Pushing the boundaries of Insurance
At The Safe House, we have challenged our insurers and now have one of the most comprehensive insurance policies in the industry issued by Chubb Insurance Singapore which is backed by the Lloyds of London. Our coverage has recently been increased from SG$250 million to SG$300 million (approx.. US$212 million) for any one loss for our Bullion Storage. It was also extended to include the coverage for Terrorism and Sabotage which is not commonly available among most vaults. Furthermore, we have a SG$50,000 and SG$200,000 liability protection for our Class I and Class II Safe deposit boxes respectively, included in the rental price, which can optionally be increased if our client’s wish to do so.
When “All Risk” really means “ALL” risk
Storage resellers and marketing materials often use the term "All Risk" to describe insurance. This can be misleading because "All Risk" means "a type of insurance coverage that can exclude only risks that have been specifically outlined in the contract".
Obtaining an extremely strong all-risk vault insurance was probably one of the most important milestones for Silver Bullion and The Safe House. This insurance essentially removes all physical storage risk and has a better coverage than most established vaults.
Our insurance protects bullion not only from Fire, Building Collapse and Theft as well as the mentioned Terrorism Sabotage but also includes:
Full Infidelity Coverage
In essence the insurance will fully cover the possibility of inside jobs. (i.e. TSH Staff Stealing Bullion).
Full Mysterious Disappearance Coverage
Mysterious Disappearance essentially covers the possibility of operational errors by TSH. Few vaults have this coverage due to costs and because it requires a lot of trust in vault processes and very stringent vault reviews by the insurance issuer. Including Mysterious Disappearance in the insurance coverage was one of our main priorities.
Mysterious Disappearance coverage is the closest thing to “All Risks Covered" insurance.
We perform regular random internal audits to confirm that the bullion is indeed present in the vault. The original Parcel Ownership List that confirms the physical presence of each parcel by serial number is published online twice a week and can be downloaded by our clients.
The bullion stored at The Safe House is audited four times a year by independent third party auditors making sure all our inventory is in place. Each audit is available online.
There are three independent audits (every trimester) by Bureau Veritas / Inspectorate - an LBMA (London Bullion Market Association) approved inspection company. The audit is performed on a statistically significant random sample of the bullion.
The fourth and most comprehensive audit is performed at the end of each year by PricewaterhouseCoopers Singapore – our Financial Auditors.
ISO 9001 Audits
The Safe House also has an annual ISO 9001 audit performed by SGS Singapore, the world’s leading inspection, verification, testing and certification company. The audit checks our Management system and procedures including testing procedures, operational procedures, IT system, customer satisfaction etc.