insurance on submissions

[asdfgh]

When you send in a submission do you account for the grading fees in your coin values for insurance.

I asked ngc if they added insurance value to cover the grading fees and they said they do not.

Sometimes the grading fees are half the total value of the shipment on return shipping.

[messydesk]

You insure goods, not services. How much you insure for is up to you. How much you're paid in case of loss is not.

[RWB]

To reinforce John's comment: You are paying to insure the coins only. If the package is lost insurance will usually cover the replacement value/fair market value/invoice amount of the items. (Any payment for services can usually be rescinded if the package is lost.)

[MarkFeld]

To reinforce John's comment: You are paying to insure the coins only. If the package is lost insurance will usually cover the replacement value/fair market value/invoice amount of the items. (Any payment for services can usually be rescinded if the package is lost.)

 

If (not through the fault of the grading company) the package gets lost, I don't see how the submitter could rescind the payment for services which were rendered.

[RWB]

I was referring to payment sent with the coins.

[MarkFeld]

I was referring to payment sent with the coins.

 

Thanks - I think the OP was speaking of coins getting lost on the way back, after grading. "I asked ngc if they added insurance value to cover the grading fees and they said they do not."

[asdfgh]

Yes, I am only concerned about the return shipment. If i have $2000 worth of coins being certified for $1000, I would be out $3000 if lost on the return shipment. As far as I am concerned they are worth at least the $3000 to me if lost. NGC says they insure for the same amount I insure for, which would be $2000.

 

 

[MarkFeld]

Yes, I am only concerned about the return shipment. If i have $2000 worth of coins being certified for $1000, I would be out $3000 if lost on the return shipment. As far as I am concerned they are worth at least the $3000 to me if lost. NGC says they insure for the same amount I insure for, which would be $2000.

 

 

Then it sounds as if you might want to insure for $3000, instead of $2000.

 

There's nothing wrong with insuring based on values that would be applicable if the coins were certified at the grades you expect. Of course, in the event of a claim, the grades that are actually assigned would likely have a bearing on any potential payout.

[asdfgh]

That is what I was thinking about doing. I just wondered what other did. I guess I can add the cert. fee to the values when filling out the submission sheet.

[MarkFeld]

That is what I was thinking about doing. I just wondered what other did. I guess I can add the cert. fee to the values when filling out the submission sheet.

 

It's not necessarily the "cert. fee that should be added to the values when filling out the submission sheet". It's the estimated "values" of the coins, once certified.

 

Those can be two very different things. For example, you might spend $20 on a grading fee, but depending upon the assigned grade, the coin could end up being worth quite a bit more or less than you estimated it at, even including the grading fee.

 

Don't over think it - if you're worried about it, simply insure for a higher number and pay the additional cost.