Assurance through transparency
We believe that our clients should have absolute assurance that their bullion is safely stored at The Safe House. Clients are welcome to engage third-party auditors of their choice, at any point in time, to inspect their holdings stored with us. These audits can be conducted at regular intervals or at random, according to the clients’ needs. The Safe House will facilitate the audits to ensure our clients’ bullion are safely stored.
The Safe House also has an annual ISO 9001 audit performed by SGS Singapore, the world’s leading inspection, verification, testing and certification company. The audit checks our management system and procedures including testing procedures, operational procedures, IT system, customer satisfaction etc.
When “All Risk” really means “ALL” risk
Marketing materials often use the term “All Risk” to describe insurance coverages. This term can be misleading because “All Risk” is merely a technical term that refers to “a type of insurance coverage that can exclude only risks that have been specifically outlined in the contract”. By itself, an “All Risk” claim without a list of coverage exclusions, is therefore meaningless.
Over the past decade we have built a strong industry reputation and worked with our insurance brokers to obtain some of the most comprehensive insurance policies in the industry, including theft, infidelity, and notably mysterious disappearance coverage, while being backed by some of the world’s largest Lloyd’s of London underwriters.
Our policy will replace any loss based on its value at the time of loss discovery. This ensures an asset can either be fully replaced or the full value can be obtained. Coverage includes:
- Theft coverage includes any type of forced third party theft
- Infidelity coverage protects against the possibility of inside jobs
- Mysterious Disappearance covers losses that cannot be explained, including operation errors, and is the closest thing to a real “All Risks Coverage“ insurance
Furthermore, it might be possible for institutional customer to obtain a loss payee certificate directly from the insurance broker, allowing for verified loss claims to be paid directly to the client.
Our continued commitment to safe storage has provided our clients with absolute peace of mind. As of 2023, our current physical asset coverage stored by The Safe House SG Pte Ltd is at SGD 800 million for any one loss. Our Class I and II Safe Deposit boxes also have a US$50,000 and US$200,000 liability protection which can be further increased at our client’s prerogative.
Tax-free warehousing in Singapore
The Safe House is a licensed warehouse under the Zero-GST Warehouse Scheme (ZGS).
In Singapore the majority of physical Investment Precious Metals (IPM) are duty and GST free.
For other goods, including timepieces, art or other taxable items our bonded status permits us to store the assets on a tax free basis (suspended GST).