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Safe Deposit Boxes Aren’t Safe - NY Times

M'Bob
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Evitzee Evitzee
Have you ever had a significant claim against your policy, that is the only way to know if an insurer is any good. Most are good at advertising and taking your money but their worth is shown when you have a claim.

And we know their mantra, don't we? Deny, deny, deny.
 
G
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This article got me thinking... there are a few issues with safe deposit boxes.

1. The bank not only doesn’t take liability, they won’t sell you insurance. So you are on the hook to go out and find someone to insure you, which may be expensive.
2. You don’t control the environment at the bank. It may get quite humid in some parts of the country, which isn’t ideal for any movements over a long period of time.

What if there was a storage business just for watches? The insurance would be less than getting insurance in your own because it would be through the storage business. An insurance provider who can go to a secure warehouse and observe the operation *may* underwrite a lower premium.

I can also think of a bunch of other positives - it would be through UPS (and yes would need insurance for that too) so you don’t need to physically go to the bank, there could be a website with a high res photo inventory of your collection, you could get a watch delivered back whenever you want, heck, the service could sell a watch for you if you wanted.

I’m in the warehousing and logistics business myself, and a watch guy, so if there is interest in this from anyone on this thread, let me know and I’ll push forward. I think the biggest challenge is the insurance piece and getting that to a reasonable cost level.
 
Tony C.
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G gnurick
This article got me thinking... there are a few issues with safe deposit boxes.

1. The bank not only doesn’t take liability, they won’t sell you insurance. So you are on the hook to go out and find someone to insure you, which may be expensive.
2. You don’t control the environment at the bank. It may get quite humid in some parts of the country, which isn’t ideal for any movements over a long period of time.

What if there was a storage business just for watches?

In many countries there are independent safe storage facilities that are arguably more safe than banks. I don't really see a business model for something as narrow as watches.
 
gemini4
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Speedmasterfan88 Speedmasterfan88
Also, a general question, did they drill the SDB open or how did they get ahold of the contents? My bank cant access my SDB without the second key which is in my possession.

A hand drill with a proper bit an access a SDB in about a minute
 
Flintlock
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gemini4 gemini4
A hand drill with a proper bit an access a SDB in about a minute
I can definitely attest to that. The locksmith only has to drill one of the two.
 
Evitzee
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gemini4 gemini4
A hand drill with a proper bit an access a SDB in about a minute
No one doubts that a particular box can be drilled quickly, the whole premise of a SDB is it is monitored during bank hours by bank staff so somebody shouldn't be able to gain fraudulent access to the room, whip out a cordless drill and go to town on a box or two without someone noticing. And when the bank is closed the safe room is secured by the large safe door and a couple of feet of reinforced concrete which a local locksmith won't be able to breech. There have been some massive SDB robberies over the years in large cities with wealthy clients, but I've never heard of a smallish bank having their safe room breeched and boxes pilfered. The risk/reward is too small for most crooks unless they know there is massive treasure in the boxes, in truth most boxes contain papers and Aunt Zelda's old brooch. Not worth the effort.

For fantasy see 'Flawless' with Michael Caine and Demi Moore, now that's a massive break in.
Edited:
 
G
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Tony C. Tony C.
In many countries there are independent safe storage facilities that are arguably more safe than banks. I don't really see a business model for something as narrow as watches.

I agree secure watch storage is super niche. I was thinking of doing it as a side hustle/hobby. Honestly, something to build that I would use myself. I know how to build the logistics piece, it’s the insurance cost that I’m just in the dark on right now.
 
W
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Worked for an alarm company for a little while.....big gun safes, hidden and secured to the floor with an alarm were quite popular. Some customers had multiple safes throughout their property, the idea being to spread the risk/lessen the chances of them all being found. And yes I get the irony of an alarm guy seeing the system but who is to say I saw each safe.
 
Speedmasterfan88
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gemini4 gemini4
A hand drill with a proper bit an access a SDB in about a minute

I‘m very well aware of that 😉. I just wanted to know if they drilled it open or if it is a 1 key system in the US and the bank has always easy access to your contents etc.
(Can‘t read the article as I would need to register an account at NYtimes.)

Cheers,

Max
 
Wryfox
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You know the biggest reason not to store watches in a safe deposit box?

No climate control.

MOST older banks use a vault. No ventilation. Either in the vault, or in the bank after hours (think a long weekend).

What do you think happens when there is no climate control?

It would be liking storing your watches in a basement or attic.

Would you do that? No.
 
MTROIS
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Any member recommendations for safes (make and model) for home??
 
M'Bob
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MTROIS MTROIS
Any member recommendations for safes (make and model) for home??

Stay away from this:

image.jpeg


And this:

image.jpeg


And then this:

image.jpeg
 
MTROIS
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M'Bob M'Bob
Stay away from this:

image.jpeg


And this:

image.jpeg


And then this:

image.jpeg
😲 Wow!! 😵‍💫

Yes, I will definitely stay away from this. I am currently considering some options from Brown Safe. Anybody has had experience with them and their products?
 
queriver
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M'Bob M'Bob
Stay away from this:

image.jpeg


And this:

image.jpeg


And then this:

image.jpeg
To be fair there's fireproof safes and security safes. The first 2 are fire safes with the white heat resisting insulation, thin steel skin and lightweight hinges. The steel on the 2nd safe wasn't even meant to deter an angle grinder.
 
gemini4
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In the USA, "proper" safes are rated by UL. The better the rating, the more beefy the safe.

Underwriters Laboratory’s TL ratings

Rating Length of time resists attack Torch resistant?
TL-15 15 minutes NO
TL-30 30 minutes NO
TRTL-30 30 minutes YES
TL-15X6 15 minutes - all 6 sides NO
TL-30X6 30 minutes - all 6 sides NO
TRTL-15X6 15 minutes - all 6 sides
YES
TRTL-30X6 30 minutes - all 6 sides
YES
TRTL-60X6 60 minutes - all 6 sides YES
TXTL-60X6 60 minutes - all 6 sides YES **explosive-resistant
 
BlackTalon
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In the US there are also Federal standards for forced-entry resistance (GSA Class 5, 6, etc.). These are the ones needed for storage of classified, etc. materials.
 
JwRosenthal
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I have a gun safe (which is used for it's primary function as well as watches). They are fire rated are "reasonably" priced.
 
FREDMAYCOIN
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I had a gun safe years ago loaded with watches and other valuables and the burglars rocked it out of the anchors and took the whole safe. Safe was found week later torched open, since them my valuables are in Wells Fargo (shit). Time to re-evaluate
 
TDBK
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gemini4 gemini4
In the USA, "proper" safes are rated by UL. The better the rating, the more beefy the safe
Note that the rating (15-30-60 minutes) is based on how long it takes an expert with quality tools who has reviewed the safe's design to break in, so I think that you will generally get much better resistance against average thieves.

We have a TXTL-60x6 at work, it's a serious piece of equipment. I think it cost around $25K.
 
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