Be careful. 

Not my circus, not my monkeys

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Yeah you never know do you I’m quite happy with my box and only have new stuff at home when it’s delivered for a few days to play with and I didn’t get the actual bullion insured just checked what is covered on my standard home insurance 👍🏾

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