Insurance for mailing coins worth >$500?

USPS Priority mail limits the amount of insurance to $500.

What do you do if the coin is worth more than that and you want to insure it?

Edit: do I need to send it via Registered mail?

 

Log in or Sign up to hide this ad.

I believe that most folks will buy private insurance in such cases. Not too knowledgeable in this area but I think @ToughCOINS would probably know of a reputable insurer.

 

When I send things to PCGS I just purchase more insurance from the USPS. Maybe that is wrong but I have gone as high as $3500 with no problems (paid $30 for postage and insurance at USPS). Yes I used registered mail so they have to sign for it.

 

Untrue. Priority Mail comes with $50.00 insurance. You can get extra insurance for an additional cost. $500.00 or less does not require a signature, over $500.00 does. The max for insurance is $5,000.00, then it reverts to Registered Mail. Registered Mail may take a few days longer and the tracking does not show until it's at the delivery office but you can insure your article up to $50,000.00.

The costs for shipping Insured verses Registered breaks even around $1200.00, meaning if your insure for more than $1200.00 it's less expensive to ship Registered Mail. If it's under $1200.00, then Insured Mail is less expensive. I can't remember the exact amount for break even but $1200.00 is very close.

All insurance is in blocks of $50.00 for the purpose of calculating costs. If you insure for $.01 or $50.00 it will cost the same increase.

Busy day at the Post Office. Sorry it took so long to answer but I hope this clarifies this for you Doug.

 

Maximum insurance for Registered is $25,000.

And he was right Priority can be insured up to $5,000 not $500.

Last time I calculated it break even between insured and registered was in the $800 - $1000 range.

 

From https://www.usps.com/ship/insurance-extra-services.htm :

From https://about.usps.com/publications/pub370/pub370_012.htm :

Right hand, meet left hand.

Still pretty convinced that @Collecting Nut has earned a Best Answer here...

 

May be a bit of a disconnect. Section 503 of the Domestic Mail Manual shows maximum insured value for Registered of $50,000, but section 609 under payable claims seem to indicate that the maximum insured value for Registered is $25,000. "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."

 

Typical Goober mumbo jumbo.......baffle everyone with horse pucky.......buy your own insurance.

 

Does standard USPS insurance even cover coins or bullion? I was always told that these items needed to be shipped Registered Mail. Simply sending via Priority Mail, Certified Mail, or with Signature Confirmation does not mean the contents are covered, regardless of if you paid extra for more coverage. Sending Registered Mail is required for "money" or bullion. Is this true?

 

Just to monetize it, the last package I sent to the grader was insured for $8500 and shipped in a small flat rate box. I spent just under $40 for everything.

 

Bottom line......did it get to it's destination?

 

Coins are insurable under standard USPS insurance From Section 609 under what are payable claims

"For stamps and coins of philatelic or numismatic value; the fair market value is determined by a recognized stamp or coin dealer or current coin and stamp collectors’ newsletters and trade papers. The date of the fair market value determination must be current and prior to the mailing date."

According to sec 609 Registered mail is required for bullion. or cash.

"Except for Registered Mail, the maximum indemnity for negotiable items(defined as instruments that can be converted to cash without resort to forgery), currency, or bullion, is $15.00."

Notice it says EXCEPT for registered mail. This would seem to imply that these items are insured for the declared value if sent registered.

 

Thanks Condor, for clearing up the murky waters there. For a moment I feared having to go out and buy some sort of software (much like with income tax) to clear things up.......

 

Insurance for registered for $8500 is $29.55 If you paid $40 then the flat rate box was $10.45 Sounds about right.

In contrast a Priority Insured for $5000 would be $66.45 Less insurance, more money. To send $8500 by Priority you would have to use two packages, one for $5000 and one for $3500. Total cost $66.45 + $47.15 = $113.60 (A registered package for $50,000 is just under $96 in fees plus the flat rate priority box.)

Information on how to file claims and on what are payable claims etc can be found here
http://pe.usps.com/text/dmm300/609.htm

Insurance rates for the different types of mailing services can be found here
http://pe.usps.com/text/dmm300/Notice123.htm#2746995

These are good sites to bookmark.

 

The prices I gave in my earlier post are correct, according to the DMM and they contain the latest revisions and prices, which changed a few months ago. I know that some on-line companies that offer postage, like Indicia.com do not use Postal insurance. They use their own insurance. Therefore they limit the amount of insurance to suit their business model. I have no idea if PayPal does the same but if they do, that explains why you can only insure up to $500.00. The Postal Service will insure up to $5000.00 on Priority, at the window or on-line at usps.com, Click-N-Ship. Registered Mail is insured up to $50,000.00.

If your coins, paper money, bullion or anything else you ship in relation to this topic, is not Hazardous, Liquid, Fragile or Perishable then yes, it is insurable. Different USPS rules apply for insurance for different services. The class of mail, the amount of insurance and your choice of shipping method all determine the various prices and costs. To file a claim with the expectation of collecting on the claim, you must provide proof of shipping, the packing, the item shipped (which must be surrendered to the USPS) and proof of the articles value.

Section 609 of the DMM, 4.0 Claims Point G states: For stamps and coins of philatelic or numismatic value; the fair market value is determined by a recognized stamp or coin dealer or current coin and stamp collectors’ newsletters and trade papers. The date of the fair market value determination must be current and prior to the mailing date.

Coins may be mailed 1st Class, Priority (with or without insurance-your risk) or Registered. The class of mail and the amount of insurance are entirely up to you, as the mailer and the agreement you may have with the seller. You determine the risks you are willing to take by what class of mail and the amount of insurance you choose. Choices are 1st Class, Priority, Express or Registered. All come with or without insurance. All have different pricing for shipping and insurance.

DMM Section 609 strictly deals with Filing Indemnity Claims for Loss or Damage. Therefore it is specific to coins and their value and what proof is required in order to file a claim. It does not cover what may be mailed. Coins may be mailed other than Registered Mail.

Conder has provided some great links and good information but is incorrect on the value of Registered Mail. The link below is the DMM (Domestic Mail Manual), It can be found at usps.com.
http://pe.usps.com/text/dmm300/dmm300_landing.htm

There are numerous sites, manuals, notices, etc. within the Postal Service that cover what can be mailed, how it can be mailed and the costs associated with the mailing. Hope this clears any misnomers up.

 

It looks like the USPS still has the $25K limit posted in many places on their Web pages, although I also see the $50K limit elsewhere on their site. Is this something that changed relatively recently?

http://pe.usps.com/Archive/HTML/DMMArchive20080512/503.htm
http://about.usps.com/publications/pub370/pub370_037.htm
http://pe.usps.com/text/dmm/S911.htm
http://pe.usps.com/text/qsg300/Q503.htm

 

It went to 50K at the end of May. actually, a lot changed the last week in May of 2015.

 

...and the folks maintaining the online documents are still trying to catch up, I'm sure.

Thanks for the clarification!

 

That and the fact they haven't updated the information everywhere on the site explains why I thought it was $25

 

Ship and Insure shipandinsure.com, look no further.