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usps insurance payouts

jesbrokenjesbroken Posts: 10,671 ✭✭✭✭✭
in U.S. Coin Forum
At a meeting last night, a member said that he had insured a raw coin that he shipped usps(not sure the service), which
was subsequently lost($150 low end value) and they offered him only a small portion of that amount as it was
not in plastic. That is something that concerns me for shipping raw coins to pcgs/ngc for grading. Hopefully this
would not happen, but I'm going to be sending 6 or so IHC's to pcgs and now wonder if I shouldn't just make the
trip to Baltimore next year and turn them in. The shipping/insuring savings would pay for my gas.Normally I would not be
worried once they are encapsulated by pcgs, but as these are special condition coins and would be hard to replace, it
scares me how many arebeing lost lately. I have shipped usps for 12 years and only lost one, which was a low value
coin and not an issue. Lately, I have been having some shipping problems, with no losses but several times out of Indiana
the coin would sit at a depot for 10-13 days. Never no other coin depot have I had this happen.
Jim

When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln

Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain

Comments

  • VanHalenVanHalen Posts: 4,330 ✭✭✭✭✭


    << <i>At a meeting last night, a member said that he had insured a raw coin that he shipped usps(not sure the service), which
    was subsequently lost($150 low end value) and they offered him only a small portion of that amount as it was
    not in plastic.... >>



    They need to negotiate with USPS for the market value up to the insured amount. Closed auction records on similar pieces should suffice. If they had it insured for $150 and fair market shows $150 they have a strong case.

    As far as shipping to PCGS or NGC? Ship USPS Registered Mail fully insured and keep some pics/values handy in the one in million chance something goes awry. Put your mind at ease in the meantime.
  • BroadstruckBroadstruck Posts: 30,497 ✭✭✭✭✭
    You need to supply USPS with enough documentation toward the perceived insured value.

    It can be price guide info, completed auction archives of similar items, etc.

    Dealing with them is like a bad horse-n-pony show but if you overload them with facts they pay.
    To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
  • drwstr123drwstr123 Posts: 7,049 ✭✭✭✭✭
    If you provide the USPS with an excuse to deny your claim, they will.
    Simply go in the onset with sufficient corroboration to leave them no excuse.
  • BAJJERFANBAJJERFAN Posts: 31,417 ✭✭✭✭✭
    It would help if there was a way to upload photos or other evidence of a coin's value/appearance when printing shipping labels.
    theknowitalltroll;
  • davewesendavewesen Posts: 6,712 ✭✭✭✭✭
    A few years ago with my last claim, it was an eBay sale and all I needed was printout of auction to verify value.

    Since their insurance have continued to rise, I now package well and 'self-insure', except for uncomfortably high or 'questionable' buyers
  • derrybderryb Posts: 37,766 ✭✭✭✭✭
    Until certified by a recognized TPG, grade (value) of a coin is uncertain and very subjective. Documentation of purchase price or sale price (if sending to a buyer) should serve to validate a claim for a lost, uncertified coin.

    Price guide info based on a specific grade is useless in a claim without proper certification of that grade.

    No Way Out: Stimulus and Money Printing Are the Only Path Left

  • PerryHallPerryHall Posts: 46,948 ✭✭✭✭✭
    Sounds like they are doing everything possible to avoid paying out claims due to their losing your package. If I insure a rock for $150 and they lose it they should pay me $150 no questions asked. Period.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • streeterstreeter Posts: 4,312 ✭✭✭✭✭


    << <i>Sounds like they are doing everything possible to avoid paying out claims due to their losing your package. If I insure a rock for $150 and they lose it they should pay me $150 no questions asked. Period. >>



    I suspect that an insurer has a duty to pay off at FMV. Not the $$ amount of the insurance bought.

    Perry, that rock is worth nominally $1. Now if the emotional value is $149, I don't believe many insurance policies pay for emotional distress.

    Maybe there are some that do but I dont know of any. I think I'm going to have to re-read the USPS insurance policy thoroughly.
    Have a nice day
  • LALASD4LALASD4 Posts: 3,602 ✭✭✭
    Registered Mail would not get lost. And Express mail is shipped separate from each station and is deliver before noon so I do not see it getting lost either.
    Coin Collector, Chicken Owner, Licensed Tax Preparer & Insurance Broker/Agent.
    San Diego, CA


    image
  • PerryHallPerryHall Posts: 46,948 ✭✭✭✭✭


    << <i>

    << <i>Sounds like they are doing everything possible to avoid paying out claims due to their losing your package. If I insure a rock for $150 and they lose it they should pay me $150 no questions asked. Period. >>



    I suspect that an insurer has a duty to pay off at FMV. Not the $$ amount of the insurance bought.

    Perry, that rock is worth nominally $1. Now if the emotional value is $149, I don't believe many insurance policies pay for emotional distress.

    Maybe there are some that do but I dont know of any. I think I'm going to have to re-read the USPS insurance policy thoroughly. >>



    What if the rock is a rare and valuable mineral specimen coveted by collectors?image

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • streeterstreeter Posts: 4,312 ✭✭✭✭✭
    What if?

    Document before you send I guess. You send a lot of rocks?
    Have a nice day
  • streeterstreeter Posts: 4,312 ✭✭✭✭✭
    I dont have answers to your rock hobby Perry.

    I've got to go sweep the deck. See ya.
    Have a nice day
  • TigersFan2TigersFan2 Posts: 1,442 ✭✭
    The USPS is one of those rare business entities that has no liability for bad service unless you're willing to spend extra to pay them to accept some liability. I think the IRS falls into this same category also. The rest of the world has legal liabilities for screwing up.
    I love the 3 P's: PB&J, PBR and PCGS.
  • TopographicOceansTopographicOceans Posts: 6,535 ✭✭✭✭
    What proof was submitted in the claim as to the value of the coin?

    Normally all you need is the receipt showing how much was paid for it.
  • PerryHallPerryHall Posts: 46,948 ✭✭✭✭✭


    << <i>What if?

    Document before you send I guess. You send a lot of rocks? >>



    It's hypothetical situation that could apply to any collectable. Many collectables are esoteric and unique so any value assigned is based on the gut feeling of the owner. Are these eligible for USPS insurance since it's impossible to determine an exact value without first selling it in an auction? It's a rhetorical question so there's no need to answer it.imageimage

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • zas107zas107 Posts: 831 ✭✭✭


    << <i>Registered Mail would not get lost. And Express mail is shipped separate from each station and is deliver before noon so I do not see it getting lost either. >>



    Out of all the thousands and thousands of packages I have sent or received a substantial majority of those that have gone missing were registered. =/
  • LALASD4LALASD4 Posts: 3,602 ✭✭✭


    << <i>

    << <i>Registered Mail would not get lost. And Express mail is shipped separate from each station and is deliver before noon so I do not see it getting lost either. >>



    Out of all the thousands and thousands of packages I have sent or received a substantial majority of those that have gone missing were registered. =/ >>



    You got a lot of people fired.:-)
    Coin Collector, Chicken Owner, Licensed Tax Preparer & Insurance Broker/Agent.
    San Diego, CA


    image
  • LanceNewmanOCCLanceNewmanOCC Posts: 19,999 ✭✭✭✭✭


    << <i>if I insure a rock for $150 and they lose it they should pay me $150 no questions asked. Period. >>



    logically speaking, i agree 100%
    .

    <--- look what's behind the mask! - cool link 1/NO ~ 2/NNP ~ 3/NNC ~ 4/CF ~ 5/PG ~ 6/Cert ~ 7/NGC 7a/NGC pop~ 8/NGCF ~ 9/HA archives ~ 10/PM ~ 11/NM ~ 12/ANACS cert ~ 13/ANACS pop - report fakes 1/ACEF ~ report fakes/thefts 1/NCIS - Numi-Classes SS ~ Bass ~ Transcribed Docs NNP - clashed coins - error training - V V mm styles -

  • BAJJERFANBAJJERFAN Posts: 31,417 ✭✭✭✭✭


    << <i> If I insure a rock for $150 and they lose it they should pay me $150 no questions asked. Period. >>



    Wrongo!

    You still have to prove value of the item. Insuring a $100 coin for $1000 does not obligate them to automatically pay you $1000 if the package is lost or damaged, etc.
    theknowitalltroll;
  • amwldcoinamwldcoin Posts: 11,269 ✭✭✭✭✭
    This reminds me of an insurance battle a friend of mine had 40 years over a 65 Mustang Convertible that was totaled. He was not at fault. The insurance co. was trying to pay him something like $800 for it. He wised up and told them to replace his car. A week latter he had a check for $3000. That is the approach I would take on something esoteric.
  • AnkurJAnkurJ Posts: 11,370 ✭✭✭✭
    Private insurance allows me to not have to worry about this.
    All coins kept in bank vaults.
    PCGS Registries
    Box of 20
    SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!

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