Insurance firms extend homeowners coverage to Brickstone
Brickstone is a private vault complex located on the ground floor of the Rubinstein Tower in Tel Aviv.
By JERUSALEM POST STAFFDVIR INDIG, CEO of Brickstone.(photo credit: MORAG BITAN)
Phoenix Insurance has joined Harel and Klal in extending its homeowner insurance policies to include safes housed in the Brickstone vault complex.Brickstone is a private vault complex located on the ground floor of the Rubinstein Tower in Tel Aviv.The insurance companies’ decisions to extend coverage to include external safe deposit box is due to an increase in house burglaries in the past year. One in 16 homes in Israel reported a break-in in 2018.Brickstone CEO Dvir Indig said this type of coverage previously only applied to safes kept in banks. However, more and more banks are closing safe deposit boxes in their branches due to downsizing and transitions to digital banking, which led Harel to originally extend its coverage to include Brickstone safes.Brickstone’s vault complex, opened in 2016, was the first private safe deposit box center in Israel.It includes 2,600 safes and was established in collaboration with Balthorne, one of the UK’s largest safe complex companies, which owns more than 20,000 safe deposit boxes.Brickstone adheres to strict security and discretionary procedures, under which all employees undergo screening and testing, including periodic and regular polygraph examinations. Each customer – and only the customer – has a key to the safe deposit box, which opens through fingerprint and facial recognition.The Tel Aviv compound is insured by Lloyd’s, and Brickstone provides, at no extra charge, personal coverage for every client of up to $5,000 per safe to every Brickstone client that is individually insured. However, the customer can now increase the insurance policy to cover the value of contents up to $500,000, at a cost of 0.5% of its value.
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