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How do I insure my precious metals?

It’s a challenge we hear every day.

Until now, the answer has been that obtaining insurance coverage has proven difficult. At MyGold®, we have collaborated with an insurance underwriter to create a Bullion-specific insurance policy that fully protects our customers who choose to store their precious metals at home.

The policy is underwritten at Lloyds of London, for the ultimate in insurance cover.

Plus, we’ll also cover jewellery, watches and fine art.

Importantly, the policy will fully protect the holder if the precious metals are forced to be handed over under duress.

In order to meet the policy requirements, you’ll need the following in place:

Home safe.

You will require an approved home safe and will need to consider the following points:

Capacity – how much space will I require? Will documents and other assets be stored as well?

Cash rating – different safes yield different levels of cover. As a rough guide you can multiply the given rating by 10 for bullion cover. So, if the cash rating is ‘$100,000’, the safe can be insured up to $1m in value.

Grade – All safes have different levels of protection. Which grade will you require?

Fire rating – will documents also be stored in the safe? If so, consider the level of fire protection.

Price – Prices will vary depending on the parameters listed above.

MyGold® are an authorised New Zealand distributor for ChubbSafes, a 200-year-old company whose name is synonymous with security.

We will guide you through the best options for you and ensure that once purchased, your safe is expertly installed.

Alarm Protection

A security alarm will be required and preferably connected to a monitoring service.

Speak to one of our team to discuss MyGold® Bullion insurance cover in more detail.