You as parent will want to assure yourself that proper security precautions are in place.
Always know where your child is, and maintain close communications.
Be sure to safeguard any received information from potential harm in your own care, including loss of privileged information to possible neighborhood thieves.
Et cetera.
In principle, it is the same kind of service as a safe-deposit box, except for the personal service angle.
You would want to physically protect the records, and have multiple backups in separated locations.
Anoreth thinks this is a great idea. USAA will have guidelines for what an insured should have on his inventory, and they can start by doing ours! Then they can volunteer for their Scout leaders and some old folks at church, to build efficiency and generate some positive word-of-mouth. They can get character references; a priest, parish council head, and Sister should look good.
Eventually, they can advertise in the church bulletin and over the homeschool association email list, and among Scouts.