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Declared value query
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2 posts in this topic

I have looked at the terms & conditions regards to compensation if damage happens while at CGC and it reads as follows:

 In the event that a Company determines that a collectible is damaged due to negligence or lost while in a Company’s possession, Customer’s sole remedy will be compensation based upon the Company’s good faith determination of the fair market value of the collectible, in light of what the Company believes to be reliable current market information. The amount of the compensation will not necessarily be based upon, but in no event will exceed, Customer’s stated declared value of the collectible set forth in the Submission Form.

This raises more questions.... 

Does this mean that if a Customer declares a raw value that CGC will not compensate greater than that value despite that the damage may of resulted in it losing graded value.

Charizard Holo Base Set Unlimited (Raw value $300):

Predicted: 9 – Value $1600

Received: 6 – Value $380

Price difference of $1220

I think this needs clarification as to whether declared value is estimated graded value or raw value.... as the Terms and conditions doesn't answer this clearly.

Could you please clarify this?

 

 

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16 hours ago, TCGrading said:

I have looked at the terms & conditions regards to compensation if damage happens while at CGC and it reads as follows:

 In the event that a Company determines that a collectible is damaged due to negligence or lost while in a Company’s possession, Customer’s sole remedy will be compensation based upon the Company’s good faith determination of the fair market value of the collectible, in light of what the Company believes to be reliable current market information. The amount of the compensation will not necessarily be based upon, but in no event will exceed, Customer’s stated declared value of the collectible set forth in the Submission Form.

This raises more questions.... 

Does this mean that if a Customer declares a raw value that CGC will not compensate greater than that value despite that the damage may of resulted in it losing graded value.

Charizard Holo Base Set Unlimited (Raw value $300):

Predicted: 9 – Value $1600

Received: 6 – Value $380

Price difference of $1220

I think this needs clarification as to whether declared value is estimated graded value or raw value.... as the Terms and conditions doesn't answer this clearly.

Could you please clarify this?

 

 

If you greatly under value a card when submitting it, and it gets lost in the mail, you cannot go back to the USPS and then claim it is worth more. It works the same way with CGC.

For example, if you submit a 1st Edition Base Set Charizard in bulk with a value of $100 and it is somehow lost or damaged, we only have insurance of $100 on that card. This is why it is important to properly value your cards on your submission form.

 

Paul

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