Insurance Policy for Submissions 1 1

[Upgrayedd2]

Good Day CGC.

I just received my CGC shipping kits. Getting ready to fill out the paperwork and pack the comics. As I began filling out the paperwork, I saw that the price to grade/slab a comic was based on the FMV plus the insurance amount. I've seen your response on this topic in several topics, "This is what you would want covered for insurance purposes in case something were to happen to it while it is here in our office." 

1. Does the same apply if we (the comic book owner) provides proof of insurance where the policy clearly states the comic is covered while being graded/slabbed?

2. What insurance company does CGC utilize when a customer buys your policy?

3. Can you please direct me to the policy?

Regards

[Jennifer F.]

Good morning,

Thanks for your message.  Items are covered under CGC's insurance while they are here in our office.  So if something happens to your item while it is in our possession, it is covered under our insurance.  We do not offer insurance to customers to purchase.  There are companies out there that do offer collectibles insurance but you would have to purchase that on your own.  

Thank you,

[Upgrayedd2]

Jennifer,

Thank you for the quick response. I am in the learning process. It's possible you answered the question but let me ask another way so I can understand the response.

It appears a customer selects and pays an amount (based on FMV) to insure the comic book when submitted to CGC "in case something were to happen while it is here in our office." In your response above, you state the item is covered by CGC while in your (CGC) possession. The best analogy I can come up with is that when I submit my camera to Canon for servicing, they are responsible for the camera while it is in their possession. However, if Canon followed the same model, they would require me to pay insurance to them for the value of the camera in case anything happens to it while in their possession. This is not the case. And since I have insurance on the camera, it is not only insured while in transit, it is also insured while in Canon's possession.

It's in the wording. If CGC grading prices are based on the value of the comic, I can follow that. However, I see several responses from CGC within the forum stating it is insurance.

(1) If the comic is covered by CGC, what does the insurance amount a customer pays cover?

(2) If it is insurance, it would be great to see document that spells out all of the legal lingo.

I hope this makes sense.

Many thanks - R