CIS - Collectibles Insurance Services - Question on Private Insurance 3 3

[Gruson]

I used USPS registered for most of my items but prices were really adding up from CGC. 
They then lost a registered package for 4 weeks then it just showed up. 
I’m now thinking of getting private insurance. I was told CIS was the one to get. 
mill be sending a lot of raw books to CGC and plan to use FedEx now with my own insurance to save a lot plus I trust them more. 
Curious what you guys think?

Will I be covered on all packages I buy and sell?  
Will CGC use my own FedEx account number with signature delivery?  I was told that’s all I need. 
appreciate the help guys.  Please share your experiences. 
Jeff

[valiantman]

CollectInsure.com has requirements for maintaining certain values during shipping:

(I think these are standard, but they may be the numbers associated with my coverage amount and vary with coverage total.) 

Limit = $60,000 Class 1 – Signature Required Shipment Sublimit (Registered Mail, Express Mail,
FedEx and other carriers except UPS) A.4.d.(1)
Limit = $2,500 Class 2 – Signature Required Shipment Sublimit (USPS Insured, Certified and
Signature Confirmation Mail and UPS) A.4.d.(2)
Limit = $200 Class 3 – No signature Required Shipment Sublimit (USPS First Class, Priority Mail,
Air Mail, Global Priority, Parcel Post, Bound Printed Matter, Media Mail (Book Rate)) A.4.e.

A.4.d. Shipping Requirements
The following Sublimits shown in the
Declarations apply to worldwide shipments
of Covered Property that require the
signature of the recipient:

(1) The Class 1 Signature Required
Shipment Sublimit applies to
shipments by:
(a) USPS Registered or Express mail,
including USPS and non-USPS
postal equivalents;
(b) Delivery or courier services such as
FedEx, Airborne Express, DHL,
TNT, other than United Parcel
Service; or
(c) Any air freight carrier; or
(d) Any armored car service.
This Sublimit does not apply to Covered
Property going to or returning from any
"Collectible Exhibition".

(2) The Class 2 Signature Required
Shipment Sublimit applies to
shipments by:
(a) USPS Insured Mail, Certified
Mail and Signature
Confirmation (but not Delivery
USPS and non-USPS postal
equivalents; or
(b) United Parcel Service.

A.4.e. No Signature Required Shipments
The Class 3 No Signature Required Shipment
Sublimit (shown in the Declarations) applies to
shipments by
(1) USPS First Class, Priority Mail, Air Mail,
Global Priority Mail, Parcel Post, Bound
Printed Matter, Media Mail (Book Rate),
including USPS and non-USPS postal
equivalents.
(2) Delivery or courier services such as FedEx,
Airborne Express, DHL, TNT, and United
Parcel Service.

 

Edited October 21, 2019 by valiantman

[Gruson]

Thanks,

I will be sending around 200 plus raw silver age books, some worth up to $20,000 so think this will be much more affordable instead of insuring each package with USPS.  

Plus I want to use FedEx.  So with signature I should be covered under their class 1 up to $60,000 if I choose that amount. 
 

Does their insurance also cover comics I buy from Heritage or someone here on the forums?  Assuming they ship FedEx with signature?  Curious. 

[valiantman]

22 minutes ago, Gruson said:

Does their insurance also cover comics I buy from Heritage or someone here on the forums?  Assuming they ship FedEx with signature?  Curious. 

Yes, I think it covers books coming in (to the collection) the same as going out.

[UncleBEN]

6 minutes ago, valiantman said:

Yes, I think it covers books coming in (to the collection) the same as going out.

As long as they are not sold.

[Gruson]

18 minutes ago, UncleBEN said:

As long as they are not sold.

Curious. What does that mean?  Selling a book before it’s in my possession?  Lol

 

[Dr. Love]

Meaning that if you want them to cover books in transit that you are selling, CIS will require you to have a dealer policy.

And you MUST check with CGC as to whether they'll ship to you in Texas via your FedEx account.  They will not do so anymore to California.

[Gruson]

Since I will be insured and just need the signature confirmation, do I not get insurance or put a high value with FedEx? Curious how that works if say it’s a $5000 comic...do I tell FedEx the value is like $50 since I don’t need their insurance?

[valiantman]

40 minutes ago, Gruson said:

Since I will be insured and just need the signature confirmation, do I not get insurance or put a high value with FedEx? Curious how that works if say it’s a $5000 comic...do I tell FedEx the value is like $50 since I don’t need their insurance?

You might want to confirm with CIS, but I have always assumed that it doesn't matter what insurance value you put on the package because you're covered by the policy.  You'd be double-paying for insurance if you put the full value on the package and had a policy also.

[Dr. Love]

59 minutes ago, Gruson said:

Since I will be insured and just need the signature confirmation, do I not get insurance or put a high value with FedEx? Curious how that works if say it’s a $5000 comic...do I tell FedEx the value is like $50 since I don’t need their insurance?

that's what I do

[skypinkblu]

CIS has always encouraged me not to put a lot of other insurance on packages as it's a flag for theft. I put the minimum. 

You can sell part of your collection, but if it goes over a certain percentage (and it seems to change) you would need a dealer's account. I've only been close to the amount once, when I sold an expensive book and they gave me a waiver.