Does the insurance cover the most important risks?
Insurance cover is particularly important in a high-security warehouse. After all, this involves specific risks and increased security requirements. Accordingly, you need a tailor-made insurance solution for your assets with disclosed conditions – and clarity about what is covered and what is not.
Appropriate insurance cover protects your valuables transparently and completely, especially in the event of damage caused by transportation, storage or events such as theft, burglary, fire, water, vandalism or misappropriation by employees. That’s why we go far beyond the mere calculation of premiums in this area.
Check off these requirements for comprehensive insurance cover:
- Risk orientation: specific risks such as burglary, embezzlement by employees, fire/water damage, natural disasters, vandalism or terrorism are covered
- Security: Increased requirements for buildings, systems, personnel and technologies taken into account in premiums
- Conditions: Insured values, sums insured and deductibles clearly regulated by contract
- Exclusions: Excluded causes of loss clearly and comprehensibly presented in the insurance certificate
- Inventory: Detailed and regular stocktaking and complete documentation
5 aspects that your insurance cover should cover
1. how detailed does your insurance cover the risks during transportation and in the high-security warehouse?
Most providers of high security services rarely talk about how they insure their customers’ valuables during transportation or storage. In many cases, they do not communicate, or do not communicate sufficiently, how they reduce risks and what measures they take to prevent damage or loss. At Helveticor, the bar for comprehensive insurance cover is set much higher. We take a targeted approach to your specific risk scenario and provide you with a solution that minimizes your individual risks from the outset. We also provide precise information on the scope of cover, the insurance conditions and all security measures that affect your premiums.
From the field: "Knowing what's what"
Whether for national or international transport or long-term storage in our high-security centers – we tailor the insurance cover for your assets precisely to their needs and requirements. We also provide our customers with detailed information on all preventive measures. Thanks to detailed security protocols, you can track the protection of your valuables at any time, long before a loss event occurs.
2. to what extent does your insurance cover natural hazards in the high-security warehouse?
A high-security warehouse must be specially insured against fire and water damage. Water damage – caused by sprinkler systems, for example – can be particularly problematic if your valuables include works of art, banknotes or documents. You should also think about natural disasters such as flooding or earthquakes before taking out an insurance policy for your high-security storage. Our insurance protection covers a considerable range of natural hazards that could threaten your valuable items.
From the field: "On fire for all-risk protection"
Imagine a fire breaks out in your high-security storage facility due to an unexpected technical defect. The extreme heat causes severe damage to your gold bars, and some silver coins are even completely destroyed. In this case, your Helveticor insurance solution covers the entire value of your precious metals and guarantees full compensation.
3. which causes of damage are excluded from your insurance cover for high-security storage?
Many insurers exclude certain causes, such as damage caused by war or sabotage, or only cover defined risks. You should check such exclusions carefully before taking out a policy. Particular attention should be paid to the transparency that your high security storage service provider offers you regarding insurance exclusions. To avoid misunderstandings, you need to know exactly what is covered and what is not. As a Helveticor customer, you will therefore receive a detailed list of the covered and excluded risks. These are presented clearly and comprehensibly in the insurance certificate.
4. how are your assets protected against misappropriation by employees?
Human and organizational weaknesses in a high-security warehouse can contribute to the risk of employee misappropriation despite high security measures. You should raise these concerns with your high-security storage service provider and check how they address them. For effective prevention, they can rely on a multi-layered security and prevention concept, as we do at Helveticor:
- Careful selection and training of staff to minimize the risk of irregularities
- Strict internal controls to identify weaknesses at an early stage and take appropriate
measures - Insurance cover against embezzlement to provide additional protection and strengthen your trust in our service
If your high-security storage provider offers you such and similar measures, you can assume that not only financial protection is guaranteed in the high-security storage facility, but that the processes guarantee the highest standard of security.
5 How does your policy regulate compensation in the event of a claim?
A Loss Payee Rider (LPR) is a clause in your insurance contract that ensures that, in the event of a claim, the insurance benefit is paid directly to a contractually stipulated third party instead of to the policyholder.
With this supplementary agreement, a high-security storage service provider ensures that you as a customer are compensated directly by the insurance company in the event of a claim, without you having to deal with the complex claims settlement process. Your service provider acts as the policyholder, which considerably simplifies and speeds up the process for you.
At Helveticor, we incorporate LPR into our insurance contracts. Because in the event of a claim, we not only want to save you time and stress, but also do everything we can to ensure that you can rely on us 100%.
Short and sweet
In high-security storage, comprehensive insurance cover is essential to adequately protect the material and emotional value of your stored items.
You are right to wonder whether your assets are adequately protected in the event of damage caused by transportation, storage or unexpected events such as natural disasters. Your high security storage service provider should take these concerns seriously and address them with a tailored insurance solution that covers all risks transparently and completely.
If you also protect yourself against embezzlement by employees and have absolute clarity about exclusions and areas of cover, you can rely on the integrity of high security storage.
