Apparently there is no place safe for your watch.

[MILGAUSS88]

Read this article, and the main complainant happened to have a watch collection.

https://www.nytimes.com/2019/07/19/b...box-theft.html

[superdog]

Exactly why I won’t keep anything of value in a safe deposit box.

I have it all buried in a field in Pennsylvania.

[Brew]

May not be insured either . . . .

[pickettt]

If you don’t hold it, you don’t have it.

[Blansky]

Interesting article.

A problem with regulating them is that the bank has no idea what is kept in the boxes which is part of the reason people have them.

However the screw-ups that happened here were clearly theft and negligence after they had been inventoried by a third party.

[superdog]

Originally Posted by pickettt

If you don’t hold it, you don’t have it.

that's exactly what I think. 🤔

bird in the hand is worth two in the bush.

[Yzord]

Hmm, just putted all my watches and coins in a safebox today lol. Hopefully they won't drill my case open when i am on an holiday.

But yeah, as a former IT specialist i know nothing is 100% safe.

[pickettt]

Originally Posted by superdog

that's exactly what I think. 🤔

bird in the hand is worth two in the bush.

You know what cracks me up? Sellers of bullion who will, for a storage fee, hold on to the gold you buy from them.

[RW16610]

This is crazy. It's such a shame to see this type of thing happens and is likely more common than expected. Insurance is key but doesn't really cover sentimental aspect, of coruse.

[Yzord]

Originally Posted by RW16610

This is crazy. It's such a shame to see this type of thing happens and is likely more common than expected. Insurance is key but doesn't really cover sentimental aspect, of coruse.

Mine is insured for over 100k USD. My advice is:

- Be sure the company sends you an email notification when you visit your box
- Do a movie when you are in the private room which shows what goes into the box (or what goes out)
- Use a paper with the date while you are filming (which can be compared with the notification email).
- Also film the moment you are leaving the private room and when you lock the box together with the master key.
- Stop filming when you are out of the safe zone
- Always make copies of your invoices of whats inside the box

If you so do all this and you are insured and something happens, then there is no doubt that the insurance company will not pay you. The main key in this story is that the company must send you a notification mail (or text) everytime you visit your box.

[Sperry]

Originally Posted by superdog

Exactly why I won’t keep anything of value in a safe deposit box.

I have it all buried in a field in Pennsylvania.

Funny you should mention that. I was out along the new pipeline right-of-way, in my pastime as a metal detectorist, and found a cache of watches and jewelry ...

A safe place for a watch? Why, you wear them. All of the time. Safest place is on your ankles, under your socks!

[AzPaul]

After the thieves emptied out the boxes, on the way to their getaway van, they were robbed by a gang on Mopeds.

[THC]

One watch guy... always with me

[RW16610]

Originally Posted by Yzord

Mine is insured for over 100k USD. My advice is:

- Be sure the company sends you an email notification when you visit your box
- Do a movie when you are in the private room which shows what goes into the box (or what goes out)
- Use a paper with the date while you are filming (which can be compared with the notification email).
- Also film the moment you are leaving the private room and when you lock the box together with the master key.
- Stop filming when you are out of the safe zone
- Always make copies of your invoices of whats inside the box

If you so do all this and you are insured and something happens, then there is no doubt that the insurance company will not pay you. The main key in this story is that the company must send you a notification mail (or text) everytime you visit your box.

Sound advice You'll have no issues doing this but it seems like a hassle. Albeit difficult, it's without a doubt worth doing though, especially after reading through that article.

Originally Posted by AzPaul

After the thieves emptied out the boxes, on the way to their getaway van, they were robbed by a gang on Mopeds.

Originally Posted by THC

One watch guy... always with me

I've never been more content with a smaller collection than I am now. More is always tempting but so many factors make it more of a hassle than a pleasure for me.

[yoniman]

Originally Posted by Yzord

Mine is insured for over 100k USD. My advice is:



- Be sure the company sends you an email notification when you visit your box

- Do a movie when you are in the private room which shows what goes into the box (or what goes out)

- Use a paper with the date while you are filming (which can be compared with the notification email).

- Also film the moment you are leaving the private room and when you lock the box together with the master key.

- Stop filming when you are out of the safe zone

- Always make copies of your invoices of whats inside the box



If you so do all this and you are insured and something happens, then there is no doubt that the insurance company will not pay you. The main key in this story is that the company must send you a notification mail (or text) everytime you visit your box.

This.
Thanks for the tip.

I shall now stop digging in my backyard.

Cheers

[Bigblu10]

There are some members here on the forum with heavy hitting watch collections worth big, big $$ that swear by using safe deposit boxes to keep their watches in! Would I? Heck no. If you can afford several hundred thousand $$ in watches, you certainly can afford to have a commercial grade safe bolted down in your humble abode.

[interestedwatcher]

Originally Posted by Bigblu10

There are some members here on the forum with heavy hitting watch collections worth big, big $$ that swear by using safe deposit boxes to keep their watches in! Would I? Heck no. If you can afford several hundred thousand $$ in watches, you certainly can afford to have a commercial grade safe bolted down in your humble abode.

And then get tortured for the code if someone kicks your door in looking for them.

[superdog]

Originally Posted by Sperry

Funny you should mention that. I was out along the new pipeline right-of-way, in my pastime as a metal detectorist, and found a cache of watches and jewelry ...

A safe place for a watch? Why, you wear them. All of the time. Safest place is on your ankles, under your socks!

This is hysterical.

But damn you. I have a three hour drive tomorrow to check on my stash.

[Bigblu10]

Originally Posted by superdog

This is hysterical.

But damn you. I have a three hour drive tomorrow to check on my stash.

Do you have room for one more in that black F-car?

[superdog]

Originally Posted by Bigblu10

Do you have room for one more in that black F-car?

“There’s always room for one more”.

[77T]

Ummm...hate bring facts to bear and ruin many a good rant...

In reading the article, 33,000 incidents happen with safe deposit boxes each year. That’s spread across the 25,000,000 safe deposit boxes here in USA. Just 0.132% folks...

And most of those 33,000 incidents are causes other than theft.

“Every year, a few hundred customers report to the authorities that valuable items — art, memorabilia, diamonds, jewelry, rare coins, stacks of cash — have disappeared from their safe deposit boxes.”

Even if we assume “a few hundred” was 900, then that’s 0.0036% - or 1 per approximately 28,000 box holders.

What does the word safe mean?
“Involving little or no risk of mishap, error, etc.”

The only possible answer is a safe deposit box IS safe.




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[jrs146]

Originally Posted by 77T

Ummm...hate bring facts to bear and ruin many a good rant...

In reading the article, 33,000 incidents happen with safe deposit boxes each year. That’s spread across the 25,000,000 safe deposit boxes here in USA. Just 0.132% folks...

And most of those 33,000 incidents are causes other than theft.

“Every year, a few hundred customers report to the authorities that valuable items — art, memorabilia, diamonds, jewelry, rare coins, stacks of cash — have disappeared from their safe deposit boxes.”

Even if we assume “a few hundred” was 900, then that’s 0.0036% - or 1 per approximately 28,000 box holders.

What does the word safe mean?
“Involving little or no risk of mishap, error, etc.”

The only possible answer is a safe deposit box IS safe.




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Indeed. Also, just because it’s in a safe doesn’t mean it shouldn’t be insured. Pay the 1% premium for the .0036% chance of loss anyways.

[1st amg]

Yikes. Can’t trust no one. This is why we have stash houses


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[Fat_ninja]

Who goes to the bank anymore

[Chiboy]

Originally Posted by jrs146

Indeed. Also, just because it’s in a safe doesn’t mean it shouldn’t be insured. Pay the 1% premium for the .0036% chance of loss anyways.

I am thinking this is the same math people use to justify buying lottery tickets.

[BrazenC5]

Originally Posted by jrs146

Indeed. Also, just because it’s in a safe doesn’t mean it shouldn’t be insured. Pay the 1% premium for the .0036% chance of loss anyways.

Where do you get a 1% premium?

USAA charges me 1.67%, and State Farm 1.48%.

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[HogwldFLTR]

This can work (in a pinch)!!!

https://www.youtube.com/watch?time_c...&v=0ewAk45sFMs

[jrs146]

Originally Posted by BrazenC5

Where do you get a 1% premium?

USAA charges me 1.67%, and State Farm 1.48%.

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I’m with JM and I’m paying 1.25%. Although I just got a quote from State Farm and they were at 1% so I’ll probably switch. Just gotta get new appraisals.

[timepieceluvr]

Holy censorship! I posted here yesterday - I guess I sort of mentioned something in the post I shouldn’t have. I’ll have another go.

Why pay an insurer a premium, or a bank for a box when a security system, a safe, a German Shepherd and a solid form of self defense are available?


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[offrdmania]

Exactly! A well built, at least 9 gauge thick steel construction, fire rated home safe bolted to the floor and the wall should be adequate protection. Then you dont have to drive to the bank every time you want to wear your watch. Also, all contents are covered by home owners insurance as well as a separate articles policy if need be.

I keep a safe at home. It has a 1.5 hour fire rating and would take a thief a good hour or two of grinding and torching to get in. In that time the silent alarms would give the local authorities plenty of time to respond if im not home.