N.Y. Banking Law § 338 Notice to Renters of Safe Deposit Boxes Regarding Insurance

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Banking Law § 338

1. Any banking organization or safe deposit company which offers safe deposit boxes for rent shall provide each customer at the time of rental with a copy of a safe deposit box rental agreement. Such agreement shall include, on its face, or on an attachment thereto a notice in at least eight point bold type reading as follows:

Important Notice:

(1) The contents of your safe deposit box may not be fully protected against loss under the insurance coverage maintained by the bank or safe deposit company. (2)For your protection, you may wish to secure your own insurance through an insurance company of your choice. (3) You should keep a complete list and description of all property stored in your safe deposit box, and any available proof of ownership.