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USPS Insurance with Hugh Wood Insurance
chesterb
Posts: 961 ✭✭✭✭✭
I have a Gold policy through Hugh Wood insurance. I'm sure many of you also carry this insurance to insure your collection. For those with that policy, when shipping coins, do you get the additional insurance with USPS or do you expect your policy to reimburse for any losses? The USPS covers up to $50 on Priority Mail but you can purchase more insurance with them. I'm thinking of just skipping that additional insurance and have my policy cover for any losses. How do other collectors handle it?
Thanks in advance!
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I think I have the same policy, I haven't read it recently (maybe I should), but doesnt it say that they will cover shipments if they are Registered? When I send things, I do not get additional insurance - your total payout will be the same in case of loss (you dont get both), and no visible external insurance calls less attention to the package.
You might double check because I think you probably can't get double coverage like that anyways. Always good to consult your contract or ask Hugh Wood if you're unsure though
In my personal experience it is very very rare a package gets completely lost, occasionally have had them show up a month or two later though. Take that for what its worth
How much is the gold policy
I've used Hugh Wood for years. If you have FEDEX or USPS coverage from HW, there is no need to insure through either of the carriers. You are covered through Hugh Wood. Always look at your deductible (mine is $2500, but you can get a smaller deductible), and your limits (mine is 100K per package). In reality, anything I ship is uninsured for the first $2500 because of the deductible, but as with most insurance, you're just trying to protect from the catastrophic loss. If you have a problem with a loss, they are absolutely the best to work with.
I noted you can get more insurance however if anything happens you have to prove the value.
Tricky stuff.
Glad you brought this up as I never heard of Hugh Wood insurance.
BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
I don't think I can answer this. They have to quote it based on your answers to their application and the amount of coverage your requesting. I thought the cost was reasonable and would be a no brainier if I don't need to pay additional insurance on USPS shipments
I've had USPS packages completely lost for good. I don't think it is very very rare for it to happen. I also heard of folks having difficulty with USPS claims process for coins. If there is a better way then I want to take advantage of it
It is very low chance of getting lost, especially if packaged well, not marked as coins or anything, and sent priority mail. Just gave you my opinion since you asked. I've shipped out many items & had just as many sent to me.