Insurance & Valuation

Comprehensive Risk Insurance

Vitessa Vault Ltd maintains comprehensive risk insurance backed by Lloyds of London so that clients benefit from enhanced protection for property stored within our safe deposit boxes.

Subject to the level of cover selected, Vitessa Vault Ltd accepts liability for loss of, or damage to, items placed in a rented safe deposit box, in accordance with our Terms and Conditions.

Many clients find that storing valuables in a secure vault environment can assist in reducing home insurance premiums compared with keeping high-value items at a residential address.

KEY FEATURES & BENEFITS

• Insurance cover begins from the point you rent a safe deposit box, subject to policy terms and conditions
  • Insurance arrangements are placed with experienced specialist brokers and underwriters
  • The policy is underwritten through Lloyd’s of London
  • £50,000 complimentary insurance cover is included with each safe deposit box per year
  • Cover can be increased up to £500,000 per box
  • Higher limits may be considered and arranged on request, subject to underwriting
  • Additional insurance above £50,000 is available at an additional cost
  • No excess applies on valid claims

POLICY OVERVIEW

Policyholder: Vitessa Vault Ltd
Policy start date: 1 April 2026
Underwriting market: Lloyd’s of London

FREQUENTLY ASKED QUESTIONS

What does the insurance cover?

The policy is designed to cover loss of or damage to property stored within a rented safe deposit box, except where specifically excluded under the policy wording or Vitessa Vault Ltd’s Terms and Conditions.

What is typically excluded?

As with most insurance policies, exclusions apply. These commonly include (but are not limited to): war-related risks, cyber events, radioactive contamination, explosive nuclear assemblies, terrorism, consequential loss, inherent defect, natural deterioration or ageing, and property more specifically insured under another policy.

Do I need to declare what I store in my box?

No declaration is required at the time of storage. However, in the event of a claim, insurers will require details of the items stored. The box holder is responsible for demonstrating both the existence and value of the contents claimed.

How can I evidence what I stored?

We recommend maintaining an up-to-date inventory supported by photographs, purchase receipts, or professional valuations where applicable, as this can materially assist the claims process.

How is value assessed?

Valuation requirements depend on the nature of the item. Some items may be assessed at prevailing market value, while others require proof of purchase or a professional valuation. Sentimental value is not taken into account when assessing claims.

What items are not covered?

Items excluded under Vitessa Vault Ltd’s Terms and Conditions, including prohibited or restricted items, are not covered. Please refer to the Terms and Conditions for full details.

What is the maximum level of cover?

Cover is available up to £500,000 per safe deposit box. Higher limits may be arranged on request, subject to underwriting considerations.

What should I do if I need to make a claim?

Please notify Vitessa Vault Ltd as soon as reasonably practicable with full details of the circumstances. We will guide you through the next steps and the insurer’s claims process.

Additional Charges

1. Insurance (additional cover)

• £50,000 complimentary insurance cover is included per safe deposit box per year
  • Additional insurance above £50,000 is charged at £20 per £10,000 of cover, and this is purchased in blocks of £10,000 worth of cover.
  • The minimum term for additional cover is 12 months
  • Additional cover remains conditional upon an active safe deposit box rental
  • If the box rental is terminated, any additional insurance will cease automatically and no refund will be due for any unused period
  • Renewal notices will be issued in advance. If payment is not received within 60 days of the renewal start date, additional cover will automatically terminate

2. Key deposits

• Safe deposit box key deposit: £100 (fully refundable)
  • Vaulted safe key deposit (not a safe deposit box): £300 (fully refundable)

3. Replacement lock (one key lost)

• £150 per lock, including two new keys

4. Lock drill – customer request (both keys lost)

• Monday to Friday: £320 per lock
  • Charges include a new lock and keys
  • Drill-outs are subject to engineer availability

Failure to attend a scheduled drill-out or provide at least 24 hours’ notice of cancellation will incur a £160 fee.

5. Overdue payments

• Interest charged at 2% per month (or part month) on outstanding balances

6. Lock drill following non-payment

Where a box is drilled following notice for non-payment:

• Engineer and replacement lock: £320
  • Company representative fee: £120
  • Solicitor’s fee: £250

7. Correspondence and research

• £50 for the first half hour
  • £75 per hour (or part thereof) thereafter

Applies to research, document production, account history, box usage records, or responses to legal or court-ordered requests outside our direct control.

8. Probate

• £100 for processing a valid Grant of Probate or Letters of Administration, including:
  – Verification of documentation
  – ID and address checks for executors
  – Obtaining authorities where required

For more complex estates, reasonable costs (including any legal fees incurred) will be quoted in advance.

9. Power of Attorney (POA)

• £200 for processing a Power of Attorney, including:
  – Verification of existing records
  – Document checks and ID verification
  – Obtaining requisite authorities

POA requests are reviewed on a case-by-case basis and are considered only where the matter is urgent. All account holders must consent.

10. Other charges

• £10 for returned customer cheques where bank charges apply
  • £15 to stop a cheque issued by Vitessa Vault Ltd (where bank charges apply and the fault is not ours)
  • £30 replacement safe deposit box container where damage is caused by misuse