CGC Insurance 0

[jfenton8287]

I recently watched an interview that was conducted with Matt Nelson about insuring comics for submissions where he said, "If somebody puts $10,000 on a book that was worth $500 and it got damaged or lost, I don't think we're going to pay out $10,000 ya'know. Yeah, I think we'd have to agree, we have to call them out on that one".

Is this accurate? I think it's an important thing to know, moving forward. If this is what the company is standing by, will they be giving refunds to the customers that have over-insured their books?

Thanks

[Jennifer F.]

Good afternoon,

Thanks for your message.  We recommend customers put as close to the current market value for their books as they can.  This will insure that they are not overpaying on the grading and return shipping fees as that is directly related to the value you list.  Also, if someone lists $10,000 for a book that is only worth $20 then we are not going to pay out $10,000 if the book was lost or damaged, so again, it is important to put a value as close to the current market value as possible.  You may need to do some research on your end before you send your books in to determine a value that is appropriate for your books.  If you are not sure, we recommend starting out more conservatively and then our graders can bump up your fees if they feel the book was significantly undervalues.  However, they will not refund any grading fees if you overvalue the book by a significant amount. 

If you have any other questions, please let us know.  

[jfenton8287]

Wait, so CGC will gladly take the insurance fees for a book that is extremely overvalued, but they won't pay out the money if they lose that book that we paid the extremely high amount of insurance on? That's correct?

[Jennifer F.]

Hi, we base any sort of compensation on fair market value of a book.  If a customer lists a value far exceeding the current market value for a book of that type then we will pay the fair market value.  This is pointed out in our terms and conditions  https://www.cgccomics.com/legal/terms-and-conditions/

 

 

If you have any other questions, please let us know.  Thank you!