Shipping Coins. REGISTERED MAIL vs FED EX
SDavisCoins
Posts: 25 ✭
Registered mail has gotten to the point it takes forever. I read that neither UPS or FEDEX will insure coins or bullion. If that is so, then why do TPGs offer it as a service? And an even better question, why do they put a spot on the submission forms asking you how much you want it insured for?! If the insurance you are buying is worthless, then its just a waste of money.
I read there is some sort of private insurance available for UPS and FedEx shipments. Does anyone know anything about that?
I read there is some sort of private insurance available for UPS and FedEx shipments. Does anyone know anything about that?
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Comments
<< <i>I just sent some via Express Mail and the USPS guy at the window said it was ok and I could insure them no problem. I asked if colector coins had to go Registered and he said no. Is that correct as far as anyone knows? >>
Yes, that is correct.
-Paul
<< <i>But FedEx does not insure coins. So I wonder why TPG's have an option on the submission form for insurance amount when shipping through Fedex? Total waste of money. >>
Perhaps that is simply the official amount of insurance coverage to be on record for the package (but not seen by Fedex), and the coverage will be through a private insurance carrier, not Fedex?
<< <i>I asked if colector coins had to go Registered and he said no. >>
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They have to go registered if you want over $5K in USPS insurance.
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<< <i>But FedEx does not insure coins. So I wonder why TPG's have an option on the submission form for insurance amount when shipping through Fedex? Total waste of money. >>
Perhaps that is simply the official amount of insurance coverage to be on record for the package (but not seen by Fedex), and the coverage will be through a private insurance carrier, not Fedex? >>
I believe this is correct. It's not a waste of money, as the TPGs are likely paying a private company for insurance. I use U-PIC to insure my packages and my policy allows for shipping by USPS, UPS or FedEX. If there is a claim for a loss, it is filed through U-PIC and they provide the compensation- the shipping service (USPS, UPS or FedEX) is not involved in this.
<< <i>Hmm. So PCGS isnt purchasing insurance billed to your account when you request return shipments via Fedex? >>
Correct... your insurance, and your FedEx account getting billed, as well.
<< <i>Hmm. So PCGS isnt purchasing insurance billed to your account when you request return shipments via Fedex? >>
I think that is an incorrect assumption. It is possible to insure shipments through companies other than the carriers who actually transport the packages.
edited to add... based on other replies, it's possible I'm misunderstanding the "So PCGS isnt purchasing insurance..." comment and reserve the right to revise my opinion upon further clarification.
<< <i>Hmm. So PCGS isnt purchasing insurance billed to your account when you request return shipments via Fedex? >>
When I have coins shipped back to me via Fedex by grading companies, they are shipped under my Fedex account, uninsured by Fedex, and they are covered under my private insurance policy. So, to my knowledge, the grading companies don't have any reason to/don't purchase insurance in such instances.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>I received 20 AGE's in a mint tube from APMEX......in a USPS Express mail box. Couldn't believe it.
The USPS says I can only insure that (express box) for $5,000.00 but I need to go registered to get larger amount. $25K is about $50 to insure via registered not too bad. Still can't believe APMEX did that.
Maybe they DO have another insurer backing them up?? Hope so, it would be their loss if I didn't receive it...... >>
I would be shocked if they didn't have private insurance.
<< <i>Maybe they DO have another insurer backing them up?? Hope so, it would be their loss if I didn't receive it...... >>
Undoubtedly they do, and I'm sure the rates are much lower than if they paid the USPS for insurance. That said, every mail insurance company I've ever used has specifically forbidden any mention of insurance on the outside of the package, so keep in mind that nothing will be seen there. That's probably for the better... as far as the mailman knows, you were getting a heavy package worth very little. Why bother steal it?
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<< <i>I just sent some via Express Mail and the USPS guy at the window said it was ok and I could insure them no problem. I asked if colector coins had to go Registered and he said no. Is that correct as far as anyone knows? >>
Yes, that is correct.
-Paul >>
No, I believe that is false. A recent USPS change means that the USPS blue-label insurance specifically does not cover currency, coins, or bullion.
Registerd mail does cover these items. So for large and/or heavy shipments of coins/bullion, USPS registered flat-rate Priority Mail is the way to go.
<< <i>
<< <i>
<< <i>I just sent some via Express Mail and the USPS guy at the window said it was ok and I could insure them no problem. I asked if colector coins had to go Registered and he said no. Is that correct as far as anyone knows? >>
Yes, that is correct.
-Paul >>
No, I believe that is false. A recent USPS change means that the USPS blue-label insurance specifically does not cover currency, coins, or bullion.
Registerd mail does cover these items. So for large and/or heavy shipments of coins/bullion, USPS registered flat-rate Priority Mail is the way to go. >>
I looked on usps.com and didn't see anything about coins be excluded. The worker at the window seemed to look it up in the computer and say it was ok. I told him what was in the package (collector coins) and bought insurance for $2200. In any case it arrived safely at PCGS but I would like to know for sure. Anyone ever had a claim on an Express Mail shipment of coins?
from the USPS website:
4.0 Claims
4.1 Payable Claim
Insurance for loss or damage to insured, registered, or COD mail within the amount covered by the fee paid or within the indemnity limits for Express Mail as explained in 4.2 is payable for the following:
a. Actual value of lost articles at the time and place of mailing (see 4.1n for bulk insured articles).
b. Cost of repairing a damaged article or replacing a totally damaged article not exceeding actual value of the article at the time of mailing.
c. Remittance due on a COD parcel not received by the sender, subject to the limitations set by the standards for COD service.
d. Reasonable costs incurred duplicating documents such as:
1. Copying service.
2. Notary fees.
3. Bonding fees for replacement of stock or bond certificates.
4. Reasonable attorney's fees if required to replace the lost or damaged documents.
5. Other direct and necessary expense or cost, as determined by the USPS.
6. Face value of negotiable documents that cannot be reconstructed up to the amount of insurance coverage bought, but not to exceed the $25,000 maximum amount of insurance coverage available if sent by Registered Mail.
e. Extra cost of gift wrapping, if the gift-wrapped article was enclosed in another container when mailed.
f. Cost of outer container, if designed and constructed for the article sent.
g. Fair market value of stamps and coins of philatelic or numismatic value, as determined by a recognized stamp or coin dealer or current coin and stamp collectors newsletters and trade papers.
Notice 'g'
Edited to add: This info can be found on the web site under:
609 Filing Indemnity Claims for Loss or Damage
As for the question regarding CU charging for insurance for the trip home if Fed Ex is being used I would assume they have a private carrier for that. I have no first hand knowledge though.
Steve
<< <i>A recent USPS change means that the USPS blue-label insurance specifically does not cover currency, coins, or bullion. >>
I have seen this posted here before, but am unable to find anything on the USPS website explaining such a change. Would you happen to know where this policy update is explained? The DMM doesn't reflect such a change at this point in time, but if it really is true, it would be good to know about.
<< <i>I told him what was in the package (collector coins) and bought insurance for $2200. >>
I would never tell a clerk what was in the package. All that they need to know is that the contents are legal to mail, and valued at $X.
<< <i>mrearlygold - before you whine, let us know how much profit you made on all the product that was shipped. LOL
Prohibited Items
You are prohibited from tendering the following items for shipment, and they will not be accepted:
a. Cash, currency, collectible stamps and coins.
To me, this sounds like they simply will not accept them whether you have them privately insured or not.
Someone PLEASE comment on this before I open a FedEx account for return shipment of my submissions.
The name is LEE!
<< <i>
<< <i>I told him what was in the package (collector coins) and bought insurance for $2200. >>
I would never tell a clerk what was in the package. All that they need to know is that the contents are legal to mail, and valued at $X. >>
Well I know the guy and I wanted to make sure what I was mailing would be covered by the insurance. That is the whole point of the insurance. I had always used registered mail before and did not know if Express Mail covered numismatic value of coins. IOW, I had to tell him to get my question answered and make sure I was covered.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>I prefer Registered Mail. The last time Fedex delivered coins to my house, they left the (signature-required) box on top of my mailbox. And the mailbox is at the curb, on a well-traveled street, 200 feet from my front door. Besides, Registered Mail is much cheaper. >>
That doesn't sound right. My mailbox is also at the curb. Fed Ex will place the package inside my locked wrought iron gate.
<< <i>I prefer Registered Mail. The last time Fedex delivered coins to my house, they left the (signature-required) box on top of my mailbox. And the mailbox is at the curb, on a well-traveled street, 200 feet from my front door. Besides, Registered Mail is much cheaper. >>
I'm never home to sign for FedEx, so I have them sent to FedEx Kinkos... they'll hold any Express package, and are usually open quite late (9-10pm) making it easy to sign whenever it's convenient. Plus, I never have to give out my address.
As for the bullion, I am not sure if that is new or not. So I would be careful in shipping silver bars, etc... they may in fact not be covered, unless you could make a good arguement that they are numismatically collectible.
edited for the usual spelling errors!
<< <i>This is the wording that has had inexperience postal clerks give out incorrect information regarding the shipping of collectible coins through the mail. >>
This misunderstanding/misdefinition a big problem internationally, too. Most countries have restrictions on the importation of *money*, which collectible coins very often aren't, as a significant number of them have been long since demonetized and can no longer currently be used as such.