A Quick question -- One Time shipping Insurance for a higher value piece
retirednow
Posts: 677 ✭✭✭✭✭
Are any of you aware of an insurance company that will cover a one time shipping insurance for a package? Not interested in USPS.
I used google but most appear to be for corporate or a membership requirement. PS I could not fine another blog with the specific question.
For several years I was a member of Ship and Insure and that worked well but as I stop mailing items, I let my subscription lapse. I can re- up but do not feel like paying the annual membership fee for one package. I do not plan to ship more than one, so I was wondering if there are other firms that might offer single time coverage that could be recommended. The value is a mid 4 figure item to be shipped.
Thanking you in advance.
OMG ... My Mother was Right about Everything!
I wake up with a Good Attitude Every Day. Then … Idiots Happen!
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Why do you have a problem with the USPS? Registered mail is hard to beat.
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
Registered / priority mail is OK, I do not like the idea of declaring values with at the Post Office window from a visibility standpoint and I understand it maybe harder to recover a claim. When I used Ship and Insure, I insured online when I got home and after I have my tracking number. No need to declare a value with USPS or any other carrier for that matter.
OMG ... My Mother was Right about Everything!
I wake up with a Good Attitude Every Day. Then … Idiots Happen!
I have never used a third party insurer. For what you describe, I would use USPS registered. Registered is very secure.
That said, I will check back on this thread later to see if someone recommends a good third party option I am unaware of. I have wondered about your question before.
Pirate Ship is what I generally use
I believe pirate ship changed shipping insurance providers a while back and the new policy doesn’t cover coins or bullion anymore
Interesting, Thanks
oops, didn't read op thoroughly, shipandinsure is the only other insurer I know of other than pirate ship if you don't want to get your own policy, and as others have said it's no longer feasible.
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Is FedEx or UPS an option? They both provide insurance options.
The last time I checked, neither would insure coins.
Correct. It's amazing how few people address the actual question asked. Lol
All comments reflect the opinion of the author, even when irrefutably accurate.
If you have Hugh Woods (Risk Strategies) for Collection Insurance, there are ways to use Registered Mail without paying for more than the minimum required Registered Insurance with USPS (I claim $500. when I do this, as per my agents instructions).
In this way I can box a package and fill out the registered form prior to arriving at the PO, show it as a $500. Value, and have it sent in the most secure way USPS offers, at my Insurance rider limits.
I don't send enough to make it a big savings against the policy, but it does eliminate some of the issues you discuss, and it makes for a better piece of mind (when shipping, or having coins on my person traveling to and from shows, etc).
My 2c ...
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
Everybody is free to proceed as they choose but doing as your agent suggests is a violation of USPS policy.
He wants insurance for ONE package and you're suggesting he take out a Hugh Wood policy?
All comments reflect the opinion of the author, even when irrefutably accurate.
"If you have ..."
read the post @jmlanzaf Wow.
.
@MasonG Understand.
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
"If you have..." doesn't have to refer to the OP. Based on the rest of your post, it appeared to refer to you. There is the "generic you". Based on the entire post, seems pretty clear he didn't have shipping insurance.
WOW 🤔
All comments reflect the opinion of the author, even when irrefutably accurate.
I read up, just to check. And you brought no suggestions, correct?
But hey, from what I can tell, that's pretty much par for the course on your end, right? Just the typical stir the pot and see if you can work someone up for an argument?
.
My comments may not have been applicable, and maybe even were a little TMI, but he may not have considered looking at his collectable insurance, if he has it.
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
I asked a question. You got your panties in a know for no apparent reason. I wasn't looking for an argument. i never am. I expect total agreement. Who would have thought you would want to have one over my question? You could have simply said, "I thought he might have one" or "I was just telling him what I did" and that would have been the end of it.
I offered no suggestion because I don't have one. I used to use UPS capital but then they changed the way they handled the reinsurance and I stopped, so it's been years since I used anyone. The only reason I have been checking this thread is to see if anyone rise knows of a single use reinsurer.
All comments reflect the opinion of the author, even when irrefutably accurate.
Todd, I can suggest with a very high level of certainty that you've been misinformed, or perhaps there was a miscommunication. The way the policy is worded, it states-
"It is a condition precedent to insurers liability that all mail, courier and armoured car shipments in excess of $500.00
shall be made in accordance with the limits stated below:"
And then it goes on to list the acceptable forms of shipping service ie/ (Priority, Priority Express, Fedex, Registered)
Basically, it's just giving you the minimum threshold amount you could even file a claim for , also explained here:
"4. The Basis of Valuation Condition is replaced by the following:
The basis of valuation in the event of a loss shall be market value at the time of loss to be agreed by
any independent individual or organization mutually acceptable to the Underwriters and the Insured. If
the Insured and the Underwriters fail to agree on the amount of loss, either may:
a) Demand a mediation of the loss in accordance with the rules established by the Florida Insurance
Department. The loss amount must be $500 or more, prior to application of the deductible; or
there must be a difference of $500 or more between the loss settlement amount the Underwriters
offer and the loss settlement amount that the Insured request."
I don't know if the collectors policies have deductibles, since I've since switched to a high volume shipping policy with a $1000 deductible. In any event, I don't think you'd want to file a claim for less than $500 with HW anyway, but I think the agent you spoke to misinterpreted the language where it states that acceptable shipping services have to be a service tier thats "insured". I use quotes because the language is a formality just to reiterate that they want you to use an option like priority mail, Fedex express, or registered, as they all come with a standard $100 insurance as part of the base fee, thus no extra insurance is necessary...In fact, as @MasonG suggested, it would likely cause problems filing a claim, if anything.
Unless you want to have the option to file a claim for less than $500 by utilizing USPS insurance for low value shipments, since that's not an option with Hugh wood, I'm afraid you've been needlessly buying insurance with USPS. The primary benefit of the HWI policy is to be able to stop donating to USPS, whose claims process is remarkably aggravating. I'm happy to send an email to my rep an CC you on it tomorrow for clarification, or perhaps you just want to reach out for clarity, but It sounds like your rep is probably not Emily or Caroline, and you were speaking to a newer employee. Either that, or there was a wording misinterpretation, but I can affirm that this is the first time I've ever heard of someone being advised to pay for $500 insurance out of the dozens of people I've spoken to that carry a policy with them. Sorry to be the messenger here...
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Regarding insurance on Registered Mail, from the USPS DMM (bold added):
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. 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.
Just putting this out there so people know what the USPS policy is as it appears that third party insurers might not be sharing this info with their customers.
edited to add... It used to be possible to ship by Registered Mail without buying insurance but sometime in the past 15 years or so, that option was eliminated. Here is an image showing the old form and the current one. Note that the "With/Without Postal Insurance" option is no longer available.
I've used Loomis before (back when they were AIB--they were acquired/rebranded a few years ago) and at least back then you could get a free account and insure packages individually. A quick glance makes that look to still be the case: https://lilvp.com/
Priority+Insurance is way more expensive than Registered at relatively low values (last check, around $700), so Registered is the way to go. With regard to your concerns, I have two thoughts. First, Registered is super secure that the odds of loss are very low. If a package does go missing, the USPS is going to do their best to find it. If they can't, I'd be quite surprised if there's an issue with a payout. Second, if you're concerned about someone overhearing the value, fill out the form and then put a post-it on it that says "please don't say the value out loud." The clerk should understand. I've had plenty of clerks ask me for the value when they're typing things in, and then I just quietly point out it's on the form to avoid saying it out loud.
There is one thing I wish USPS would change about Registered mail. They put a large sticker printed in bold showing the total you paid, on the front of the package. I don't see a reason any postal worker needs to see that. Just a sticker that shows PAID would be fine.