Author Topic: USPS Does NOT Insure Bullion, unless you ship Registered  (Read 3181 times)

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Offline jrcannon

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USPS Does NOT Insure Bullion, unless you ship Registered
« on: May 14, 2013, 02:59:49 PM »
Dear friends,

Just so you all know, the USPS does NOT insure bullion over $15.00 unless you ship Registered Mail which is more expensive, slower, and often a hassle. Don't waste your money paying for insurance for bullion you send First Class or Priority. They will sell you it, but if it's lost and you file a claim, you will only get $15.

Here's the section on their website that mentions this: http://pe.usps.com/text/dmm300/609.htm
609 Filing Indemnity Claims for Loss or Damage
Look under Section 4.1.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."

This is also talked about here: https://bitcointalk.org/index.php?topic=111960.0;all
 
I've bought/sold/traded lots of bullion and I usually opt for a Priority Mail Small Flatrate box with Tracking or Signature Confirmation. If they have a mailbox like mine that locks, then you won't necessarily need SC.

jrcannon

"The silver is mine, and the gold is mine, says the LORD of hosts." -Haggai 2:8

Offline comeaux

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Re: USPS Does NOT Insure Bullion, unless you ship Registered
« Reply #1 on: May 14, 2013, 03:40:56 PM »
The same goes for collectible coins as well. That is the reasoning behind NGC using USPS Registered.

Offline pandaguy212

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Re: USPS Does NOT Insure Bullion, unless you ship Registered
« Reply #2 on: May 14, 2013, 04:08:17 PM »
What if we tell USPS that it was something other then bullion? Does that work for Express Mail which gets lost?

thanks

Offline jrcannon

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Re: USPS Does NOT Insure Bullion, unless you ship Registered
« Reply #3 on: May 16, 2013, 01:10:24 AM »
Filing a claim is tricky, as you need documentation showing the value of what was insured. Express mail is the same. Bullion is not covered. If you need to insure it, you have to go Registered. You don't want to lie about a claim, it's a federal offense.
"The silver is mine, and the gold is mine, says the LORD of hosts." -Haggai 2:8

Offline pandaguy212

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Re: USPS Does NOT Insure Bullion, unless you ship Registered
« Reply #4 on: May 16, 2013, 07:01:30 PM »
thanks, yes we do it its a federal offence, when the federal government does it, its completely fine  :001_smile: Just kidding  :001_smile:

Offline Flegend35

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Re: USPS Does NOT Insure Bullion, unless you ship Registered
« Reply #5 on: July 02, 2013, 05:31:46 PM »
So...your saying let it ride no insurance?

Offline allanwiller

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Re: USPS Does NOT Insure Bullion, unless you ship Registered
« Reply #6 on: July 08, 2013, 05:41:19 AM »
According to law and economics insurance is a type of risk management principally exercised to circumvent the risk of potential loss. A company selling the insurance is called insurer. It has become a lucrative business around the globe. Insurance rates, which are used to determine the amount of premium, may vary from company to company. An uncomplicated example is life insurance. A person pays a certain amount of premiums to the insurer. When he dies a predefined amount is given to his family.

http://www.insurance4motortrade.co.uk/mechanics-insurance/

Offline jrcannon

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Re: USPS Does NOT Insure Bullion, unless you ship Registered
« Reply #7 on: May 31, 2018, 03:53:51 PM »
So...your saying let it ride no insurance?

Well, if you are going to insure it then it has to be REGISTERED MAIL. If you don't send registered mail, there's no point insuring it. I usually do my shipments in Small Late Rate boxes, which they handle with better care and are delivered in 2 days. I've never lost one.
"The silver is mine, and the gold is mine, says the LORD of hosts." -Haggai 2:8