Orlando Harmon
Commemorative coins are often considered valuable and irreplaceable, so insuring them during shipping is essential. However, insuring coins through UPS is not possible, as they do not cover coins, currency, or bullion. UPS's terms and conditions explicitly prohibit the transportation of articles of unusual value, including coins and currency. Therefore, if you choose to ship coins through UPS and they are lost or stolen, UPS will not provide any coverage or reimbursement. Alternative options for insuring coins include using third-party companies like Cabrella, which specializes in insuring valuable items, or shipping through USPS Registered Mail, which offers insurance for collectible coins with a maximum security value of up to $50,000.
| Characteristics | Values |
|---|---|
| Insurable through UPS | No |
| Reasons | UPS does not cover coins, currency, and bullion |
| Alternative options | USPS, FedEx, third-party companies like Cabrella |
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What You'll Learn
- UPS terms and conditions state that coins are prohibited from shipping coverage
- Commemorative coins can be insured through USPS registered mail
- The cost of USPS insurance is higher for collectible coins
- FedEx offers insurance coverage for packages valued at over $100
- Third-party companies like Cabrella provide insurance for collectible coins
UPS terms and conditions state that coins are prohibited from shipping coverage
Shipping valuable items can be a tricky business, especially when it comes to insuring those items. UPS has clear terms and conditions that outline prohibited items for shipping coverage. Unfortunately for coin collectors, coins are among the prohibited items.
UPS's terms and conditions state that "shippers are prohibited from shipping, and Carrier will not render service in the transportation of the following (collectively, 'Prohibited Commodities'): (a) articles of unusual value, including, without limitation, (i) coins, currency, postage stamps, deeds, negotiable instruments (except cheques), money orders, unset precious and semi-precious stones, and industrial diamonds".
This means that UPS will not provide insurance coverage for coins, regardless of their value or rarity. If you are looking to ship commemorative coins, it is important to be aware of this restriction and explore alternative shipping options or insurance providers.
While UPS does offer insurance coverage for packages, this coverage does not extend to coins or currency. This is a standard exclusion among major shipping carriers, who consider coins and precious metals as prohibited commodities. As such, it is essential to carefully review the terms and conditions of any shipping carrier before entrusting them with valuable items.
It is worth noting that some third-party companies, such as independent insurance providers, offer specialised shipping insurance for coins and other collectibles. These companies can provide coverage for high-value items, protecting against accidental loss, theft, or damage during transit. When considering shipping valuable coins, it is advisable to research these independent insurance options to ensure adequate protection for your collectibles.
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Commemorative coins can be insured through USPS registered mail
USPS offers insurance for registered mail, which is the only way to insure precious metals or high-value items through their services. Registered mail requires all package seams to be covered in gummed craft tape, and the full value of the contents must be declared. The cost of insurance for registered mail starts at $12.40 and can go up to $50,000 per package. It is important to note that the claims process through USPS can be lengthy and may require extensive documentation and investigation.
When insuring commemorative coins through USPS registered mail, it is crucial to follow their guidelines and procedures. This includes properly packaging the coins, securely taping the box, and including a detailed packing list. It is also recommended to keep a copy of the registered mail form and any relevant documentation, such as purchase receipts, as these may be required in the event of a claim.
While USPS offers insurance for registered mail containing commemorative coins, it is important to be aware of their limitations. Some sources mention negative experiences with USPS, including lost packages and denied insurance claims. Therefore, it is advisable to explore alternative options or additional insurance coverage through third-party companies specializing in insuring valuable items, such as Cabrella. These companies can provide independent coverage for your commemorative coins, ensuring peace of mind and potentially streamlining the claims process.
In summary, commemorative coins can be insured through USPS registered mail, but it is important to carefully follow their guidelines and be aware of the potential challenges associated with their insurance process. Exploring additional insurance options from third-party providers can offer extra protection and peace of mind when shipping valuable commemorative coins.
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The cost of USPS insurance is higher for collectible coins
Shipping carriers like UPS, FedEx, and USPS have exclusions on certain commodities, including coins and precious metals. While USPS does offer insurance for collectible coins, the cost of this insurance is relatively high.
USPS Priority Mail insurance costs $2.05 per $50.01 to $100 of coverage, with a maximum coverage amount of $5,000 for all Priority Mail or Express Priority Mail shipments. The price per additional $100 of insurance, valued over $300 up to $5,000, is $4.60 plus $0.90 per $100 or fraction thereof. This means that the higher the value of the collectible coins, the more expensive the insurance will be. For packages valued between $5,001 and $50,000, USPS Registered Mail must be used, which offers full-value insurance coverage.
In comparison, UPS Ground provides insurance coverage for packages valued up to $100 for domestic and international shipments. For packages valued above $100, UPS offers declared value coverage for an additional fee. However, UPS does not allow declared value coverage for coinage, so there is no insurance coverage for coins shipped through UPS if they are lost or stolen.
FedEx Two Day offers similar insurance coverage to UPS Ground, providing free insurance for packages valued up to $100. For packages valued over $100, FedEx calculates the insurance rate based on the declared value of the shipment.
Overall, while USPS does offer insurance for collectible coins, the cost of this insurance is higher than the basic coverage provided by other carriers for lower-value shipments. For higher-value shipments, USPS Registered Mail may be more cost-effective, but it is important to carefully review the insurance rates and limits provided by each carrier to determine the most suitable option.
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FedEx offers insurance coverage for packages valued at over $100
While FedEx does offer insurance coverage for packages valued at over $100, it is important to note that this insurance does not specifically cover coins, currency, or bullion. This is because FedEx's insurance coverage is dependent on the declared value of the package, which is determined by the shipper and represents the maximum liability in connection with the shipment.
If you are looking to insure a package containing commemorative coins, it is recommended to look into third-party insurance companies that specialize in insuring coins and other valuable items. These companies can provide the necessary coverage for your coins in case they are misplaced, destroyed, or stolen.
Additionally, when shipping valuable items like coins, it is important to carefully package them and follow the shipping company's guidelines. This will help ensure that your items are protected during transit and can also impact any insurance claims made if the items are damaged or lost.
It is also worth noting that FedEx offers a service called FedEx Declared Value Advantage, which is a contract-only service for select customers who regularly ship high-value specialty items such as jewelry, gemstones, pearls, and precious metals. This service allows eligible shippers to declare a value of up to $100,000 per domestic shipment and provides additional protection for these valuable items.
Overall, while FedEx can provide insurance coverage for packages over $100 in value, it may not be the best option for insuring commemorative coins. Consider exploring specialized third-party insurance companies to ensure your coins are adequately protected during shipping.
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Third-party companies like Cabrella provide insurance for collectible coins
While UPS does offer insurance coverage for packages that are worth up to $100 for both domestic and international shipments, it is important to note that UPS does not cover coins, currency, or bullion. Therefore, if you are looking to insure your commemorative coins through UPS, you may want to consider alternative options.
Another option is to consider collectibles insurance, which is a great choice for anyone with a substantial coin collection requiring underwriter expertise, frequent collection changes, or a broader collection where coins are only a subset of the covered valuables. American Collectors Insurance is one such company that offers this type of insurance, providing protection against natural disasters and accidental breakage. Their coverage includes defence against a range of hazards and threats, and they have a team of hobbyists, enthusiasts, and experts ready to assist you.
Additionally, you may want to explore insurance options through companies that specialize in fine art and collectibles. Distinguished, for example, is a national insurance program manager that provides specialized insurance programs for fine art and collectibles.
When insuring your commemorative coins, it is important to consider the specific coverage you require, the value of your collection, and the level of protection you desire. By partnering with a reputable company, you can ensure that your treasured coins are well protected.
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Frequently asked questions
UPS does not cover coins, currency, or bullion. Therefore, you cannot insure commemorative coins through UPS.
FedEx also does not cover coins, currency, and bullion.
USPS offers insurance coverage for collectible coins, but the process is known to be slow and tedious.
You can use third-party companies like Cabrella to insure your commemorative coins.
Always insure your coins!
