Postage insurance

[VelociteeSteel]

Hypothetical question, but how do you cover a PM order valued at say £4.5K which can't be split when sending within the UK and/or overseas. Is there a courier that will insure or do you have to find insurance via a third party.

And can somebody clarify, RMSD max cover is £2.5k but if they lose a £4.5k parcel you're not covered.

 

[Arganto]

I would think at that price point you’d likely have to negotiate a stand alone contract with a courier service as some dealers do. Whereas a company may not insure high value (or any) precious metals when using their standard services a business contract would be different. The other option is an insurance policy in a personal or business name that covers items when in transit.

Or get the welder out and plate up a tough old car then drive it yourself 😉

 

Edited February 18, 2021 by Liam84
Grammar

[goldhunter]

17 minutes ago, VelociteeSteel said:

Hypothetical question, but how do you cover a PM order valued at say £4.5K which can't be split when sending within the UK and/or overseas. Is there a courier that will insure or do you have to find insurance via a third party.

And can somebody clarify, RMSD max cover is £2.5k but if they lose a £4.5k parcel you're not covered.

 

RMSD max cover has been at £2.5k for as long as I can remember. Its about time they increased max cover, they readily increase postage costs year on year.

 

[Fivepoundfred]

Currently RM SD appears to be the only viable option but as previously mentioned with a max cover of £2500. 

Shipping companies do not want to take on the risk involved with Valuables and many insurance companies have the same policy including the one i use for valuables cover who suggested that delievery in person may be the the best option ?

Regarding the general subject of shipping coins with Royal mail their website stipulates that -

"Coins should never be sent in envelopes - our automated sorting machinery may damage envelopes containing coins, which can lead to delay in delivery and increase the likelihood of the contents being lost." 

Which i would imagine gives them a good escape route for insurance claims if coins shipped in envelopes are lost, damaged or even stolen !

 

 

 

 

Edited February 18, 2021 by Fivepoundfred

[VelociteeSteel]

So how do auction houses that have sold a single gold coin for £25k get it insured for delivery.....the whole question just perplexes me as to how does an individual deal with these issues.

I'm rather hoping a dealer/auction house could answer my question.

But so far RMSD to £2.5k is the best we have as individuals........doesn't seem like a very good option for any of the scenario's i've mentioned and in this day and age, £2.5k isn't such a large amount anymore.

 

[Fivepoundfred]

I would presume that some auction houses would have cover included in their business insurance. 

Edited February 18, 2021 by Fivepoundfred

[richatthecroft]

14 minutes ago, VelociteeSteel said:

So how do auction houses that have sold a single gold coin for £25k get it insured for delivery.....the whole question just perplexes me as to how does an individual deal with these issues.

I'm rather hoping a dealer/auction house could answer my question.

But so far RMSD to £2.5k is the best we have as individuals........doesn't seem like a very good option for any of the scenario's i've mentioned and in this day and age, £2.5k isn't such a large amount anymore.

 

As @Fivepoundfred says, I would think that dealers will have business insurance that covers the coins they are buying and/or selling in transit.

For the rest of us, splitting coins between packages seems like the only way to be ‘fully covered’.

Apart from the odd late arrival of coins, I have never had any problems sending or receiving them by RM Special Delivery but I really wouldn’t relish making a claim against the RM’s insurance, I think it would be a long and stressful process involving sending them a myriad of evidence to support the claim. 

I do however, have a lot of faith in the RM SD Tracking system.  I once foolishly forwarded the wrong post code (my previous house post code 🙄 ) but correct street/town address to a seller on here, when it didn’t turn up, being able to track it allowed me to simply make one phone call to the sorting office it was apparently stuck at, and the manager there sorted the problem out very quickly.  
 

 

[Chrisplym]

One package that I sent by Royal Mail special delivery was lost last year.

The Royal Mail said that their tracking showed that the coins had been delivered, but my customer insisted that he hadn’t received the package. Due to COVID the Royal Mail weren’t able to obtain a signature on delivery.

I called the Royal Mint and the first person that I spoke with was based in Plymouth, my home city, and she was very helpful and it sounded like my claim would be handled quickly and efficiently. She said that the manager would speak with the postman who delivered the package and find out what happened.

My second call left me feeling that they wouldn’t pay out as they weren’t able to provide any further information and insisted that the package had been delivered, but I persevered and after about 3 or 4 more calls and some form filling I eventually received a cheque for the full amount plus the cost of the postage. The whole process took about 5 weeks and I had to provide proof of the value of the coins. All other special delivery packages have arrived safely and I still use the service. The only problem that I have had since is that delivery is a day late occasionally.

Like others I agree that the Royal Mail should provide a service for higher value goods. I am sure that they could command a high premium. Maybe they will do it after COVID is over and they are able to obtain a signature when delivering.

[Arganto]

21 hours ago, VelociteeSteel said:

So how do auction houses that have sold a single gold coin for £25k get it insured for delivery.....the whole question just perplexes me as to how does an individual deal with these issues.

I'm rather hoping a dealer/auction house could answer my question.

But so far RMSD to £2.5k is the best we have as individuals........doesn't seem like a very good option for any of the scenario's i've mentioned and in this day and age, £2.5k isn't such a large amount anymore.

 

As I mentioned above, the auction house will either have insurance due to a contract with a courier company or they will have an insurance policy themselves that covers goods in transit of this type. There are a few reasons there is a lack of services out there for the individual, the market in this regard certainly isn't set up to cater for occasional precious metal sellers. Why not try making some phone calls to courier companies/insurance handlers and see if a short term arrangement or single service can be negotiated? Not heard of anyone doing this but you won't know until you try.

It would make for an interesting post on TSF as well, this topic comes up a fair bit.

If it wasn't for the enforced imprisonment of the general populace that's in place right now I'd say driving it yourself in a nondescript, reliable car at the right time of day or night would be eminently viable and likely much cheaper. Also ROAD TRIP, but then I am quite childish sometimes.

Good luck either way 👍🏻

[Simmoleon]

Just found this topic by searching as I have the same problem with a coin, it’s value is more than £2.5k so Royal Mail is out the question.

I have been looking at 3rd party insurers such as Secursus but the lack of options is very frustrating. Not sure if anybody else has used 3rd party insurers and what their experiences are?

If Covid wasn’t a factor I’d booking some train tickets and take the parcel myself, it would be quicker, cheaper and save me the stress of tracking the thing across the country 

Steve

[Fivepoundfred]

I have not managed to find a UK based company that will insure your valuables, does anyone know of one ?

There are now so many single coins being sold that exceed the Royal Mail SD cover limit. Ebay sellers can be seen  quoting RM SD shipping even with mega expensive coins with no mention of additional insurance, maybe some dealers do have business insurance. Some others are asking for collection in person.

 In general the seller is responsible for goods until delivered so sending a 10k coin with RM SD would be brave. Yes it is a very good service, i have never had a problem with it in fifteen years of shipping coins but would you fancy the risk ? 

 

 

 

[MancunianStacker]

On 27/02/2021 at 12:42, Fivepoundfred said:

I have not managed to find a UK based company that will insure your valuables, does anyone know of one ?

There are now so many single coins being sold that exceed the Royal Mail SD cover limit. Ebay sellers can be seen  quoting RM SD shipping even with mega expensive coins with no mention of additional insurance, maybe some dealers do have business insurance. Some others are asking for collection in person.

 In general the seller is responsible for goods until delivered so sending a 10k coin with RM SD would be brave. Yes it is a very good service, i have never had a problem with it in fifteen years of shipping coins but would you fancy the risk ? 

 

 

 

Secursus (French Co. but I’m not that bothered) will cover any Proof silver gold or platinum coin up to £90k as long as posted signed for and tacked.

So I send abroad using RM Worldwide signed and tracked (the cheapest one with least insurance) + Secursus 3rd party top-up insurance.

They class proofs as collectibles. They might also class graded bullion as collectible too as they are not just bullion minted coins once graded.

Here is what they replied to my email querying gold silver and platinum proof coins:

 

[shawy2510]

Thats great info in regards to Securus, I sent a parcel on Thursday worth 3.5k & was worried it may get lost & needed extra insurance, now I know who I can use.

In Regards to Royal Mail, I had a Special Delivery item go missing around 2 weeks ago & put a claim in for £472.50 on the 22nd August saying it was gold coins & all I uploaded was an old invoice for the same amount & a picture of the receipt. I received a cheque yesterday only 5 days after the claim for the full amount so the claim must have been sorted within a day or 2 due to it also being delivered to my house. I was very worried I wouldn't get the claim but massively suprised it came so quick. It says its usually sorted within 30 days but I couldn't believe the speed it came or the fact they didn't ask for anymore information.

Edited August 28, 2021 by shawy2510

[Bimetallic]

Guys there's third-party shipping insurance. Never rely on carriers' insurance. Any carrier insurance you pay extra for will be more expensive than third-party shipping insurance, with worse service.

Shipsurance, U-PIC, and InsurePost are the major providers in North America. You might have a different set in the UK.

[Richym99]

Just looked st the T&C's for Securus. They do  NOT insure minted coins.