Question on private insurance?
GRANDAM
Posts: 8,602 ✭✭✭✭✭
How much cheaper is private insurance as compared to registered mail insurance
For example what would the private insurance cost be for a $25,000 package?
Can you recommend a good private insurance company? Are you required to ship a certain monthly or yearly amount to qualify? Do you have to contact them with each shipment for an approval or how does it work?
Thanks
GrandAm 
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Comments
I use shipandinsure as do several other prominent dealers and companies.
Their rates are as follows;
"It's like God, Family, Country, except Sticker, Plastic, Coin."
Well, that is less than 1/2 of what I just paid to mail a package.
Looks like USPS registered gets the best rate from them.
Thanks
To be 100% clear, thats just insurance rates, you still pay postage on top of that. Still yes, a good bit cheaper than the in-house insurance with each carrier and higher maximums too.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
There would be no reason to use private insurance on a $25,000 registered mail shipment as the USPS fee is based on the value of the package and includes coverage up to $50,000.
When I ship registered I just put $100 for value and insure it privately now. No reason to pay USPS's extortionate rates for insurance if I don't need to. The only instance where I pay for their insurance is if I'm shipping something worth in excess of $75k, which has happened all of once.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
There is a reason- their terms require you to do so. From the DMM:
2.2.1 Declaring Full Value
The mailer must always declare the item’s full value (see chart below) to the USPS (by stating it to the USPS clerk or entering it on the firm sheet if a firm mailer) when presenting it for registration and mailing. Private insurance carried on Registered Mail does not modify the requirements for declaring the full value.
I don’t think that is a correct statement unless I don’t understand what you are saying? I just paid $88.80 to ship a registered package and $60.90 was insurance,
The USPS Registered Insurance came out to $0.25375 per hundred as compared to the $0.11 per hundred as per the ShipandInsure Chart above.
I am going to check them out,,,,
Thanks for the info.
I will be interested what others have found but I just sent 2 registered packages and the fee was determined by how much I wanted to insure for. I was told the $50,000 is the cap but you pay for what you require up to that amount. One package was $2500 and one $3000 and the cost was different (both in a small Priority box).
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There is a fixed portion of the fee for the service and a variable portion, depending on the value of the article.
Yes, that's true- there is a fixed portion of the fee for the service and a variable portion, depending on the value of the article. Apparently, my earlier post was not clear. Sorry about that.
This has nothing to do with private insurance coverage for which only signature required is needed to be covered under the policy. My collectibles policy provides up to 60K in coverage when using USPS Express or Registered Mail (or up to $2500 if using USPS Priority Mail). Coverage varies depending on courier and level of service used.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
What are they gonna do, give me a paddling?
"It's like God, Family, Country, except Sticker, Plastic, Coin."
Well, heck- if you're going to lie to them about the value of your package, why not ship Media Mail? You can save even more money, then.
generally, there's a coverage limit for each package. you'll have to ask what they'll cover for you once you send.
mine was low and I was 1) forced to break up a shipment and 2) only have 1 package en route at a time.
it was still cheaper than registered insurance.
I'm sure now that I'm established I have a higher limit but I've never asked
Or I can just ship registered, pack my stuff securely, and utilize private insurance. I have no use for their insurance so...
At any rate, the slowness of Reg Mail at this point is the main reason I just ship it express. It's maybe $10 more on average and cuts down on in-transit time by a ton.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
Yes, it does have something do do with private insurance coverage if you're using registered mail. As you can see from what I posted (and is copied in the quote above) the USPS policy for registered mail is that full value is expected to be declared. Since you're paying for insurance through the post office, there's no point in also paying a private insurer.
UPS Capital also reinsures other packages. I used them once or twice. I never made a claim, however, so I don't know how that works. They were about half the price of USPS insurance.
No, I dont pay for insurance through the post office which is a waste of money since I am covered for packages in transit under the guidelines of my collectibles policy.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
Your collectibles policy is not handling/delivering your package- the post office is. And their guidelines:
"The mailer must always declare the item’s full value (see chart below) to the USPS (by stating it to the USPS clerk or entering it on the firm sheet if a firm mailer) when presenting it for registration and mailing. Private insurance carried on Registered Mail does not modify the requirements for declaring the full value."
Everybody would prefer to pay less. Are you willing to lie to the post office about the value of your package in order to do so?
I use Express (instead of Registered) for which I pay only for signature required service and am covered up to 60K. Value declaration is not required.
I don't use Registered Mail but my understanding is that to insure a Registered Mail package you must pay additionally to do so. Any claim I'd file is between me and my insurance provider and based on THEIR stipulations in my policy. I could care less what the post office feels.
Postal insurance in my experience is a real headache to deal with as they will do all they can to disprove the value of the package contents should it get lost or stolen.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
Not only that, but because Express Mail is a guaranteed service, you can get a full refund for the full cost of the postage itself if your package is not delivered by the commitment date (1 or 2 days depending on the area), which happens quite often, as well.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
Is an uninsured registered package handled with the same security as an insured package?
Yes, if it's registered, the package follows same protocol.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
What happens if you get info from USPS for the insurer and its insured for $0? Does the insurer care? Would the insurer inform the post office? Does anyone know?
Lawyers: Is declaring a value of $0 while insuring for $50,000 criminal, civil, or neither?
Personally, I'm not sure the USPS has a right to know my business. On the other hand, don't I agree to the terms of the service when I opt to use it?
Private insurance wants no indication that the package has anything of value in it
From the USPS: “ Articles with a declared value of more than $50,000.00 can be registered, but compensation for loss or damage is limited to $50,000.00.
Amounts over $50,000.00 will receive extra security appropriate to the amount.”
Above $50k there is no insurance, but declaring a higher value will change how the package is handled.
I did research this very question and was instructed by my insurer not to purchase insurance through the carrier, only signature confirmation to abide by the terms of the policy for coverage to be effective. (Personally, I believe adding insurance for a large sum on a package is an invitation for theft but that's another debate.) I dont use Registered Mail, though, only Express for more expensive items. I use Collect Insure for coverage and they are very easy to work with and pay out claims quickly and efficiently.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
100%
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
But they’re also clear that rules must be followed. International shipments still have customs forms even though they indicate value. As has been noted, the DMM requires the value to be declared. Private insurance can’t instruct you to go against that policy. You don’t have to ship by registered mail, but if you choose to do so, you have to play by the USPS’s rules.
WTH,,,,,,. why does NGC get accepted and PCGS doesn't?
OK PCGS time to step-up to the plate and make a deal with shipandinsure so we can get cheaper insurance.
I wouldn’t be surprised if it’s got something to do with their tie to the ANA.
Hmmm, when did shipandinsure start requiring you to belong to an organization? When they were trying to recruit me into their program it was not a requirement.
For shipments of high value (gold coins), I have used registered mail (USPS) and insured for full value. Slow, but secure, and no problems. I am not a dealer and perhaps if shipping materials of super high value, I would privately insure. Just not necessary for occasional shipments. Cheers, RickO
The thing I like best about 3rd party insurance is shipping priority and not standing in line (except for Express/registered, of course).
There's an annual fee for ShipandInsure - $175 IIRC.
Well, PCGS membership is not in shipandinsure list, so I can't use them unless I join NGC or ANA.
I shipped some high price coins over the years and I always buy USPS insurance for the peace of mind. But since so many people stated that USPS don't pay claims for coins. It is time to really thinking to get private insurance. I am thinking to join shipandinsure. The question is which membership should I get so I can qualify for shipandinsure; ANA, NACA or NGC?
ANA gets you sub rights at NGC. Seems obvious to me.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
well, but if join NGC you will get voucher not with ANA.
Interesting and nice rates. I don't ship that much as I'm not a dealer. I guess I left with snail mail and their rate.
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In addition to the rates show in the shipandinsure chart there is also a "membership" fee you are required to pay. If you ship a lot of expensive stuff it is still a better rate than USPS. You can ship up to $1000 in value without a membership and the rate for domestic shipping is $1.05 per $100. and you can ship first class mail. This is what I use for packages under $1000. For higher value packages I use USPS registered mail
it's crackers to slip a rozzer the dropsy in snide
Why do you need to stand in line for Express? Granted I print postage with Endicia and not the USPS website or PayPal, but the only thing I stand in line for is Registered. Everything else I just put in a blue box or hand to a carrier, including internationals of every class.