Assigning Insured Value for Shipping to/from CGC 0

[entalmighty1]

I posted this in the "Ask CGC" section over a week ago, and I guess they determined this wasn't a question that posed much interest to anybody besides me, so I'm going to pose the same question to you kind folks. 

 

I just received a reholder submission in the mail, and am completely happy with the turnaround time, and service provided.  Wanted to get that out of the way first!

My concern lies in the value assigned to the shipment by CGC.  Taking fair market value into consideration, this shipment was insured at about 35% of actual value.  When I shipped the box to CGC, I insured it for full value based on the prices I paid for the books, and GPA (since they're CGC slabs, I feel GPA is relevant here.)

Assuming the box was lost, even though it was shipped using USPS Registered Mail, I would have been out almost $8,000, because the package was so grossly under-insured.  Who makes the determination for assessing value when returning submissions, and how is that determination made?  Luckily, I received the box safely, so crisis averted, but if I need to specify the amount of value I want put on the return shipment to ensure it's accurate in my eyes, I'd like to know that up front.

Thanks for any help or information you can provide. 

[entalmighty1]

20 minutes ago, szavisca said:

I was considering reholdeing a ‘high value for me book’, but haven’t done one before.  I do see that there’s a box for declared value for the online reholder submission form.

Are you saying you put in and paid for a declared value and Cgc did not honor that, and just came up with their own price for it? Or did you leave that box empty.

Cause if they won’t insure it for what I ask them to, I won’t ever reholder anything with them.

I declared full value on the submission form, and shipping form.  When I saw the declared value, I was instantly confused.  $4,700 total value on a shipment that included a Superman 14 CGC 7.0, Suspense 11 CGC 6.0, and a Bulletman 1 CGC 7.0.  

[circumstances]

16 minutes ago, entalmighty1 said:

I declared full value on the submission form, and shipping form.  When I saw the declared value, I was instantly confused.  $4,700 total value on a shipment that included a Superman 14 CGC 7.0, Suspense 11 CGC 6.0, and a Bulletman 1 CGC 7.0.  

does that add up to current overstreet value?

[tabcom]

Insurance is a waste of money.

I've shipped/received ten thousand package over the past twenty years. 

All arrived safely. 

Maybe 3 or 4 had arrived damaged. Big deal.

Don't give usps more of your money.

Bonus Tip: 1st class mail is as good as priority mail. Save the 5 bucks.

 

[Bomber-Bob]

1 hour ago, entalmighty1 said:

I declared full value on the submission form, and shipping form.  When I saw the declared value, I was instantly confused.  $4,700 total value on a shipment that included a Superman 14 CGC 7.0, Suspense 11 CGC 6.0, and a Bulletman 1 CGC 7.0.  

I don't know, but it is possible, that CGC has private insurance on top the declared value.

[entalmighty1]

1 hour ago, Bomber-Bob said:

I don't know, but it is possible, that CGC has private insurance on top the declared value.

I do as well, so this question is mostly for clarification on how they assign value, as opposed to griping that they undervalued the package. 

[entalmighty1]

1 hour ago, tabcom said:

Insurance is a waste of money.

I've shipped/received ten thousand package over the past twenty years. 

All arrived safely. 

Maybe 3 or 4 had arrived damaged. Big deal.

Don't give usps more of your money.

Bonus Tip: 1st class mail is as good as priority mail. Save the 5 bucks.

 

I've never had a house fire either, but I'm still sending State Farm my check every month. 

[Bomber-Bob]

5 minutes ago, entalmighty1 said:

I do as well, so this question is mostly for clarification on how they assign value, as opposed to griping that they undervalued the package. 

If it was USPS, I think the max is 5K. So the 4,700 declared value makes sense. Beyond that would be the private insurance. 

[HENRYSPENCER]

1 hour ago, tabcom said:

Insurance is a waste of money.

I've shipped/received ten thousand package over the past twenty years. 

All arrived safely. 

Maybe 3 or 4 had arrived damaged. Big deal.

Don't give usps more of your money.

Bonus Tip: 1st class mail is as good as priority mail. Save the 5 bucks.

 

No way I could put my head on the pillow at night after shipping out a comic to a customer who paid through PayPal and having no recourse should the package not arrive.

Far too nerve-racking for only a couple of bucks more and not worth the risk IMHO.

Edited May 11, 2018 by HENRYSPENCER

[entalmighty1]

4 minutes ago, Bomber-Bob said:

If it was USPS, I think the max is 5K. So the 4,700 declared value makes sense. Beyond that would be the private insurance. 

When I send stuff registered mail, the price is always based on declared value, so that would be news to me.

[Bomber-Bob]

1 minute ago, entalmighty1 said:

When I send stuff registered mail, the price is always based on declared value, so that would be news to me.

But have you exceeded 5K before ? It may be that anything over 5K is moot for filing a claim with USPS.

[entalmighty1]

Just now, Bomber-Bob said:

But have you exceeded 5K before ? It may be that anything over 5K is moot for filing a claim with USPS.

Several times, three times in the last 90 days.  I'll ask my local PO folks if they can provide any insight, but I'm not holding my breath!

[adamstrange]

35 minutes ago, Bomber-Bob said:

If it was USPS, I think the max is 5K. So the 4,700 declared value makes sense. Beyond that would be the private insurance. 

Per USPS:

Get maximum security for your valuable items. Registered Mail items can be insured for up to $50,000 at your Post Office™

[adamstrange]

28 minutes ago, Bomber-Bob said:

But have you exceeded 5K before ? It may be that anything over 5K is moot for filing a claim with USPS.

Standard package insurance has a limit of $5k.  If you want more insurance, it must go registered.

Note: If the package is being sent from US to another country then there will be different limits depending on what the destination country allows.

[adamstrange]

The Hope Diamond was sent to the Smithsonian via registered, uninsured mail.

 

[tabcom]

41 minutes ago, HENRYSPENCER said:

No way I could put my head on the pillow at night after shipping out a comic to a customer who paid through PayPal and having no recourse should the package not arrive.

Far too nerve-racking for only a couple of bucks more and not worth the risk IMHO.

Purchasing Insurance generally is an irrational emotional decision. 

[buttock]

57 minutes ago, adamstrange said:

The Hope Diamond was sent to the Smithsonian via registered, uninsured mail.

 

That's insane.

[adamstrange]

36 minutes ago, buttock said:

That's insane.

There was precedent.

One of the most valuable objects ever, the Cullinan diamond from whence came many of the British crown jewels, was shipped via registered mail from South Africa. 

[entalmighty1]

6 hours ago, circumstances said:

does that add up to current overstreet value?

That's way under overstreet too, which is way under GPA.

[entalmighty1]

2 hours ago, tabcom said:

Purchasing Insurance generally is an irrational emotional decision. 

I could not possibly be more confused by this statement.  J-Lo purchasing insurance on her hind parts might have been an emotional decision, but I'm not sure I follow otherwise.

Do you mean insurance specifically pertaining to collectibles and shipping?  General property?  Insurance against a blackjack dealer showing an ace?