insurance limits on precious metals

glmccowan

Can anyone tell me if there is a limit on how much insurance on silver and gold the post office will cover? I had heard it is only $1000. If this is true, why would you pay for more insurance than that? Thanks for your help.

LindeDad

USPS.com

TomB

You can send by Registered Mail up to $25k before additional special forms must be filled out.

freechance

I've always used registered mail for items over $1500 as its cheaper than insurance. You get up to 25k in coverage for the $12 it costs to register. Just make sure you just send registered and not registered-insured as you will overpay. they always ask u if u want insurance even though its included, trying to get you to pay more. Takes a little longer to get there though, but they wont lose it. No need to tell them whats inside, just the value.

TomB

<< <i>I've always used registered mail for items over $1500 as its cheaper than insurance. You get up to 25k in coverage for the $12 it costs to register. Just make sure you just send registered and not registered-insured as you will overpay. they always ask u if u want insurance even though its included, trying to get you to pay more. Takes a little longer to get there though, but they wont lose it. No need to tell them whats inside, just the value. >>



This is incorrect. Insurance is not included in Registered Mail. You are paying for postage with the base $12 or so fee so that the package is handled in a more secure manner. If you require insurance for a Registered package then you must declare it at the time of shipping and pay the extra fee.

derryb

<< <i>I've always used registered mail for items over $1500 as its cheaper than insurance. You get up to 25k in coverage for the $12 it costs to register. Just make sure you just send registered and not registered-insured as you will overpay. they always ask u if u want insurance even though its included, trying to get you to pay more. Takes a little longer to get there though, but they wont lose it. No need to tell them whats inside, just the value. >>


Not so. Only insured registered is insured for up to $25k content value, and it is not free; the insured registered postage fee is based on the declared value. Declared full value is required to be entered on the accompanying Form 3806 even if you request "no insurance." The postage that you will pay to include insurance coverage by the post office is based on this declared value. Higher the value, higher the postage. So in reality the insurance is not free, it is included in the insured mailing fee you pay which increases with declared value. The only way to keep registered postage to the minimum $10.75 fee is to declare a value as required and request no insurance coverage. Shippers that do this normally have private insurance. Requesting no insurance gives you no coverage from the post office. Declare a lower value to keep your insured postage fee lower will result in you being insured only at your declared value. With insured registered mail the higher the declared value (insured value) the higher the postage. With registered mail that is not insured, you are still required to declare the value, but you get no insurance from the post office. Reason for the choice between the cheaper non-insured registered and the higher insured registered is because a lot of registered shippers prefer to use a private insurance carrier.

The only way to save on insured registered shipping other than cutting yourself short on declared value (insurance) is to request first class instead of priority rate and this can only be done if package is under 13 ounces (a priority registered shipment travels no faster than a first class registered shipment). For registered shipments over 13 oz. you will pay the registered fee plus the priority fee which is based on weight. However you can use priority flat rate boxes and get that rate in addition to the registered fee.

In summary:
Registered mail is an extra service added to first class or priority, you pay the first class or priority fee plus the registered fee
you can buy registered shipping with or without USPS insurance
More USPS insurance, more the registered shipping fee
Value of shipment is required to be entered on Form 3806, even if you do not insure
Purchased USPS insurance coverage is limited to declared value up to $25k
Don't pay extra for priority service if package is under 13 oz., travel time is the same. pay first class plus registered fee
You can take advantage of priority flat rate box, you pay the registered fee plus the flat rate fee

As a side note, you can purchase electronic return receipt at the counter for registered shipments. It is cheaper than signature confirmation, requires no form and is recognized by papal and ebay because they can view the receiving address and signature on-line just as they can with the more expensive signature confirmation offered by the post office.

I have found registered to be cheaper on all shipments insured for more than $800. A first class registered insured for $1750 runs me about $19.75 in postage.


Click on "Domestic Extra Services" and scroll down to Registered Mail to see the shipping fee (based on declared value)

derryb

<< <i>Can anyone tell me if there is a limit on how much insurance on silver and gold the post office will cover? I had heard it is only $1000. If this is true, why would you pay for more insurance than that? Thanks for your help. >>


If under $25k your cheapest and safest route is USPS insured registered mail. If under 13 oz. specify you want the cheaper first class rate added to the registered fee. If over 13 oz. package weight you will be charged the priority rate and the registered fee. You can use flat rate priority box and get the priority flat rate fee in addition to the registered fee. It's how I send all my heavy bullion shipments. You will need postal form 3806, available with the other forms at the post office packaging area. I have shipped over 500 registered packages and have never lost one. They are however, a bit slow 5-15 days depending on location.

mrpotatoheadd

Although there used to be, there is no longer an option to request (or not) insurance- only a declaration of value. Here is the current USPS form for registered mail:



Although no longer current, lots of post offices still use the old forms. Here is what they look like (note the option to ship uninsured next to the article value box):



From the USPS DMM:

2.3 Fees and Liability
2.3.1 Full Value
Regardless of any insurance that may cover the article, the mailer must always declare its full value to the USPS when presenting it for registration and mailing (see chart below). The mailer must tell the USPS clerk (or enter on the firm sheet if a firm mailer) the full value of mail matter presented for registration. Private insurance carried on Registered Mail does not modify the requirements for declaring the full value. The accepting USPS employee may ask the mailer to show that the full value of the matter presented is declared, and may refuse to accept the matter as Registered Mail if a satisfactory declaration of value is not provided. Only articles of no value may be mailed as Registered Mail without insurance.

FYI...

derryb

<< <i>Only articles of no value may be mailed as Registered Mail without insurance. >>


Sounds like if you have private insurance you still have to purchase USPS insurance.

mrpotatoheadd

That's what I have been told. Not that the clerks at one post office always have the same answers as another, but still- the actual rules seem pretty clear on the matter.

Everybody has to make up their own mind about how to proceed, but I have to deal with the PO daily, so I'd prefer to stay on their good side and not try to find ways to get around their rules.

derryb

My standard line when I present a registered package with the declared value on the form:

"First class registered insured with electronic return receipt."

If it's over 13 oz. I just leave out the "first class" because they will automatically charge me the priority rate.

I've never used a private insurance carrier for postal insurance.

HoledandCreative

I have never insured a Registered package, and I have never declared a value on a Registered package. It is the most secure way of mailing value and why on earth tempt wannabe thieves with a value on the package.

dsessom

There is no limit on the amount of insurance you can purchase when shipping precious metals as opposed to other items. If the insurance is sent regular first class, the limit is $5,000. If you need insurance for over this amount and up to $25,000, you must send registered mail ,and with this choice, it is signed for at every checkpoint along the delivery route. You may also send items registered mail which insured for less than $5,000. And if you are shipping coins over the $25,000 limit, send them in separate shipments. Insurance charges are $1.05 per $100 of insurance. Hence, a package valued at say $1,670.00 would cost you $17.54 to insure.

pf70collector

They alway charge me for insurance on registered mail.

MFH

When going to the post office
And you're unsure of exactly
Which type of mail you want to use
- simply ask which type is best for
$X of insurance.

Under insuring a package becomes the
Sellers responsibility - in essence - you
are self-insuring the package.

Remember, it's the Seller's responsibility
& not the Buyers.

I use Registered Mail for all shipments
over $1,000 - it gives me piece of mind.

PonyExpress8

Any item sold on a website or via the BST needs to be insured for the price paid, period.

There are many ways to insure a package via USPS, UPS, or Fed Ex.

If a package is only partially insured like MFH said then the balance is "self-insured" by the seller.

There are insurance companies that will insure packages sent under specific means for much larger sums then $1000. Others have stated using registered AND insured mail insurance can be obtained via the USPS for $25K. Insurance via the USPS is available by priority mail flat rate package up to $5K.

Who pays for shipping and insurance is of course negotiated between buyer and seller for the specific transaction. But the bottom line is if you sell something expecting to use the mail system or an alternate delivery carrier it is the sellers sole responsibility to insure the contents for 100% full value. If as a seller you elect to take the risk of underinsuring as might be suggested here then you are SELF INSURING the balance and accept that risk and cover any difference for money paid for merchandise. Pretty straightforward.

DieClash

I would recommend Registered Mail with the appropriate Insurance and pay a couple bucks extra for Priority Mail so that you can track the delivery. I sent my first submission to PCGS (8 Morgans) valued and insured for $1,350. I failed to choose the Priority Mail option and thus could not track it, but I did get the Frist Class, Registered Delivery confirmation. Total cost was $18+. Not bad if you ask me.

Cheers!



Kirk

derryb

<< <i>I would recommend Registered Mail with the appropriate Insurance and pay a couple bucks extra for Priority Mail so that you can track the delivery. I sent my first submission to PCGS (8 Morgans) valued and insured for $1,350. I failed to choose the Priority Mail option and thus could not track it, but I did get the Frist Class, Registered Delivery confirmation. Total cost was $18+. Not bad if you ask me. >>



Tracking number for registered is the number that ends in "US." You get the same type number whether it's first class registered or priority registered. All priority registered does for you is costs you more postage. The only promise from the post office with tracking registered is that delivery information will show up on-line. Any record of stops along the way are just bonus. However, my mailman did tell me that USPS is making more effort to track all packages along the way to better compete with fedex and UPS on-line tracking. He claims USPS research shows that to be a major reason customers choose them over USPS.