Safe deposit lockers hold articles of significant monetary value for millions of individuals. These articles are at risk from theft, robbery, fraud, etc., and events like fire and building collapse. Reserve Bank of India, in its August 2021 circular, stated that the banks are responsible for the security of the premises housing safe deposit vaults. The financial liability of banks is up to one hundred times of prevailing annual rent of the locker. Given the large number of customers served by the banks, the magnitude of this risk can be huge. Therefore, banks should ensure that adequate risk protection measures are in place to limit financial exposure.

The banks do not keep a record of the contents of the locker and are therefore looking for innovative solutions to manage the liability. At Anand Rathi Insurance Brokers Limited, we have a bespoke solution developed after a thorough analysis of banking sector operational policies and closely working with several insurers and reinsurers in the international market. This solution responds well to the challenge relating to declaring the contents of the lockers and works on an agreed value basis. Our placement experts ensure adequate coverage of the various perils, including the worldwide standard exclusion of war. To ensure timely and efficient claim settlement, our claims experts work with banks, surveyors and insurers to get the best outcomes.

Our Offerings

Locker insurance risk consulting 

Our experts provide the latest market developments, best practices and innovative policy design. The scope of our consulting includes:

  • Agreed value policy design without any underinsurance.
  • Adequate sum insured recommendations based on locker data
  • Nominated Surveyor panel

Policy placement

Protect your financial liability arising from loss to content of lockers. Get coverage up to 100 times of annual locker rent for losses arising due to the following:

  • Fire and Allied Perils
  • Earthquake
  • Burglary
  • Robbery
  • Hold up
  • Employee dishonesty
  • War, Strike, Riot, Civil Commotion
  • Terrorism
  • Building collapse

The policy premiums for war and terrorism are offered separately to provide flexibility to opt as per the bank’s choice.

Claims management

Get speedy and seamless claims settlement through our expertise and a pre-agreed surveyor panel. No requirement for declaration or valuation of contents in the locker results in a simple claim process. Our dedicated claims servicing experts provide end-to-end assistance for the claim settlement process. We have proven experience in handling locker loss claims.


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