Private Vault Insurance

Policy Overview

Private Vault Insurance can cover personal valuables and cover also can include assets owned by self-managed superannuation funds as below:

• Diamonds and Precious Stones
• Bullion
• Static Risk Coins
• Stamps
• Rare bank notes
• Jewellery

These assets may be insured under separate policies or collectively under the one policy, but the fund must be the owner and beneficiary of the policy. It is not sufficient for:

• the trustee or member to include the assets in their own policy (for example, as part of a home and contents insurance policy)
• a third party to own the policy (for example, a business owner or custodian who is storing, displaying or leasing the asset)
• the fund to be noted on a policy owned by a third party as a named insured or beneficiary.

It is important that the fund owns the insurance policy. The above is general advice only and you should refer to either your accountant or the Australian Taxation Office for further details on your responsibilities.

From an insurance perspective, it may more cost-effective to store your purchased assets in a bank vault or safety deposit box, rather than at home. Storing such items at home will most likely be more costly.