Good afternoon.

Is it a requirement to disclose on the annual Safe Box statement that the Bank does not carry insurance for the contents of the box? If it is required, where would I find the law/regulation?

Thanks for your help.[/font]

Take a look at Section 17 of Chapter 158 of Massachusetts General Laws. The second paragraph reads as follows: "Any bank which leases a safe deposit box for rent shall advise the lessee in writing that insurance coverage for the contents of such safe deposit box is not provided by such bank, but that the lessee may, at his own expense, insure said contents with an insurance company of his own selection. The commissioner of banks shall establish such rules and regulations as he deems necessary to carry out the purposes of this paragraph."

There used to be a regulatory requirement (209 CMR 30.00) that required an annual notice to that effect with the annual billing for rent. That regulation was repealed in its entirety 1/28/2005. As it stands, it appears the notice need only be given when the box is initially rented. The revocation may reflect the fact that so many banks now auto-debit for annual rent and don't send notices.

Thanks, John.