In the safe industry, several terms can be used that will leave you confused. From cash rating to safe grades, these are just but a few terms used in the safe industry. We already looked into those two in our previous articles; today we’ll talk about insurance approved safe. Just like cash rating and safe grades, insurance approved safe is all about how secure a safe is.
Insurance approved safe refers to a safe that is accredited to offer a certain level of security to your valuables for the purpose of the insurance industry. Several industries around the globe can do this assessment. However, here in the UK, the accreditation body is the Association of Insurance Surveyors (AiS).
Factors that determine the insurance approval of a safe
All safes are given something known as insurance rating. That indicates the safe’s level of security and on top of that the amount of money an insurance company will cover if stored in that safe. In simple terms, it dictates what level of insurance approval the safe will get.
The factors considered when giving the insurance approval include;
- The resistance of the safe against movement
- The strength and thickness of the door and walls
- The general build quality of the safe
- The complexity and security of the bolt and lock mechanics
Why do you need an insurance approved safe?
To help you understand why you need such a safe, let’s have a bit of background. Before accreditation bodies like AiS were formed, any insurance company could decide on the amount they are willing to cover. Furthermore, they would have their self-regulated internal systems that would help them determine the risk.
As a result of that, there were safes advertised having insurance ratings while others did not have those ratings. That made it difficult for safe buyers to compare different safes when purchasing one. At that point, testing and accreditation bodies were formed. These organizations tested the safe against all attacks starting from fire to burglar attacks.
Therefore, by having insurance approved safe, it means you have a safe that can protect your valuables against several attacks. Moreover, the higher the approval, the more secure the safe is. On top of that, the AiS is not only here to help you determine how secure a safe is, but also help you when it comes to insurance matters.
Today, insurance companies will not just give you a cover over the valuables you have kept in your safe. No, that’s not it. There are several procedures your insurer has to follow and sometimes they can be hectic, and in the long run, you don’t get your compensation. However, with an insurance approval from the Association of Insurance Surveyors, it’s a green light for automatic insurance cover.
Levels of insurance approval
These levels go hand in hand with the cash ratings. They include
- £1,000 cash rated safe – £10,000 valuables
- £4,000 cash rated safe – £40,000 valuables
- £10,000 cash rated safe – £100,000 valuables
- £17,500 cash rated safe – £175,000 valuables
- £35,000 cash rated safe – £350,000 valuables
There you have it. Getting insurance approved safe is the way to go if you want an easy time with your insurer as well as if you want your valuables to be kept secure at all times.