About half of safe deposit box holders mistakenly thinkfinancial institutions or the government will reimburse them iftheir boxes are damaged, according to a poll by SurveyUSA. That'sprompted one Elgin, Ill.-based startup to launch a product thatcould also generate novel new fee income for credit unions.

The company, called Safe Deposit Box Insurance Coverage, LLC,has devised and patented insurance for safe deposit boxes. CEOJerry Pluard (pictured) said it's an answer to an often overlookedproblem: The NCUSIF and the FDIC don't actually insure the metalcontainers many people use to house birth certificates, familyheirlooms, important records and other valuables.

“They never have and they never will, because they don't knowwhat's in it,” he said.

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