Abstract:
A system and method for insuring a safe deposit box is disclosed as is a technique for processing claims made against such safe deposit box insurance. According to a disclosed embodiment, a safe deposit box insurance policy insures content within a safe deposit box against an insurable event for a monetary amount and entitles the policyholder to receive the monetary amount in response to a proven claim that the insurable event has occurred without requiring an appraisal of any content stored in the safe deposit box, and wherein the safe deposit box insurance policy was obtained by the policyholder without the policyholder disclosing specific content for storage in the safe deposit box. Payments for claims against the safe deposit box insurance policy can also be made without requiring an appraisal of any content that may have been stored in the safe deposit box.

Description:
CROSS REFERENCE AND PRIORITY CLAIM TO RELATED APPLICATIONS 
       [0001]    This application is a divisional of U.S. patent application Ser. No. 13/027,588, filed Feb. 15, 2011, now U.S. Pat. No. ______, which is a continuation of U.S. patent application Ser. No. 12/661,182, filed Mar. 11, 2010, the entire disclosures of each of which are incorporated herein by reference. 
     
    
     BACKGROUND 
       [0002]    This invention relates to a system and method for insuring safe deposit boxes and more particularly to a system and method for insuring a safe deposit box without having to itemize the contents of a safe deposit box. 
         [0003]    Safe deposit boxes are found at various institutions such as banks, savings and loans, and credit unions for the deposit of important documents and items for safekeeping. For example, gold, coins, jewelry, silverware, paintings, stock certificates, and legal documents may be stored in safe deposit boxes. Although safe deposit boxes are assumed to be secure the contents have been robbed, destroyed, or lost through various means. For example, a theft may occur by a break in into the vault. Also, flooding, fire, and earthquake may occur in which the contents of the box are destroyed because such contents are not waterproof. An earthquake can also destroy the box and its contents. Therefore, it would be desirable to be able to insure against the theft or destruction or other specific perils of a safe deposit box. 
         [0004]    The present disclosure is designed to obviate and overcome many of the disadvantages and shortcomings associated with safe guarding against the theft or destruction of a safe deposit box. In particular, the present disclosure is a system and method for insuring a safe deposit box from an insurable event. Moreover, the system and method of the present disclosure can be employed to insure the safe deposit box without having to itemize, disclose, appraise, or list the contents of the safe deposit box which overcomes many of the problems associated with existing methods that insure only the contents. Further, some advantages are there is no need to itemize the contents of the safe deposit box, there is no need to have expensive appraisals, there is no need to reappraise as values of the items change, and there is no need to update the contents of the safe deposit box. Another advantage is that items may be removed from the safe deposit box and the insurance policy will still pay for coverage in the event of an insurable event such as when the box is burglarized. Insurance for a safe deposit box is inexpensive for the consumer due to there being no appraisals and the fact that the insurance covers the safe deposit box without regard to the contents thus making underwriting much simpler and less expensive. Since there is less paperwork and no appraisals for an underwriter to review this results in lower premiums being charged. 
         [0005]    The insurance policy is easy to issue because no reviews are required. All that consumers need to do is fill out a simple form stating bank location, box number, and the dollar amount of insurance requested. The consumer is also afforded complete privacy because the contents of the safe deposit box do not have to be disclosed or itemized. Obtaining insurance for a safe deposit box is a streamlined and easy process. 
       SUMMARY 
       [0006]    In one form of the present disclosure, a method for insuring a safe deposit box comprises the steps of renting a safe deposit box and purchasing insurance for insuring the safe deposit box. 
         [0007]    In another form of the present disclosure, a system for purchasing insurance for a safe deposit box comprises a computer system capable of being assessed over an Internet, the computer system capable of providing various screens and for receiving entered information relating to a safe deposit box to be insured, and for determining a premium to be paid for the insurance for a safe deposit box. 
         [0008]    In still another form of the present disclosure, a method for purchasing insurance for a safe deposit box over a computer network comprising the steps of: accessing a web site for purchasing insurance for a safe deposit box; entering information relating to a safe deposit box to be insured; reviewing information relating to a premium to be paid for the insurance for a safe deposit box; and paying the premium. 
         [0009]    In light of the foregoing comments, it will be recognized that the present disclosure provides a method and a system for insuring a safe deposit box. A method for insuring a plurality of safe deposit boxes in a single location is also disclosed. 
         [0010]    Further, the present disclosure provides a system and a method for determining a premium for insurance for a safety deposit box. 
         [0011]    Further still, the present disclosure provides a technique for processing claims against a safe deposit box insurance policy. 
         [0012]    These and other advantages of the present disclosure will become apparent after considering the following detailed specification in conjunction with the accompanying drawings, wherein: 
     
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         [0013]      FIG. 1  is a flow chart diagram illustrating a preferred operation of the method for insuring a safe deposit box according to the present disclosure; 
           [0014]      FIG. 2  is a flow chart diagram illustrating a method for selecting insurance policy requirements; 
           [0015]      FIG. 3  is a flow chart diagram illustrating a method for accepting coverage of an insurance policy for a safe deposit box; 
           [0016]      FIG. 4  is a flow chart diagram illustrating a method for determining whether a claim may be made against an insurance policy for insuring a safe deposit box; 
           [0017]      FIG. 5  is a flow chart diagram illustrating a method for renewing an insurance policy for insuring a safe deposit box; 
           [0018]      FIG. 6  is a block diagram of a system for insuring a safe deposit box constructed according to the present invention; 
           [0019]      FIG. 7  is an illustration of a screen that may be presented during use of the system for insuring a safe deposit box to enter insurance parameters; and 
           [0020]      FIG. 8  is an illustration of a screen that may be presented during use of the system for insuring a safe deposit box. 
       
    
    
     DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS 
       [0021]    Referring now to the drawings, wherein like numbers refer to like items, number  10  identifies a preferred method for insuring a safe deposit box according to the present disclosure. With reference now to  FIG. 1 , the method  10  is shown to comprise a first step  12  in which an entity or individual rents a safe deposit box from another company or entity such as a bank, savings and loan, credit union, investment company, or other company that provides a safe deposit box service. Once a safe deposit box is rented, a second step  14  of the method  10  comprises the safe deposit box renter to purchase an insurance policy against theft or destruction of the safe deposit box. The insurance policy protects against any theft of the safe deposit box or destruction of the safe deposit box, such as by fire, flood, earthquake, or other disaster. In essence, the insurance policy is insuring against the event of the safe deposit box being broken into or destroyed without regard to the contents of the safe deposit box. This allows for the premium to be charged for the insurance policy to be less expensive because there is no need for appraisals for the contents of the safe deposit box or complicated forms to be updated as to the contents of the safe deposit box. Further, there is complete privacy for the renter because there is no need to disclose the contents of the safe deposit box. 
         [0022]      FIG. 2  shows a process or method  20  for the renter to use in selecting policy requirements for purchasing the insurance policy. The policy requirements include various parameters that may be selected prior to purchasing an insurance policy. In a first step  22 , a renter completes a policy application which states the length or term of the insurance policy. For example, the renter may want to insure a safe deposit box for a term of one year. Once the application is completed, the renter selects the amount of coverage as shown in a second step  24 . The renter may select various dollar amounts such as by way of example only $50,000, $100,000, or $1,000,000. In a next step, step  26 , a premium amount is calculated or presented on the application form with the premium amount being based upon parameters such as policy length and policy amount. Other parameters may be taken into consideration for the calculation of the premium amount. Such other parameters may include the safety record of the entity in which the safe deposit box is, the size of the safe deposit box, the location of the entity of the safe deposit box, geographical records such as whether the safe deposit box is located near an earthquake fault line or nearness to a river that is prone to flooding. These listed parameters are for purposes of example only and are not inclusive. The policy may include a deductible amount. It is also possible and contemplated that the renter is presented with a table of possible amounts of coverage and a corresponding premium. For example, to insure an amount of $250,000 would cost $200 for one year. 
         [0023]    With reference now to  FIG. 3 , a flowchart illustrates a process  30  for accepting coverage of an insurance policy for a safe deposit box by a safe deposit box insurance company (SDBI). First, in a step  32 , the renter completes the application and submits the premium payment to the SDBI. In a next step  34 , the SDBI receives the application and the premium payment. The SDBI then reviews the application as is indicated in a step  36 . The application is reviewed to determine if the policy will be written or approved by the SDBI. This is shown in a step  38 . If the policy is approved then the policy is issued and sent to the renter as is illustrated in a step  40 . If in the step  38  the policy is rejected for some reason then the policy is denied and the premium payment is returned to the renter as is depicted in a step  42 . Some reasons why the policy may be denied may be the high probability of an earthquake occurring in the location of the safe deposit box or a record of poor security at the location of the safe deposit box. Other factors may be considered in accepting or rejecting an application. 
         [0024]      FIG. 4  illustrates a flow chart of a method  60  for determining whether a claim may be made against an insurance policy for insuring a safe deposit box. The method  60  commences with a first step  62  in which the renter or policy holder makes a claim against the policy which includes proof of an insurable event. An insurable event may be by way of example only a theft, an earthquake that damages the contents of the safe deposit box, or a flood that damages the contents of the safe deposit box. A renter provides proof of an insurable event from the entity in which the safe deposit box is located. For example, a bank may provide a declaration that the safe deposit box was broken into, or that a flood occurred and the contents of the safe deposit box were destroyed, or that an earthquake occurred and the contents of the safe deposit box were destroyed. Other proof may be required such as proof that a safe deposit box was rented by the renter and identification of the renter. In a next step  64 , the SDBI verifies that an insurable event has occurred and if the policy is current. If it is determined in a next step  66  that both an insurable event has occurred and the policy is current then in a step  68  the renter is paid the full policy amount. However, if in the step  66  it is determined that an insurable event has not occurred or that the policy is not current then in a step  70  the payment is declined. 
         [0025]      FIG. 5  shows a flow chart of a process  100  for renewing an insurance policy for insuring a safe deposit box. In a first step  102  the renter is notified of the expiration of the insurance policy. In a next step  104  the renter completes a renewal application and submits the renewal application and the premium to the SDBI. By way of example only, the renewal application may include the selection of parameters such as a new or same policy term as the original policy or a new or same amount of coverage as the original policy. In a step  106 , the SDBI receives the renewal application and the premium. The SDBI then determines in a step  108  whether the renewal application will be approved. If the renewal application is approved then the SDBI issues the policy and the policy is sent to the renter, as identified in a step  110 . However, if in the step  108  the SDBI determines that the policy cannot be written then the SDBI denies the policy and returns the premium to the renter, as is depicted in a step  112 . 
         [0026]    A system for insuring a safe deposit box  150  is illustrated in  FIG. 6 . The system  150  is shown comprising a renter or user computer system  152  that is capable of being connected to the Internet  154  by a communications connection  156  such as a telephone line, cable, ISDN lines, fiber optic lines, wireless connections, satellites, or other suitable means of connection. Through use of the connection  156  to the Internet  154 , the computer  152  is capable of accessing a web site  158  on a computer system or a server  160  over a connection  162 . The web site  158  may be a web site of an insurance company. As described for the connection  156 , the connection  162  may include a telephone line, cable, ISDN lines, fiber optic lines, wireless connections, satellites, or other means of connection. The server  160  is capable of transmitting to the user computer  152  one or more web pages  164  for viewing by a renter of the user computer  152 . 
         [0027]    The user computer  152  is allowed access to the server  160  through use of a commonly available web browser or similar software package or application. The server  160  is capable of hosting the web site  158  which presents various screens or web pages  164  to the user computer  152 . A renter operating the user computer  152  is able to interact with the web site  158  being hosted by the server  160 . In particular, a renter may be presented with various screens or web pages  164  with such web pages  164  presenting information concerning the purchasing of insurance for insuring a safe deposit box. Further, the web pages  164  may have other information such as selecting a length of a policy term, an amount of coverage, a deductible amount, and entering of information concerning the location of a safe deposit box to be insured. 
         [0028]    The user may be presented with a web page or screen  170  as illustrated in  FIG. 7 . As shown, underwriting information or insurance parameters  172  are presented for selection or entry by the renter of a safe deposit box. The renter is requested to enter information concerning the location of the safe deposit box to be insured in a box  174 . The amount of coverage desired is entered in a box  176 . For example, the renter may select from a listing of insurable amounts or may input a specific amount to be insured. The term of the policy is selected and entered in a box  178 . The renter can determine the length of the term of the policy. Once the renter has entered the insurance parameters  172 , a button  180  may be selected to transmit the insurance parameters  172  to the server  160  in order to determine or calculate a premium for insuring the safe deposit box identified in the box  174 . 
         [0029]    Once the server  160  receives the insurance parameters  172 , a premium is calculated. The premium amount is then sent to the renter or user computer  152  to be displayed as a screen or a web page  164 .  FIG. 8  depicts a web page  200  that may be presented on a display associated with the user computer  152 . The web page  200  has a box  202  in which the premium amount is displayed for review by the renter. The renter may accept the premium amount by selecting a button  204 , reject the premium amount by selecting a button  206 , or recalculate a premium amount by selecting a button  208 . If the button  204  is selected, the renter may be requested to indicate a payment method for the premium amount. If the premium is to be paid by a credit card then a box  210  is selected and the renter is taken to a new web page to enter further information concerning the credit card. If the premium is to be paid by a bank account then a box  212  is selected and a new web page is presented for entry of bank account information. Other methods of payment, such as cash, check, invoice, or being billed are contemplated and possible and such methods may be incorporated into the web page  200 . If the renter decides that the premium amount is too high and insuring the safe deposit box is no longer desired the box  206  is selected and the renter may be taken to a home page of the server  160 . On the other hand, if the renter selects the box  208 , the renter will be presented the web page  170  again to enter insurance parameters  172  in an attempt to recalculate the premium amount. For example, the premium amount presented in the box  202  may be more than the renter wants to pay. In order to reduce the premium amount the renter selects the box  208  and the web page  170  is presented for entry of other amounts. In this manner, the premium amount is recalculated and the recalculated amount for the premium may be low enough that the renter now selects the accept box  204 . As can be appreciated, several other web pages may be presented to the renter. By way of example, web pages may be presented that include the conditions and terms of the insurance policy and payment confirmation. 
         [0030]    Although not shown, the computer system  152  may include peripheral devices such as a keyboard, a speaker, a display, a printer, a modem, a network card, and any other suitable device. The computer system  152  may be a personal computer having a microprocessor, memory, a hard drive having stored thereon an operating system and other software, and input devices such as a mouse, a keyboard, a CD-ROM drive, a flash drive, or a floppy disk drive. The computer system  152  may also be a PDA type device, a cell phone, or other hand held type computer device that allows for receiving and transmitting information or data. Further, the server  160  may take on various known forms for a server including a personal computer, a computer system, or a network. Also, although the Internet  154  is disclosed, it is also possible that the system  150  be located on a LAN or other closed network system. For example, a kiosk type system may be provided at the location of the safe deposit box for a renter to purchase safe deposit box insurance as part of the renting of the safe deposit box. 
         [0031]    Although the present system and method have been described by use of electronic means, it is also possible that an agent, a broker, or other salesperson may provide the policy to a renter. For example, an agent or an employee of a bank where the safe deposit box is located may provide a quote for coverage to a renter of a safe deposit box. The renter may review the quote and then determine whether to insure the safe deposit box. In this manner, the renter does not directly interact with the system and relies on the agent for information and the premium quote. Also, the agent or the system may already have predetermined premiums or policies for safe deposit boxes located at a particular branch or location. The renter may select the insurance policy and premium from a listing of the predetermined premiums or polices. Other methods and manners of selling insurance for a safe deposit box are contemplated such as by direct mail, television or radio advertisements, newspapers, magazines, or through organizations such as AARP. 
         [0032]    As can be appreciated, insurance for a safe deposit box has many advantages. Some advantages are there is no need to itemize the contents of the safe deposit box, there is no need to have expensive appraisals, there is no need to reappraise as values of the items change, and there is no need to update the contents of the safe deposit box. Another advantage is that items may be removed from the safe deposit box and the insurance policy will still pay for coverage in the event of an insurable event such as when the box is burglarized. Insurance for a safe deposit box is inexpensive for the consumer due to there being no appraisals and the fact that the insurance covers the safe deposit box without regard to the contents thus making underwriting much simpler and less expensive. Since there is less paperwork and no appraisals for an underwriter to review this results in lower premiums being charged. The insurance policy is easy to issue because no reviews are required. All that consumers need to do is fill out a simple form stating bank location, box number, and the dollar amount of insurance requested. The consumer is also afforded complete privacy because the contents of the safe deposit box do not have to be disclosed or itemized. The process of obtaining insurance for a safe deposit box is streamlined. 
         [0033]    It is also possible that a master insurance policy may be provided, written, or issued to a financial institution or other entity that offer safe deposit boxes. In this manner the entity could purchase a master insurance policy from an SDBI company in which each safe deposit box located at one or more locations would be insured to a base or specific amount. For example, a bank could purchase a master policy in which each safe deposit box at one or more locations would be insured for $10,000, or some other negotiated amount. The renter of the safe deposit box could stay at this base amount or would be offered the opportunity to purchase more insurance for the safe deposit box. In this case, the renter would fill out an application as has been described previously and then submit the application for acceptance of the increased amount of insurance. The price for insuring the safe deposit box could be incorporated into the annual fee charged for the safe deposit box or the bank could absorb the cost of the premiums for the insurance. Because a bank is purchasing a large policy this could reduce the costs, overhead, and underwriting to the safe deposit box insurance company. The bank could advertise that each safe deposit box is insured to a specific limit to be able to generate more rentals of safe deposit boxes. 
         [0034]    From all that has been said, it will be clear that there has thus been shown and described herein a system and method for insuring a safe deposit box which fulfills the various advantages sought therefore. It will become apparent to those skilled in the art, however, that many changes, modifications, variations, and other uses and applications of the subject system and method for insuring a safe deposit box are possible and contemplated. All changes, modifications, variations, and other uses and applications which do not depart from the spirit and scope of the disclosure are deemed to be covered by the disclosure, which is limited only by the claims which follow.