The Irish Safes Ratings Group
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.
The work of the group received strong support from all major insurers in Ireland, as until the establishment of the I.S.R.G., Ireland was the only European country that didn’t have its own set of official insurance rate guidelines for overnight cash and jewellery cover for safes and vaults.
Having been sourced directly from the Republic of Ireland's insurance industry the I.S.R.G. rates are now the official rates recognised by The European Security Systems Association.
Prior to Ireland having its own set of recommendations, the safe & vault industry in Ireland would often refer to the U.K.’s Association of Insurance Surveyors list for guidance. Unfortunately however, the recommendations contained in the A.I.S. list were not in any way relatable to Ireland and, most importantly, not in line with the assessments of the Irish Insurance Industry in its entirety.
The problems with this list for the Irish insurance industry were several:
• The A.I.S. list made no provision for the installation of an intruder alarm when recommending a rate for overnight cash cover.
• The A.I.S. list, being a U.K. list, not surprisingly only gave its recommendation in pounds Sterling.
• The A.I.S. list is not sourced from the Irish insurance industry.
All of these issues were addressed by the I.S.R.G. and are now reviewed on an on-going basis by insurance industry experts, when the need arises.
It therefore has to be asked why many safe suppliers are now advertising 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 – www.isrg.ie , or the E.S.S.A. web site – www. http://www.ecb-s.com , 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.
Irish Safes Ratings
I.S.R.G. safe ratings take into account the installation of an Intruder Alarm which is a common practice for setting these recommendations across Europe. This results in two sets of recommendations one with and one without a monitored intruder alarm installed.
All recommended ratings are subject to risk assessment and the appropriate security controls being in place.
Recommended insurance amounts
Secure cabinets EN14450 – Safes EN 1143-1 – Deposit Safes EN 1143-2
|Amounts in €1000 units
Contents cover is five times cash rating
|Grade||Certification||Type||Without Intruder Alarm||With Intruder Alarm|
|S1||EN 14450||Secure Cabinet||NA||NA|
|S2||EN 14450||Secure Cabinet||NA||NA|
|I||EN 1143-1 / EN1143-2||Safe / Deposit Safe||€6,250.00||€12,500.00|
|II||EN 1143-1 / EN1143-2||Safe / Deposit Safe||€12,500.00||€25,000.00|
|III||EN 1143-1 / EN1143-2||Safe / Deposit Safe||€12,500.00||€50,000.00|
|IV||EN 1143-1 / EN1143-2||Safe / Deposit Safe||€12,500.00||€90,000.00|
|V||EN 1143-1 / EN1143-2||Safe / Deposit Safe||€12,500.00||€150,000.00|
- Recommended amounts are for indicative purposes only and are subject to approval by the insurer on a case by case basis
- Certified deposit safes are only available in grade 1 to 5 and display the certification EN1143-2. Any other mark not accepted
- Certified safes with a weight of <1.000 kg must be anchored at the place of installation in accordance with the EN1143-1 specification
- NA – Not advised
- PA – Prior approval recommended – It’s necessary to discuss this cover in detail with your insurance company as it falls outside normal recommendations