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Inflated Insurance Rates (Video)

The Irish Safes Ratings Group (ISRG)

The Irish Safes Ratings Group (I.S.R.G.) was established in 2016 to make and periodically update, recommended insurance ratings related to the overnight cash cover for certified safes, strong rooms and secure cabinets, conforming to European standards, for the Republic Of Ireland. The National Standards Authority of Ireland and The Private Security Authority sit in an observer capacity on the group.

A Warning On Bogus Rates

Many safe suppliers continue to advertise inflated insurance rates for safes on sale in Ireland that are neither conversions of U.K. Sterling rates or I.S.R.G. rates. To do this could legitimately be viewed as fraud, yet the practise is quite widespread.

To make matters worse, in almost all cases, these fictitious insurance rates are presented as being achievable without the need for an intruder alarm installed on the premises where the safe is fitted. An idea that would never be entertained by any Irish risk manager, or any insurance organisation for that matter.

  • To give just one example of a certified safe currently being advertised in Ireland with a range of different rates:
  • A Certified grade 1 safe has an I.S.R.G. rate of €12,500 and this is the rate correctly on very few web sites.
  • £10,000 Pounds Sterling is the equivalent of €11,683.00, yet the most commonly displayed rate or cover for this certified grade 1 safe, on web sites for safe retailers based in Ireland is €15,000 and a rate as high as €17,500 can be found on at least one site.
  • This unsubstantiated €15,000 figure is neither the U.K. rate nor the higher I.S.R.G. rate sourced from the Irish insurance industry itself.

So it would seem that, rather than advising genuine insurance rates recommended for safes and vaults, many safe suppliers in Ireland are now engaged in raising their advertised “recommended rates” for safes in the belief that higher advertised rates will give them a marketing edge over their competitors.

This practise is of course misrepresentation; in that it is intended to mislead clients into thinking they can achieve an unrealizable insurance cover. It is also exactly what official rates are designed to help prevent, by giving the public and the industry accurate information so that a more realistic picture of the realities of certified safe insurance is available.

If you encounter rates that differ from the indicative rates shown on the I.S.R.G. web site – , or the E.S.S.A. web site – www. , it is important to understand that the rates you see are completely fictitious, either by intention or through ignorance.

Furthermore, seeing such rates should be a good indication of the reliability of the information you may obtain from a source that quotes completely unsubstantiated figures for a factor as critical as overnight insurance cover.

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