Combination Safe Depository Insurance

Definition of "Combination safe depository insurance"

Covers property damage and theft coverage in two areas not subject to a coinsurance requirement or a deductible.

  1. Coverage A. If the bank becomes liable for loss to a customer's property while that property is: on the bank's premises in safe deposit boxes in the vault; or being deposited into or taken out of the safe deposit boxes.
  2. Coverage B. Loss to the bank customer's property due to burglary or robbery, whether actual or attempted, even if the bank is not held liable.

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