Gen2 Private Clients

Don’t panic, this isn’t a test but knowing your cash ratings could ensure that you get the right safe for your needs; one that’s endorsed by the most respected organisations in the security industry.

What are cash ratings?

Cash ratings represent the maximum amount to which an insurance company will cover the contents of a safe. Better quality safes have higher cash ratings and insurance companies will be willing to cover more cash as a result. Every safe’s cash rating is decided by the thickness of the safe walls, the quality of the lock and the amount of locks included. It also takes into account the protection installed around the lock.

What about valuables?

Cash ratings also signify the value of other items which can be covered by these safes. As a rule of thumb, each safe covers valuables to ten times the amount of cash, so if a safe has a cash rating of £1,000 it will cover valuables to the tune of £10,000.

Who decides?

The Association of Insurance Surveyors (AiS), who are the UK’s accreditation body, award cash ratings from £1,000 to £4,000. This means that in the event of damage or theft, a person’s insurance company will likely insure the content of the safe up to the amount certified by the cash rating.

These cash ratings are:
•    Cash rating: £1,000 & Valuables: £10,000
•    Cash rating: £2,000 & Valuables: £20,000
•    Cash rating: £4,000 & Valuables: £40,000

The AiS also provide their stamp of approval on Eurograde safes with cash ratings ranging from £6,000 to £250,000. This brings us nicely to the Eurograde system.

What, or who, is Eurograde?

The Eurograde system is a security numbering system used throughout Europe to certify high security safes which have been attack tested and suitable for the protection of cash and valuables. Suitable for home use and domestic use, Eurograde safes are approved with theft and burglary in mind. Fire ratings are assessed and certified separately. If your safe is approved by Eurograde, you know that crooks have their work cut out for them.

What are the Eurograde Ratings?

According to the EN1143 Eurograde system, certified safes can be approved to a numerical rating between 0 and 7. The level awarded indicates the level of premier defence against a physical attack. Eurograde 7 safes are the strongest but that does not mean that a Eurograde 0 safe will not offer protection.  In fact, a Eurograde 0 safe can be considered as enough protection for domestic use; storing large amounts of money and even more in valuables. The higher we ascend in Eurograde levels, the more suitable safes become for commercial use. Eurograde cash ratings are awarded by national testing agencies such as the VdS and ECBs. Depending on the amount of time required to gain partial or full entry to the safe, a Eurograde level is awarded.

The Eurograde cash ratings are:

•    Eurograde 0 – Cash rating: £6,000 & Valuables: £60,000
•    Eurograde 1 – Cash rating: £10,000 & Valuables: £100,000
•    Eurograde 2 – Cash rating: £17,500 & Valuables: £175,000
•    Eurograde 3 – Cash rating: £35,000 & Valuables: £350,000
•    Eurograde 4 – Cash rating: £60,000 & Valuables: £600,000
•    Eurograde 5 – Cash rating: £100,000 & Valuables: £1,000,000
•    Eurograde 6 – Cash rating: £150,000 & Valuables: £1,500,000
•    Eurograde 7 – Cash rating: £250,000 & Valuables: £2,500,000

Eurograde safes certified Eurograde 4 and above feature two locks with different keys, designed to be provided to two different employees. Both keyholders must be present to unlock the safe. Understandably these safes are manufactured with commercial usage in mind.

One More Thing! Now that you know all about cash ratings, it’s worth pointing out that if your safe weighs less than 1,000kg you can forget all of the above — unless you have your safe securely bolted to the floor. Cash ratings only apply when safes of less than 1,000kg in weight are securely locked into place.

If you would like to discuss cash ratings further or finding the right safe for you please book a some time with Head of Gen2 Private Clients James Allotey here or call 0330 056 3665 to speak to a member of the team.

Whatever treasures you have, we know how precious they are to you. Whether it’s child hood memories, family heirlooms or your wedding dress waiting to be passed on. We understand what’s important to you, and how to best protect it.

Follow these 5 Pro Tips To Help Protect Your Home From Fire:

1. Keep the attic clear.

Keeping excess paper and cardboard in your attic dramatically increases the risk and severity of a potential fire. Keep your attic tidy – if you have old, wooden furniture in there, consider relocating it. Cardboard boxes and documents should be removed as much as possible. Even better – install a smoke alarm and check it operates regularly.

2. Have an evacuation plan.

It sounds simple, but in the event of a fire even the most familiar surroundings can quickly become disorientating or inaccessible due to smoke. Plan for everyone in your household – young children and elderly especially. You should have two potential exits from each room, including windows and doors. Consider having a floorplan of the house drawn out, marking potential exit routes and points and share with your family.

3. Turn off all lights when not at home.

Leaving the lights on whilst away is often considered a burglary deterrent, but a far more common occurrence are fires caused by overheating sockets and faulty wiring. This is especially true for older homes. Both bulbs and fixtures can become incredibly hot when left on for long periods of time, and when unattended can cause devastating house fires. If you are going away, invest in timers for your lights so they are not left on constantly, as well as LED bulbs which give off considerably less heat.

4. Check your electrical appliances have been tested for electrical safety.

They should have a British or European safety mark when you buy them. This applies especially to white goods you may use regularly – the fridge, washing machine and tumble dryer. Tumble dryers in particular need to have their filter cleaned often, and if using extension sockets, be sure to never use more than one plug per socket, especially for high powered appliances.

5. Keep magnifying mirrors out of direct sunlight.

That vanity mirror on your dressing table can focus the Sun’s rays intensively onto nearby curtains or furniture, which can cause severe fires. It sounds outlandish but it is becoming an increasingly common issue. The same can be said of glass ornaments and even glasses of water which are left in prolonged sunlight. Have a quick look around your home and keep window sills clear of these objects.

If you would like to discuss your home fire risks in more detail or if you have any other queries please book a some time with Head of Gen2 Private Clients James Allotey here or call 0330 056 3665 to speak to a member of the team.

Whatever you drive, we know just how precious it is to you. Your car is (almost) part of the family this is why making sure your classic is cared for with the upmost of preparation and forward thinking. See below our top 5 tips on storing your pride and joy.

Prepare your car for winter storage.

Be sure to give it a good wash, polish and wax first to help protect against rust and clean off any potential contaminants (like road salt) which can corrode the bodywork. Always check the condition of pipework, specifically fuel and oil pipes. Usually made from rubber or plastic, they can degrade over time and leak. Where possible, drain the tank of fuel to reduce fire risk. Also, consider connecting a battery conditioner. This keeps the battery charged and prevents it from degrading when it’s not in use.

Beware moisture.

If your garage has a tendency to get a bit damp, then your car could rust. A potential solution is to store the car in a Carcoon storage bubble. This is a protective, mini-storage environment designed for infrequently used vehicles. If that’s not an option, storing your car in a garage with airflow is preferable, regulating the climate with a dehumidifier. The optimum humidity is around 45%, but be careful not to reduce moisture levels too much otherwise you risk doing damage to the interiors and dash, which can dry out.

Keep your keys safe.

Most vintage vehicle thefts occur because a thief was able to get the keys. Never keep them in the car itself. Don’t keep keys on a hook by the front door, either. Store them in your home somewhere out of sight, or even better, in a lockbox. In a similar vein, don’t keep important documents such as the MOT certificate or the V5 registration document in the car itself. Equally, if your garage has windows through which the car is visible, consider covering them. This not only protects your pride and joy from unwanted attention but also aids with insulating the garage itself.

Don’t overlook additional security.

Invest in some good padlocks for the garage itself and if you live in a more remote location, a security system with CCTV and an alarm. Install an additional security bar across the garage door itself – any physical barrier to opening the door can be an effective deterrent. To secure the car itself, steering locks are highly effective, as are steering gloves, though if you’d prefer a more modern solution, GPS tracking systems are easy to fit and won’t detract from the look of your car, though some have compatibility issues with the wiring of older models. In this instance, self-powered systems are available.

Be aware of diminution in value.

Following an accident, your car will need to be repaired, negatively affecting the car’s value. This is known as Diminution in Value, and in classic cars, it can be significant. Even if the repairs and restoration are aesthetically perfect, the car is no longer original: this is where the loss of value lies. Although your insurer may cover the cost of the repairs up to a certain standard, they likely won’t compensate you for the car’s subsequent Diminution in Value. Retain all records of work done to the car, including photographs and receipts. For cars over fifteen years old, Chubb provides Diminution In Value (DIV) cover, that pays whatever the difference is between your car’s market value before and after a repair, as well as the repair costs themselves.

If you would like to discuss your classic vehicle(s) further please book a some time with Head of Gen2 Private Clients James Allotey here or call 0330 056 3665 to speak to a member of the team.

Whether you’ve inherited a few pieces of jewellery, are starting to collect sports memorabilia, or have invested in wine or fine art over the years, your collectables are a part of your history and your story. They may even be worth a substantial amount of money. Any time you own a valuable collection, consider getting the items appraised. Here’s why:

• If you’re looking to having your collectables insured, you’ll need to know how much they’re worth. Keep in mind that most homeowner’s policies will provide limited coverage for valuables. To fully protect your collectables, you may need a separate valuables policy.

• You may want to sell them. If you’re looking to sell your valuables, you’ll need to know how much to charge, and potential buyers will probably want to know the process by which the item’s value was determined. A professional appraisal is the way to go.

• You may have inherited them. If you inherited collectables, you will need to have them appraised for the “date-of-death” value. You’ll need this value to calculate capital gains taxes later if you decide to sell the collectables.

• Wardrobes tend to be routinely overlooked, despite regularly containing highly valuable clothing collections. From bespoke designer dresses and extensive shoe collections to suits, luggage and designer handbags, high net worth individuals can have wardrobes worth upwards of £40,000 for women and £35,000 for men. For people with a dedicated interest in clothing, these figures can increase significantly.

• When seeking a valuation, find an expert who doesn’t have an active interest in purchasing your items. A good place to start is to select a valuer that is a member of the National Association of Jewellers. The NAJ is the UK’s leading jewellery trade association. Every NAJ member abides by the NAJ’s Code of Conduct, based on honesty, integrity and professionalism. The Institute of Registered Valuers is part of the NAJ family, comprised of around 150 professional valuers with formal qualifications and substantial experience.

• Collections can fluctuate in value based upon the market. The price of gold, for example, has been steadily increasing over the last few decades meaning vintage pieces in your collection may now be significantly more valuable today than at any point previously.

• Different types of valuation may assign the same item with different prices. Fair market value, for example, is the price at which an item would change hands between a willing buyer and a willing seller. Retail replacement value is the highest amount that would be required to replace a piece with another of similar age, quality, and condition. This value is typically used for insurance purposes.

If you have any questions or would like to know more please book a meeting with Head of Gen2 Private Clients James Allotey here or call 0330 056 3665 to speak to a member of the team.