And after they've found out the truth of the matter, have them apologize to the patrons that have been waiting in line while they took the time to look up what they should have already known.
They don't insure bullion but do insure numismatic coins. You'd definitely be in a grey area if you are sending coins with only a small premium (say 10%-50%) over spot.
They will insure bullion too, but the maximum payout is $15 unless it is sent by registered mail. Same reference as earlier but part o o. 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. That would imply the payout for Registered mail would be higher. Nowhere does it specifically say bullion is not insurable for registered mail, and no maximum for registered is specified. So the assumption would be that it would be insurable for the value up to the maximum payout for ANY registered mail which is $25K.
I have read on another forum that people have been denied priority mail express claims or given the max of $15 because there is a clause about money and bullion having a max insurance rate of $15. Just the post office trying to get out of paying out insurance. The best insurance, sell it at a local show or something and get the cash in hand. I just sold a walker on Ebay and the post office lost it.
The policy is firmly stated in USPS insurance clauses. "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 that one can ship via Registered mail for full coverage ( but they try to save on expenses and lose when a problem. that is why the TPG ask for registered mail on incoming packages , but may self cover on out going .
Yes, it should not apply to collectable coins and stamps per their policy but apparently they have used a priority mail clause to deny payouts or sent $15 to people sending coins to a TPG or sold on Ebay. I just read about someone that sent a 2009 proof gold Indian and they were sent $20 when it was lost. In section 4.0 of their catalog 6.09 it states: "[1-26-14] Insurance for loss or damage to insured, COD, or Registered Mail within the amount covered by the fee paid or the indemnity limits for Priority Mail Express (under 4.2) is payable for the following:" "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." But under section 4.2 about priority mail express mail claims it states. c. For negotiable items, currency, or bullion, the maximum indemnity is $15.00.
From what I read it sounds like you should stick to registered mail if you need insurance or maybe try UPS? I haven't checked their policy. Their packages are automatically set to the liability $100 but you can declare more up to $50,000 if you take it to a UPS store. UPS’s liability for loss or damage for each domestic package or international shipment, or to each pallet in a UPS Worldwide Express Freight ® shipment is limited to $100.00 without a declaration of value. –T he maximum declared value is $50,000.00 per package/$100,000.00 per pallet shipped via UPS Worldwide Express Freight. UPS’s liability for loss or damage can be increased up to $50,000.00 per package or $100,000.00 per pallet by making a declaration of value for an additional charge (subject to terms and conditions). – For shipments with a declared value of more than $50,000.00, multiply the total declared value by the rate to determine the declared value charge for the shipment. – For packages tendered to a UPS driver with a declared value amount more than $1,000.00, the shipper must retain a high-value shipment summary signed by the driver. The UPS shipping system provides this form when the shipping label is requested. – Declared value charges can be included in charges billed to receivers or third parties. – Refer to the “UPS Tariff/Terms and Conditions of Service – United States” for more information I checked this UPS terms of service and saw this: 4 3.1 Items Not Accepted for Transportation No service shall be rendered in the transportation of any of the prohibited articles listed in the applicable Service Guide or the Terms. UPS does not accept for transportation, and shippers are prohibited from shipping: – Articles of unusual value, which shall be deemed to include, but are not limited to: • Any package with an actual value of more than $50,000; • Any pallet with an actual value of more than $100,000; • Coins, cash, currency, bonds, postage stamps, mone y orders, and negotiable instruments (such as drafts, bills of exchange, or promissory notes, but excluding checks); • Unset precious stones, and industrial diamonds; • Any article that contains more than 50 percent by weight of gold or platinum, or any combination thereof in raw form including, but not limited to, bullion, bars, or scraps of these metals.