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CGC Won't Cover Full Insurance Value
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25 posts in this topic

Hi all,

So several weeks ago I sent in a fairly valuable book through the walkthru tier. I chose a total insurance value of $10,000 (which in hindsight was a lower estimate) but it was because I wasn't sure how they would grade the book.

To my delight the book came back a higher grade than expected. Having minimum FMV of $17,000 and upwards of $20,000. I was very happy. However, upon inspecting the case I soon realized it was riddled with scratches, smudges, and even small artifacts on the inside the case. There are even fingerprints on the inner well! It's quite honestly the worst case aesthetic hinderance inside a case that I've ever seen. 

I immediate emailed CGC and asked how this book got past quality control, and that I would like the book to be re-holdered. After sending pictures of the problems I was told that I could ship the book back and they would re-holder it for no extra cost.

Here's where it gets a little muddy. I was first told that it would be 5-6 weeks for the reholdering process which I firmly said was unacceptable and that I expect it to be reholdered within the similar time frame of the tier I initially sent the book through (walkthru). I was able to get assurance that they would expedite the process and it would only take a few days at most. I was then told "Please provide a Ground shipping receipt" in order to be refunded the shipping cost of the book back to CGC. I then had to explain that because the book's value is $20,000 that I would not ship it back via USPS ground since adequate insurance cover isn't an option. The next response I received was where it got unsettling "Please ship the book and register it for the $10,000 you valued it the first time you send in for grading and we will cover your shipping cost.". I replied back saying " I can't believe I was just asked to ship a 5 figure book back with insurance to cover only half of its value". After calling up and speaking with the person in customer service had been emailing, I was told that they would only cover insurance up to my initial estimate of $10,000 and that I would have to cover any additional insurance I want. This ends with me having to pay out of pocket for extra insurance - something I don't feel is my liability.

 

So in short: CGC's quality control failed, sending me a $20,000 book in a case riddled with scratches, smudges, small artifacts and even fingerprints on the inside. Because my initial insurance estimate of the book was $10,000 before it was graded, CGC will only cover half of the insurance value to ship it back to be re-holdered.

 

What should I do? At this point I think I'm just going to cover the difference in insurance (which I was told was somewhere around $30-$40) because I'm trying to sell the book not play games with it. 

 

Any insight would be greatly appreciated!

Edited by Phill the Governor
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That stinks all around but I do remember reading (or in a video of CGC reps) that FMV is not really what they are considering with a book it is what you put the value as . Unless it is a glaring attempt to undermine the tiers they go by with what you value itat . So by putting 10k you kind of pigeon holed yourself into that. I usually overvalue unless it is something over 3k and I have collectors insurance which covers my stuff when mailed so I have not looked into it much. 

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9 minutes ago, Iceman399 said:

You didn't pay the grading fees on the extra 10k (which would have been another $300).  Eat the $30 in insurance and be thankful CGC didn't upcharge you on the book.

I am thankful, but at the same time that was their prerogative. If the book was encapsulated correctly this new problem could have been avoided.

 

7 minutes ago, Unstoppablejayd said:

That stinks all around but I do remember reading (or in a video of CGC reps) that FMV is not really what they are considering with a book it is what you put the value as . Unless it is a glaring attempt to undermine the tiers they go by with what you value itat . So by putting 10k you kind of pigeon holed yourself into that. I usually overvalue unless it is something over 3k and I have collectors insurance which covers my stuff when mailed so I have not looked into it much. 

I'll have to try and be more accurate on insurance values. And in most cases, I wouldn't mind over insuring something.

3 minutes ago, thewritestuff said:

I know it’s probably a matter of principle, but I think I’d be too pumped about the extra $7-$10k I’d be getting, rather than letting the $30 annoyance get me down.

Indeed, and I'm also not an unreasonable person. I'll just pay the extra insurance and not let this get to me. It's really a trivial issue in the long run, and especially given the circumstances. 

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2 hours ago, Phill the Governor said:

I am thankful, but at the same time that was their prerogative. If the book was encapsulated correctly this new problem could have been avoided.

 

I'll have to try and be more accurate on insurance values. And in most cases, I wouldn't mind over insuring something.

Indeed, and I'm also not an unreasonable person. I'll just pay the extra insurance and not let this get to me. It's really a trivial issue in the long run, and especially given the circumstances. 

I totally agree that it’s their fault, and I understand how infuriating that can be. I can relate, albeit on a smaller scale. Maybe you can post some photos online and shame them into doing the right thing.

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What they should do is charge you the extra $300 you owe them for grading it and then pay you for the full $20k insurance. I love the indignation over CGC wanting you to pay for the extra insurance when you're the one that under insured it to begin with, which oh so coincidentally benefits you by $300 in grading fees.:makepoint:

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On 2/8/2019 at 10:18 AM, Phill the Governor said:

What should I do? At this point I think I'm just going to cover the difference in insurance (which I was told was somewhere around $30-$40) because I'm trying to sell the book not play games with it. 

Any insight would be greatly appreciated!

I would suggest getting a Collector's Insurance plan through the company CollectInsure for your collection. You can buy blanket coverage and you only need to schedule individual books in excess of 20,000 (it was raised from 5K last year so I'm not sure of the new amount). If you ship using Fedex with Signature Confirmation your book will be covered for the 20K = you do not have to purchase insurance from CGC or the USPS.  Not only is this more convenient, it will save you a lot of money on your shipments. I would think you can purchase an Insurance plan and use it for shipping your book in a matter of days. 

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10 hours ago, Bomber-Bob said:

I would suggest getting a Collector's Insurance plan through the company CollectInsure for your collection. You can buy blanket coverage and you only need to schedule individual books in excess of 20,000 (it was raised from 5K last year so I'm not sure of the new amount). If you ship using Fedex with Signature Confirmation your book will be covered for the 20K = you do not have to purchase insurance from CGC or the USPS.  Not only is this more convenient, it will save you a lot of money on your shipments. I would think you can purchase an Insurance plan and use it for shipping your book in a matter of days. 

 

2 hours ago, joeypost said:

That’s what I do. I save thousands on shipping insurance every year with CI. It really is a win win considering the underwriters for books in transit AND that your collection is insured. 

Looks like CollectInsure is the route I will be using in the future! Thank you for the recommendation guys.

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On 2/8/2019 at 11:49 AM, Phill the Governor said:

 If the book was encapsulated correctly this new problem could have been avoided.

 

But it also could have been avoided if you had valued it correctly to begin with and paid the additional $300. Then they'd likely have offered to insure it the full 20. 

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2 hours ago, SBRobin said:

But it also could have been avoided if you had valued it correctly to begin with and paid the additional $300. Then they'd likely have offered to insure it the full 20. 

Incorrect. The initial value estimate is just that, an estimate, and ultimately CGC has the discretion to change it if necessary. While they didn't value it higher, they were 100% wrong to do so. But that's not my problem.  Neither should sending a book to be re-holdered with full insurance because the book has fingerprints, scratches, and debris inside the case.

Edited by Phill the Governor
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16 minutes ago, Phill the Governor said:

Incorrect. The initial value estimate is just that, an estimate, and ultimately CGC has the discretion to change it if necessary. While they didn't value it higher, they were 100% wrong to do so. But that's not my problem.  Neither should sending a book to be re-holdered with full insurance because the book has fingerprints, scratches, and debris inside the case.

Umm yeah, cause the case is more important than the book inside...  

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11 hours ago, Kevin76 said:

Umm yeah, cause the case is more important than the book inside...  

While your statement is correct 99% of the time, the QC involved with encapsulating the book can have a dramatic impact on the value of the book if the case itself is causing damage. 

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On 2/10/2019 at 12:24 AM, Bomber-Bob said:

I would suggest getting a Collector's Insurance plan through the company CollectInsure for your collection. You can buy blanket coverage and you only need to schedule individual books in excess of 20,000 (it was raised from 5K last year so I'm not sure of the new amount). If you ship using Fedex with Signature Confirmation your book will be covered for the 20K = you do not have to purchase insurance from CGC or the USPS.  Not only is this more convenient, it will save you a lot of money on your shipments. I would think you can purchase an Insurance plan and use it for shipping your book in a matter of days. 

Wow... this is awesome. I just signed up with them, but didn't realize that shipping coverage is included. Just double-checking with the agent now. Thanks!!! :)

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2 hours ago, oldrover said:

Wow... this is awesome. I just signed up with them, but didn't realize that shipping coverage is included. Just double-checking with the agent now. Thanks!!! :)

I have insured my collection through CollectInsure. I can verify that they cover your comics during shipping. One thing that they do require when shipping is a "signature required" in addition to the cost of the postage. If I remember, it's only a couple of bucks more - more than worth it when you are shipping $2000+ worth of books to and from CGC!

 

Joe

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another option would be to see if you can just drop it off with them at the next show you attend where they will be. but then again, they will probably only be paying for up to $10k on the return shipping also. so you're probably just better off using collectibles insurrance.

I thought CIS only insured shipping under the more pricey dealers insurrance option.

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4 hours ago, joeypost said:

While your statement is correct 99% of the time, the QC involved with encapsulating the book can have a dramatic impact on the value of the book if the case itself is causing damage. 

Throw it in the comiclink auction  and move on

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21 hours ago, Phill the Governor said:

Incorrect. The initial value estimate is just that, an estimate, and ultimately CGC has the discretion to change it if necessary. While they didn't value it higher, they were 100% wrong to do so. But that's not my problem.  Neither should sending a book to be re-holdered with full insurance because the book has fingerprints, scratches, and debris inside the case.

You're right. They should have invoiced you the additional $300 and then subtracted the $30 for your insurance and covered it for the full amount. Then you would be out $270 instead of $30 but at least CGC would be following their policies. 

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