Coverage Options & Providers
Bottom line: Most standard policies don’t fully cover bullion or coin collections—and safe deposit boxes are not insured by banks or the FDIC. To protect your stack, you’ll likely need scheduled coverage or a specialized policy, or rely on vault insurance that’s included with professional storage.
Introduction: Why standard insurance doesn’t cover your metals
You bought gold or silver to reduce risk—not to take on a new one. Yet many investors discover after a loss that their homeowner’s or renter’s policy doesn’t adequately cover coins, bullion, or numismatics. Typical policies cap theft coverage for valuables like jewelry and often exclude bullion/coins beyond very low sublimits. And if you’re using a bank safe deposit box, the contents are not FDIC-insured and generally not covered by the bank either. usi.com+1
This guide translates insurance jargon into plain English, compares riders vs specialist policies vs vault insurance, and profiles major providers. We’ll also walk through documentation, claims, and cost optimization—so you can pick a protection plan that actually pays when you need it.
Homeowner’s/renter’s insurance limitations
Typical coverage limits ($1,000–$2,500 for “precious metals”)
Standard home policies include sublimits—special caps for categories like jewelry and certain valuables—often $1,000–$1,500 for theft, and sometimes as little as $200 for money, bullion, and coin collections unless specifically scheduled. These figures vary by insurer, but $1k–$2.5k for jewelry theft is a common baseline; bullion and coins may be even more restricted.
What’s excluded (market value appreciation, mysterious disappearance)
Base policies often exclude “mysterious disappearance” (you can’t prove how it vanished) and don’t account for market appreciation beyond what you’ve scheduled or declared. Some insurers explicitly carve out bullion/coins unless scheduled.
Proof requirements
Even where there’s some coverage, you’ll be asked for proof of ownership and value: invoices, appraisals, serial numbers, photos. No paperwork often means no payout.
Insurers often require specific storage standards—here’s how to meet them.
When basic coverage is sufficient
If your metals exposure is very small (e.g., a few silver rounds or a couple of sovereigns) and you accept the sublimit risk, your base policy might be “good enough”—but it’s not a long-term plan as your stack grows.
Scheduled personal property riders
How they work (itemized coverage)
A schedule (also called a rider or floater) itemizes specific valuables (e.g., “ten 1-oz gold Eagles”, “PCGS MS-65 coin #…”) and covers them for broader perils than the base policy.
Cost: typically ~1–2% of value per year
Expect about $10–$20 per $1,000 of coverage annually—so $200/year to schedule $10,000 of valuables—depending on insurer, location, and security.
Appraisal requirements
Insurers may require appraisals or purchase invoices above certain thresholds (often $5,000 per item). For bullion, recent invoices usually suffice; for numismatics, third-party grading and appraisals help.
Coverage scope (theft, loss, damage)
A well-structured schedule can add all-risk style protections (theft, fire, accidental loss), and may include “mysterious disappearance”—something many base policies exclude. chubb.com
Claims process
You’ll file a police report (for theft), submit proof of ownership/value, and work with adjusters. For scheduled items, disputes typically center on valuation; having recent invoices/appraisals shortens the process.
Specialized precious metals insurance
Standalone policies
Specialist carriers/brokers write collectibles and precious-metals policies that can cover bullion, coins, and numismatics—often worldwide and with higher limits than household riders. Examples include Chubb and AIG Private Client Group in the high-net-worth space, and specialist collectible programs for coin collections.
Broader coverage (mysterious disappearance, market value)
Top-tier “valuable articles/collections” policies can include worldwide all-risk terms and agreed value settlement—reducing valuation fights and sometimes addressing mysterious disappearance explicitly.
Higher limits available
Unlike a basic rider, specialist policies can scale to six or seven figures, cover in-transit, and sometimes offer exhibit/show protections for active collectors.
Cost: ~0.5–2% depending on storage method
Premiums vary with security (home safe vs vault), territory, and transport frequency. Reported ranges for collectibles/coin policies commonly fall between 0.5–1.5% of insured value, while jewelry-style cover often guides to 1–2%. Expect discounts for vaulted storage vs home-only.
Vault storage insurance (included)
What allocated storage includes
Professional depositories typically include “all-risk” insurance for metal held in custody (allocated/segregated or non-segregated), underwritten by leading markets (often Lloyd’s of London).
Lloyd’s of London coverage (typical for major vaults)
Examples: Delaware Depository cites $1B in all-risk coverage, including protection for mysterious disappearance and employee dishonesty; IDS Group highlights all-risk policies underwritten by Lloyd’s. Brink’s markets “full liability for stock held” with all-risk protection.
Coverage limits and exclusions
Vault policies cover loss/damage while in the vault (and sometimes while on the vault’s armored transport if arranged). They may not cover metals once withdrawn to your possession or shipped under your own arrangements—clarify in-transit terms.
When vault insurance is sufficient vs when to supplement
If 100% of your stack sits in one or more insured depositories, the vault’s policy often suffices. If you keep any at home/in transit, you may need additional coverage (schedule or standalone).
Bank safe deposit box insurance (usually NOT included)
Common misconception
FDIC doesn’t insure safe deposit box contents. Banks generally do not insure them either; your rental agreement will say so.
Bank liability limits (often zero)
Even catastrophic loss (fire, flooding, theft) of contents is not the bank’s insured risk; at most, contracts may allow very limited payments in rare circumstances.
Supplemental insurance options
If you store metals in an SDB, consider a scheduled rider or specialist collectibles policy that explicitly covers safe deposit box locations.
Major insurance providers
Note: Availability varies by country/region. Always verify appetite for bullion vs coins vs jewelry; some “jewelry” insurers do not cover bullion.
- Chubb – Personal Collections / Valuable Articles
Worldwide, all-risk style coverage for coins, silver, collectibles, with agreed value options. Strong high-limit appetite. - AIG Private Client Group (Private Client Select)
Collections coverage for a wide array of collectibles including coins; global footprint for high-net-worth clients. - Jewelers Mutual
Focused on jewelry (rings, watches). Good for personal jewelry; not a bullion insurer. - Hugh Wood / Risk Strategies (US/UK)
Broker known in numismatic and collector circles; places coverage with major markets/Lloyd’s; appetite for collections and in-transit. - Collectibles specialty programs (regional)
Dedicated coin collection policies and clubs/association programs exist (North America/UK/EU) with market-value settlement and low deductibles.
Comparison snapshot (indicative)
| Provider | Typical Fit | Metals Covered | Strengths | Caveats |
|---|---|---|---|---|
| Chubb | HNW individuals | Coins, silver, collections (confirm bullion) | Agreed value, worldwide, all-risk | Underwriting standards; may require appraisals. |
| AIG PCG | HNW/global nomads | Coins/collections | Broad appetite, global claims | Work via approved brokers/advisors. |
| Jewelers Mutual | Jewelry owners | Jewelry only | Specialist claims; repair network | No bullion/coins. |
| Hugh Wood | Coin/numismatic collectors | Collections, in-transit | Lloyd’s access; collector-centric | Brokered; terms vary by market. |
| Vault insurance | Anyone using depositories | Bullion/coins in custody | Included, high limits | Applies in-vault; verify transit. |
Coverage types explained
Agreed value vs actual cash value
- Agreed value: You and the insurer agree on a value upfront; a total covered loss pays that figure (no haggling). Great for defined collections. chubb.com
- Actual cash value (ACV): Pays market value at time of loss minus depreciation (for collectibles, “market value” can be contentious).
Replacement cost
Pays what it takes to replace the item with a like-kind equivalent (less common for unique coins; better fit for jewelry).
Market value coverage (for bullion tracking spot price)
Specialist policies or vault insurance often pay market value at loss date (i.e., spot + typical premium for that product). Confirm definitions and valuation sources within the policy.
Which to choose for bullion vs numismatic
- Bullion: Market-value or agreed-value (updated as spot changes) can both work; just ensure the valuation basis is explicit.
- Numismatic: Agreed value + up-to-date appraisals/grade certs reduces disputes.
What’s typically covered
- Theft (with police report), fire, flood, natural disasters, accidental damage, and sometimes mysterious disappearance under specialty or scheduled coverage. Vaults’ all-risk policies usually include these perils while in custody.
- In-transit coverage: Often available, but may require using the insurer’s approved shippers/methods (e.g., armored carriers or Registered Mail) and declared values.
What’s typically excluded
- War & terrorism (sometimes buy-back available), nuclear events, wear and tear, gradual deterioration, fraudulent purchases/counterfeits, and undocumented holdings. Read exclusions and endorsements closely; specialty forms can be broader than base home policies.
Documentation requirements
- Purchase receipts & invoices (dealer name, date, item details).
- Photos & serial numbers (for bars/graded coins).
- Appraisals (often required for items >$5k or for rare numismatics).
- Weight & purity certificates, grading slab certs (PCGS/NGC).
- Location declarations (home safe model, SDB, or specific vault), security measures (alarms, concealed installation).
Keep a digital vault (encrypted cloud) with scans, and a printed inventory off-site. Insurers (and adjusters) love organized proof.
Claims process walkthrough
Immediate steps after loss
- Secure the scene (police report for theft).
- Notify insurer and obtain a claim number.
- Provide initial inventory and docs.
Police report requirements
Expect to submit case numbers and possibly detective contact info.
Filing the claim
Share receipts, appraisals, serial lists, and photos. For vault losses, the depository and its insurer coordinate, but you should still maintain your own file.
Proof of ownership
Insurers want chain of evidence: invoices → serials/photos → storage location.
Valuation disputes
Avoid by choosing agreed value or clearly defined market valuation (e.g., LBMA/COMEX reference + premium). Otherwise, you might negotiate with the adjuster.
Typical settlement timelines
Straightforward scheduled claims: weeks. Specialty/large claims (or theft rings): months. Vault incidents are rare but complex—cooperate early with all documentation.
Cost optimization strategies
Security discounts (safes, alarms)
Insurers price for risk. A TL-rated, bolted safe + monitored alarm and camera coverage can lower premiums.
Deductibles (higher deductible = lower premium)
For large stacks, a higher deductible can materially drop annual cost if you self-insure small losses.
Bundling with other policies
High-net-worth carriers may discount collections coverage if you place home, auto, umbrella together.
Annual review and revaluation
Spot moves. Update sums insured annually, revise agreed values, and add newly acquired items within the notification window specified by your policy.
International considerations
Coverage while traveling
Confirm territorial limits (“worldwide” vs specific countries), requirements for carry vs checked transport, and any high-risk destination exclusions.
Traveling? Coverage can change once you cross a border—see travel compliance.
International vault storage
If storing in Singapore/Zurich/London/U.S., your metals are typically covered by the vault’s policy; confirm whether your personal policy also extends to in-transit or secondary storage locations.
Cross-border claims
Expect to coordinate between local authorities, your insurer, and possibly the vault’s insurer. Keep translations of invoices if you routinely buy abroad.
Self-insurance vs commercial insurance
When to skip insurance (very small holdings)
If your position is a few hundred dollars, paying $100–$200/year in premiums makes little sense.
Break-even analysis
At 1%/year, $50,000 of coverage costs $500/year. Ask yourself: would you willingly self-insure that risk, given your security and loss likelihood?
Risk tolerance assessment
If you hold the bulk in insured vaults and keep only a small home kit, you might self-insure the home portion—and rely on the vault’s policy for the rest.
Premiums drop when risk drops—compare home vs. vault.
Decision tree: Do you need specialized insurance?
- Is any metal at home or in an SDB?
Yes → A scheduled rider or specialty policy is prudent (SDB contents not FDIC-insured).
No → If 100% is in insured depositories, vault insurance may be sufficient (verify coverage scope & limits). - Is your collection mostly bullion or numismatics?
Bullion → Consider market-value coverage basis; update sums with spot.
Numismatics → Prefer agreed value with appraisals/grades. - Do you travel with metals?
Yes → Ensure in-transit coverage and approved shipping methods. International Depository
Quick reference: Storage method vs insurance
| Storage Method | What usually covers it | What to verify |
|---|---|---|
| Home safe | Scheduled rider or specialty collectibles policy | Sublimits, mysterious disappearance, agreed vs market value, deductible |
| Bank SDB | Your rider/specialty policy (not bank/FDIC) | That your policy extends to SDB location(s) |
| Private vault (allocated) | Vault’s all-risk policy (included) | In-transit terms, policy limits, excluded perils, proof of coverage letter |
| In transit (shipping/you carry) | Specialty policy extension or vault’s armored logistics | Approved couriers, declared value, geographic exclusions |
Conclusion: Your insurance decision framework
- Map your storage (home, SDB, vaults) and exposure (bullion vs numismatics).
- Check your base policy sublimits and exclusions in writing. Expect minimal coverage for bullion/coins unless scheduled.
- Decide between a scheduled rider (simple) and a specialist policy (broader, higher limits). Use agreed value for unique pieces; market value for bullion.
- If you rely on depositories, obtain proof of insurance (certificate wording, limits, all-risk scope, transit coverage).
- Document everything (receipts, serials, photos, appraisals) and store copies in a secure digital vault.
- Review annually (spot moves, acquisitions) and update sums insured and appraisals.
Protecting your metals shouldn’t be complicated, but it does require specifics. Get the policy form that matches how and where you hold metals, and keep your paperwork tight—so your hedge actually hedges.
