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Shipping Insurance
cbxjeff
Member Posts: 17,640 ✭✭✭✭
We have had a couple of shipping posts lately but they were about selecting how to ship. My question is about limits of coverage. What do you guys with expensive items (that's probably most of you) do if you want to ship something worth $10K or so? Is it terribly expensive and safe?
Thanks guys,
It's too late for me, save yourself.
Comments
When it comes down to it, the safest way to ship anything is by registered mail. It costs a ton of money, but it will get there.
Payment or Receiving.. Fed X , UPS, Registered Next Day with Delivery Signature Tracked
I should have added that this will need to go through a FFL.
I use USPS, and I don't buy the insurance. A few years ago, the USPS broke two nice rifles for me, and the ordeal of TRYING to get paid broke me from every buying insurance again.
I represent a company that insures high value exclusively. Our main focus is the Jewelry and Fine Timepiece industry, which I've spent my entire career within. However, as an avid firearm enthusiast and owner I would be happy to discuss our FedEx rates and discounts with anyone interested in using FedEx to ship their items and insure at the most competitive rates. We can insure up to $150,000 per package overnight, $25,000 2-day and $10,000 Ground.
Insurance rates are predicated on volume but start at 18 cents per $100 of declared value. Example: $5,000 of declared value would cost $9 to insure with Zero Deductible. Yes, we do pay our claims, which normally settle within 2-3 weeks depending on the nature of the claim--such as complete loss and/or damage during transit etc.
Welcome to the forums JohnnyC...enjoy your short time here.
I intend to look in another way to insure my shipments.
What is the name of the company you represent JohnnyC?
I have a private insurance policy that covers everything here up to $250,000.00. It covers packages we ship and also items we are transporting. It even covers repairs that don't go as expected. I have no clue why, but there is a mold exclusion, so if mold ever becomes a problem I'm in real trouble. 🙃 I still buy $500 worth of the postal insurance on anything over $500 because I have $1,000 deductible and I figure if the worst happens I'm only out $500.
Priority mail is what we use to ship everything, if Fed Ex or UPS would let us ship handguns I'd gladly give them a shot at getting the $100,000 per year we spend in shipping....but they insist handguns go overnight, which is ridiculous, so I use the postal service for everything but ammo. There is a limit of $5,000 for insurance with priority packages. You can buy LARGE amounts of insurance if you ship Registered mail.....but it takes FOREVER for the item to get where its going because it is sealed in a bag, and handed over to every person who has to sign a tag on the bag the package is in.
I've found if you have something seriously expensive and you want it to arrive safely express is the way to go. Express is not loaded into the bulk shipping with the transmissions and hauled around in giant piles....they load the express packages so they stay at the front and are all kept together, which makes it a LOT less likely to get damaged. Still, it may or may not arrive on time....express is supposed to arrive the next day, but expect it to be two days if not three. Express is at least double the cost of priority.
I give the buyers the option to pay for whatever route they wish. I explain how express works and some choose to go that route, but its always my fault when it doesn't arrive the next day (go figure.) I pack my boxes VERY well, so I don't worry too terribly much about them damaging things, It does happen though. Its the forklift drivers, the transmissions they sit on top of things and the conveyor belts that drop your package 65 feet to the concrete floor.....you cannot avoid damage when they do this to your box.
When it does happen we fight to the very end for the insurance payment from the postal service. They deny the claim at least three times and eventually it is sent to the consumer advocate, where they finally agree to pay the claim. It takes around 3 to 6 months to make that happen.
Kasey, I recall a gratuitous jar of honey that "used to" come with every one of your won auctions.
Took me two weeks to sop all the honey off of that sweet 1911, but the touch of hoppes in the flavor was outstanding!
Dang postal workers...
USPS "insurance" IS IMPOSSIBLE to collect. I know, more than once. For a 10k item, look elsewhere, imo.
For a $10K sale, I'd buy a plane ticket and CARRY it to the buyer!