What is the pro­tec­tion avail­able for the cus­tomer (locker-hirer) to se­cure/pro­tect the value of items stored in the locker?

Consumer Voice - - BFSI Guide -

The only pro­tec­tion that a cus­tomer has against a po­ten­tial locker risk is to go for gold jew­ellery and valu­ables cover with an in­surance company. Nowa­days many banks per­mit the locker-cus­tomer to cover their locker con­tents with a jew­ellery in­surance cover. The bank, though, is never a party to the con­tract; the con­tract of in­surance is strictly be­tween the locker-hirer and the in­surance company. That too is eas­ier said than done be­cause in­sur­ers nor­mally in­sist on a val­u­a­tion re­port for such items be­fore the ac­tual pol­icy is is­sued. Apart from es­tab­lish­ing the iden­tity of items, this re­port can be of use at the time of claim set­tle­ment. With many cus­tomers un­will­ing to de­clare the ac­tual value of their valu­ables in the locker, such poli­cies have not found many tak­ers yet. In a nutshell, it is ad­vis­able that you take suit­able pre­cau­tions while hir­ing a bank locker and op­er­ate the locker reg­u­larly while keep­ing the bank in­formed of the slight­est hint of ir­reg­u­lar­ity in the locker premises. Of course, it is al­ways pru­dent to take a jew­ellery in­surance cover to min­i­mize pos­si­ble losses. re­spon­si­ble for the loss, etc., of the thing bailed (to him), if he (the bank) has taken the amount of care of it as de­scribed un­der Sec­tion 151 (…the bailee is bound to take as much care of the goods bailed to him as a man of or­di­nary pru­dence would take of his own goods.)

And the Other Points

Why banks feel they are not re­spon­si­ble:

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