Assigning Insured Value for Shipping to/from CGC 0

[circumstances]

15 minutes ago, entalmighty1 said:

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

Huh. Wonder how they arrived at that value.

[newshane]

9 hours ago, entalmighty1 said:

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. 

The same thing happened to me when I recently sent a comic worth several thousand dollars to get a new holder. I declared the full amount. When it was received, the value amount showed up exactly as I declared. A few days later, it was mysteriously changed to a mere $200 - a very small percentage of the total value of the book. I called them to correct the issue, and it was changed back to the full amount. They offered no explanation, but two separate employees, on two separate days, said, "That's weird."

Combined with your story, I suppose I'd advise people sending in high-value reholders to keep a careful eye on it. I'm not sure what's going on with that.

Edited May 12, 2018 by newshane

[newshane]

7 hours ago, szavisca said:

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?

I don't know about the OP but, yes, that's what happened to me.

Until I caught the problem and brought it to their attention. Then it was rectified.

[entalmighty1]

1 hour ago, newshane said:

I don't know about the OP but, yes, that's what happened to me.

Until I caught the problem and brought it to their attention. Then it was rectified.

Unfortunately it was marked shipped/safe before I even caught it.  I'm definitely going to pay closer attention next time.

[tabcom]

Please allow me clearify myself. Having shipped/received 10,000+ packages, shipping insurance is an add on expense I prefer to decline purchasing.

If one sleeps better at night paying for insurance, try a glass of magnesium before bed instead.