Commonwealth Vault – Frequently asked Questions

Do I need a safe deposit box?

Your family heirlooms, jewellery, vital documents, computer files, cash, foreign currency, artworks can be destroyed or stolen from your home all too easily. A Commonwealth Vault safe deposit box is the surest way to protect the things you can’t afford to lose.

How long can I buy or rent a safe deposit box for?

The minimum rental period is one month but you can buy or rent a box on perpetually renewable terms for a virtually unlimited period of time.

What can I store in my safe deposit box?

You may store any property or documents in your box, apart from anything explosive, dangerous, offensive, inflammable, corrosive, perishable, or illegal.

What do I receive when I rent or buy a safe deposit box?

We will provide you with a numbered safe deposit box, a removable metal box sleeve for that box, and two keys (one is a spare).

What happens if I lose my key?

If you lose one or both of your safe deposit box keys, you must immediately notify us in writing. We will replace the locks on your box, supply you with new keys, and charge you a small fee.

What happens if I die?

In the event of your death, your safe deposit box will be ‘frozen’ until a legally appointed person such as an executor is nominated to retrieve the contents of your box. Commonwealth Vault will only release the contents of your box to either a person you nominate or a person legally appointed by your estate.

Will my safe deposit box be covered by insurance?

Commonwealth Vault itself is insured but contents of the safe deposit boxes are not covered by our insurance. Your existing household contents insurance should cover the contents of your safe deposit box but you should confirm this directly with your insurance provider. Commonwealth Vault can facilitate specialised insurance under Crombie Lockwood Ltd, underwritten by Lloyd’s of London.

In the event of your death, your safe deposit box will be ‘frozen’ until a legally appointed person such as an executor is nominated to retrieve the contents of your box. Commonwealth Vault will only release the contents of your box to either a person you nominate or a person legally appointed by your estate.

Can I nominate someone else to have access to my safe deposit box?

You may nominate up to two additional authorised users to have access to your safe deposit box.

Can anyone else gain access to my safe deposit box?

If the Police, the Court, the Government, or any relevant authority serves us with a warrant requiring us to open your box for inspection, we may ask you to do so. If you refuse, we may break open your box and bill you for the cost.

Can Commonwealth Vault refuse me access?

We may refuse you access if we suspect you are under duress, or accompanied by an unauthorised or suspicious person, or on any other reasonable grounds.

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