Is it wise to buy insurance ?

[VINA]

When you have to send a stone back to a vendor using USPS registered mail, it''s kinda dump to buy insurance at the counter for the value of your diamond. Basically, you are telling the clerk that the content of the box worth $15,000. Is there an alternative?

 

[mrssalvo]

USPS is the safest way to send anything. I've done it several times, given the right amount for the proper insurance and been fine. they have to sign at every stop so there is a huge paper trail. I wouldn't worry about it and YES buy the insurance.

 

[VINA]

So you are saying that I drop the box on the counter and say "I want to insure this box for $15,000"?

 

[mrssalvo]

yes

 

[studiorack]

Date: 9/13/2006 8:53:08 PM
Author: VINA
So you are saying that I drop the box on the counter and say 'I want to insure this box for $15,000'?

I've already done registered mail w/ insurance several times. No problems. If you want even more records, ask for a return receipt which means that you'll have a hard copy signature of whomever received is at the destination. It cost me $25, but considering the risk of losing $15,000 .....

 

[kcoursolle]

I agree with the advice so far, USPS registered insured mail is the best and only way to go. It might take a while to get there, but it''s very safe and cheap.

 

[Beacon]

It completely freaked me out when I had to do, and it was for more than 15K and even the postoffice lady was freaked out! But it worked fine, they didn''t steal it and if they did, they would have to pay me so it''s their problem.

You must insure the item. Do not even think about sending it unregistered or w/o insurance. Diamonds are sent all over the place this way, it is common.

 

[asscherisme]

YES!! My husband had bought a ring from blue nile before settling on my current ring from somewhere else. I was the one who mailed it back and you should have seen the look on the clerks face when I insured it for $21K. She was freaked out. But the ring got back to them safe and sound and I got my credit. My husband ended up buying an asscher somewhere else that had a trade in policy and a few months later I decdided I would rather have an ideal cut round stone and I was able to get it by trading in the asscher.

Had that orignial blue nile ring been lost by the post office with no insurance, we would be out 21K and NO ring. We got our 21K back and ended up buying a diamond that cost thousands less.

My dad use to have an expression that I live by:

If you can''t afford to lose it, then insure it!! That goes for house, car, my husbands life (since he is the income earner and I''m home with the kids) and jewelry. Especially jewlery you are handing over to mail.

It will probably cost you $50 or so but tiny tiny price to pay compared to losing 15K.

 

[DaniGirl]

This is some great advice that I wasn''t aware of. Good to know, thanks for sharing.

 

[FireGoddess]

Sure, you're telling them what's in the box is worth $15,000. The thing is, this way, you'll GET the $15,000 back if it's lost or stolen. The other way....whether they know what's in the box or not...you get nothing.

At my wedding I asked my bridesmaid to keep my diamond pendant safe (I was wearing another necklace for the wedding but had forgotten to leave my pendant at home). She did...but forgot to give it back to me before she boarded a plane to return home...completely across the country. So she had to mail it back to me. Three weeks after she mailed it...and I still hadn't gotten it...I asked her if she had insured the package. She said she had, for $500. I told her she was a few thousand too short. Let me just tell you she sweated BULLETS until that package FINALLY made it to my mailbox. But she was kicking herself for several weeks. Who knows why it took so long? Maybe it got lost, I don't know. But seriously...is that kind of stress worth it? I don't think so. Even if they know it's a precious item...you're better off having insurance for it.

 

[widget]

Date: 9/14/2006 12:25:57 PM
Author: FireGoddess
Sure, you''re telling them what''s in the box is worth $15,000. The thing is, this way, you''ll GET the $15,000 back if it''s lost or stolen.

Also...I think of it this way: I WANT the PO to know the contents are valuable, and those who handle it to know it too.

I''d hate to imagine my package getting tossed around like there was nothing in it of any importance...

widget

 

[oldminer]

Registered Mail is VERY safe. Since the USPO is a governmental agency, they have RULES. One rule is that all Registered Mail packages have the FULL VALUE DECLARED regardless of the extent of the value enclosed. This lets them determine the degree of theft risk and the care which they may choose to take to prevent a loss. However, the limit of Post Office available insurance is $25,000, but there is a fee for added value above that, BUT there is NO COVERAGE for consumers above $25,0000.

Dealers can arrange for higher, private insurance coverage, but consumers generally cannot do this.

It is wise to buy insurance unless you choose to risk a large loss for a rather small saving.

NEVER under-insure a package with the Post Office. Declare the correct replacement value or exactly what you can prove was the actual cost. In case of loss, YOU will have to fully document the cost/value. They will pay Cost or Value and probably want to pay whichever they feel is LOWER. If you have no paperwork backup for your value, be very cautious as the PO does not easily give out checks without a very time consuming and lengthy investigation. They will torture you with details and you will need to comply. IF you under-insure a package, you may get nothing or the government may choose to pay only a partial amount based on the percentage of coverage you chose from the correct cost/value. They will say you are co-insuring the item. Not only is co-insuring forbidden by Postal regulations, but there are further problematic penalties for knowingly under declaration of value. Don't cheap out. Pay for the coverage and sleep well knowing it is a safe way to send something.

You can track a Registered Mail package today and copy right from the Internet who has signed for it. Don't waste a penny on a return receipt. The Return Receipt comes back to you via first class mail, like a post card. Many get lost and they do not make the package arrive safely. Just save the 1.50 and print out a signature receipt from the Internet once it has been delivered. Its free and means exactly the same thing. Besides, it won't get lost in the mail.

I've shipped tens of thousands of Registered Mail shipments since 1970 and only two were unaccounted for. After several months, we got full checks for both packages.

 

[reader]

I work for the postal service. Every single time a registered letter or parcel changes hands, it has to be signed and accounted for by each person handling it. The carriers have no idea what is in your package, they just see the red registered label and start freaking out because if something happens to that box or envelope there is quite a bit of trouble.

Just today, a carrier next to me came over looking shaky...he has a very rural route yesterday that doesn't have folks with huge houses... The woman who got a registered opened it up yesterday to show him the diamond ring her daughter bought and had shipped from India...value was at 21k. The man had no idea that was in his truck until she showed him, and looking at the house no one would have ever guessed.
My most expensive thing a customer ever told me about was a check for $100,000...the first payment of a lawsuit..he just ripped open the envelope and showed me..and then hopped in the car to pay off his mortgage.

 

[VINA]

I know I will need to buy Insurance. I am not trying to save money... I just wasn''t sure if it was ok to let the Post Office staff know that package is valuable.

Thanks...