I know many of the dealers here use a private insurance when shipping out their coins and valuables. Any recommended vendors in this arena? I just don't trust the Postal Service and just about anyway you insure your package it draws attention or becomes cost prohibitive. Is this something that Hugh Wood covers explicitly or are there other, better, private insurers? Thanks
Most I know of simply self insure instead of paying the premiums. Find out what the USPS rate is, put that money aside on each shipment, and at the end of the year you most likely come out way ahead.
I like Medora's suggestion Trey, and almost did that myself, but instead opted to ship according to the specified schedule under my dealer's insurance policy from Hugh Wood. The policy is pricey but, because my shipments are covered without me having to pay the USPS for insurance, that helps defray the cost of my policy. - Mike
My problem is that I will be sending someone else's coins and don't have the money to cover their coins if they go missing. So I HAVE to insure them somehow. I don't want to buy it through the postal service due to the key in on a valuable parcel. So I was hoping for a way to insure the package without giving away any info on the outside. I like the idea of self insuring my coins as a dealer and of my own inventory. But I don't like the idea as much for consignments and just getting started.
Check Shipsurance.com and U-Pic.com. Exclusions include coins, but these are everyday money coins, numismatic collectable coins are covered. There is no indication on the package that it is anything special.
I use Hugh Wood policy through the ANA that covers shipping, as well as coins in my possession and while in transit to shipping. Haven't had a claim yet, but it saves money on shipping. It may or may not be for you, but it's easy to get a quote.
I use www.shipandinsure.com .Only for shipments over $3000 though.Also I self insure for items under $500 .You do have to pay a yearly fee to use the service but the insurance is way less . Especially if you are moving $25K or more a month of product.
This and I believe they will cover gold and silver bullion which aren't covered by USPS insurance unless you use registered mail.
USPS registered mail is a very safe option as the shipments are kept in locked containers and have a documented chain of custody. The shipping is, however, very slow because they only travel one USPS node per day and are locked up at night.
Sort of expensive too. I'm looking for something cost effective and also not outwardly flagging folks to the valuable nature of the package. Ultimately I like the self insure option combined with registered packages for pieces over say $1500. But my purpose now is for sending high value items for imaging in large lots, but I HATE the risk involved. Plus I need to keep shipping costs down since its two-way and frequent.
A better long-term option might be to either buy the equipment and learn to take the pictures yourself, or have them done locally.
I agree. Except every single time I take a picture they come out lousy as crap. I've finally had to face the music and come up with a better solution. So sending them off it will be for now. I can always price the insurance into my coins anyway, I just don't want to eat away margins too bad either.
It's not that expensive. $25,000 declared registered mail package is $53.50 + flat rate priority box. (For comparison purposes a Priority mail package Insured for $5,000, which is the maximum for priority, is $64.25 + flat rate Priority box) At the $1,500 level you mentioned Priority insured is $20.50, Registered is $17.85 (Both plus boxes) Private insurance may be cheaper for registered but typically they are $0.11 per hundred and for $25,000 that still comes to $39.45 + the flat rate box and you have to declare a zero value on the Registered package.
This is why i asked the question. So registered would be best with fairly accurate insurance. (I always over estimate it by about $2-$3,000 for cushion). Once I have some wiggle room I can then switch to self insuring which seems like the most reasonable method.
Just remember Registered is very very safe, but it can also be SLOW. You are trading speed for safety and lower rates. The private insurers know the registered is safe as well. They have different rates depending on how the package is going to be shipped, and their rates for Registered are much lower than their rates for other types of shipping because their risks are much lower.
