UPS Capital Single Shipment Package insurance - has anyone ever used it?

jmlanzaf

I had to send a rather expensive package of coins. Buyer needed them quickly, so USPS registered was not an option. It is, as you know, hard to impossible to insure coins. So I went looking for a private insurer who would insure a single shipment and discovered UPS Capital.

https://upscapital.com/

Has anyone ever used them? Are they reliable? Do they cause grief with coins or precious metals?

jmlanzaf

If anyone wants to know. The quote I got for FedEx Next Day Air with $7500 value was $56.25. Next Day Air with $5999 value was $44.99

As such insurance goes, it is fairly priced. But insurance that doesn't insure is never priced right. LOL

jesbroken

I have never had any contact with upscapital.com but I would be concerned, in my instance, what do dealers and collectors do for sending raw coins insured, then proving value of coins to insurer. I do not have any dealer close by that I could have them valued if that would even help. Has anyone lost a shipment of raw coins and dealt with any insurance company? If so, what was the outcome?
Jim

Edited to add, I understand that a sales receipt for a sold coin will stand as to value, but what about shipping to PCGS raw of course. How would any insurance company evaluate your raw coins?

jmlanzaf

@jesbroken said:
I have never had any contact with upscapital.com but I would be concerned, in my instance, what do dealers and collectors do for sending raw coins insured, then proving value of coins to insurer. I do not have any dealer close by that I could have them valued if that would even help. Has anyone lost a shipment of raw coins and dealt with any insurance company? If so, what was the outcome?
Jim

Well, in this case, they are brand new coins from the Mint so establishing value isn't my biggest concern. In a lot of cases, for an item that is sold like these, it is pretty easy to claim the sale price is the value.

What I don't know is whether they are reliable as an insurer since I've never used them and don't know anyone who has. I usually self-insure but I don't send enough $5000+ packages to make that ideal.

I also was not thrilled with where the package was going. Some parts of the country seem to have a bigger problem than others.

I don't know. I bought the insurance just so I can feel like I'm covered. LOL. Hopefully, everything gets delivered as expected on Monday morning and it's all good.

jesbroken

@jmlanzaf

I edited my post to add most likely after you read it:
I understand that a sales receipt for a sold coin will stand as to value, but what about shipping to PCGS raw of course. How would any insurance company evaluate your raw coins?

jmlanzaf

@jesbroken said:
@jmlanzaf

I edited my post to add most likely after you read it:
I understand that a sales receipt for a sold coin will stand as to value, but what about shipping to PCGS raw of course. How would any insurance company evaluate your raw coins?

That is, of course, always a challenge. One of many ways an insurer might try to wheedle out of paying. That's why I was wondering if anyone had any experience with UPS Capital.