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FedEx only insures jewelry to $500.00?

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muddy guy

Rough_Rock
Joined
Apr 9, 2002
Messages
17
With all the diamonds getting mailed all over the place around here, someone should know about this... I just called FedEx about shipping and insurance on a package. When I told them the value was $4500, the customer service rep asked what the package was. When I said a diamond, she said FedEx only insures jewelry to $500.00! I was shocked because I was under the impression that most of the stones we chat about around here are shipped FedEx. What gives? My stone ARRIVED by FedEx! Does everyone just have amazing faith in them? Can someone shed some light? I believe UPS will insure it...:confused:
 

oldminer

Ideal_Rock
Trade
Joined
Sep 3, 2000
Messages
6,517
All dealers who use Fed-Ex have private insurance for their shipments. Jewelry is really not insured with Fed-Ex, but only delivered through their services.

Fed-Ex has recently begun to offer high value shipping with insurance to jewelers called Fed-Ex DVX, but the rates per hundred dollars of value they charge are as much as 40% more than we presently pay, so we have opted to keep using our present private insurer.

One must be there to receive an insured package. A package left without a signature voids the insurance coverage. That's a touchy subject and worrisome at times.
 

Garry H (Cut Nut)

Super_Ideal_Rock
Trade
Joined
Aug 15, 2000
Messages
16,020
Most dealers have a block policy that covers them for the difference.
Ins Co's are very happy when the courier also is prepared to share even a limited risk.
imagine if a FedEx plane crashed with 5000 diamonds worth $4000 each - wow - that would cost them 25M!
 

muddy guy

Rough_Rock
Joined
Apr 9, 2002
Messages
17
Well, that makes me feel better about how I received my diamond, but I still needed to insure it when I mailed it to a jeweler to be set. I mailed from Michigan to Florida overnight via UPS. It cost me $40.00 with insurance.

Thanks for the knowledge! You guys are great and helped me immensely in digging out my little treasure from the giant beach of internet diamonds!

Eric:appl:
 
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