Shipping your precious metals

[Lou]

Just a reminder here folks:


FedEx has a $100 insurance limit on most parcels. This can be raised, but they do NOT cover shipments of precious metals or so I've been told. The same is true with UPS.

USPS also requires an appraisal. This means that should you lose your gold, you'd need to have had it checked out and the value determined. Plus, you need to wait the 90 days on the claim. All the while you're out money.


Get a third party insurer and always ship with tracking!

I use FedEx and ParcelPro for third party insurance (they use an underwriter for up to $50,000 in value).

Lou

 

[turtlesteve]

Does this appraisal requirement apply to USPS registered mail as well? How about 3rd party insurers?

 

[Oz]

If you use USPS you should look at page 7 here;
http://www.usps.com/cpim/ftp/pubs/pub122.pdf#search='bullion'
It limits liability on bullion to $15. You can get around this with care by using Registered mail.

 

[rusty]

Why not ship your gold or platinum group bullion the way they did it in the old days, Wells Fargo, Loomis or Brinks.

 

[Lou]

That's what's done for large amounts.


Small quantities under a couple hundred thousand dollars and it's really not economic.


Lou

 

[windycityxx]

Just a reminder here folks:


FedEx has a $100 insurance limit on most parcels. This can be raised, but they do NOT cover shipments of precious metals or so I've been told. The same is true with UPS.

USPS also requires an appraisal. This means that should you lose your gold, you'd need to have had it checked out and the value determined. Plus, you need to wait the 90 days on the claim. All the while you're out money.


Get a third party insurer and always ship with tracking!

I use FedEx and ParcelPro for third party insurance (they use an underwriter for up to $50,000 in value).

Lou

Is this ParcelPro offered at FedEx or something that has to be done beforehand?

Thanks!

 

[glorycloud]

I have made several shipments of gold buttons to SoAccurate in NYC.
I have a business acoount though and I regularly insure for the cost of
the product and I don't have to note anywhere when I ship online what
the product is when I ship it.

Maybe this is something new from Fedex?

 

[Lou]

Jewelers Mutual is a common insurer for jewelers that gives transit insurance.

Another option is G4SI or Lloyds.

 

[Dan Dement]

Lou,

I have had all the losses anyone can imagine in 40 plus years in the jewelry business. If you have Insurance, Jewelers Mutual is a very good one that has at no charge $15,000 overage on overnight mail and $50,000 on Registered packages. Now some of you will believe all the BS about Registered mail but I have lost three in my career and collecting from them is about a 90 day process. If you got to ship overnight, I would recommend www.parcelpro.com. You but in the value and so far, they have been very good. Going to NY, they have FedEx deliver to one of their offices and they hand deliver it. One of things that has worked well for me, is have the customer pick it up from the FedEx office. I ship lots of high buck packages and I just ask the customer which FedEx office is close to them.

If it is a house of big office, you are not sure if it is going to get lost in the mailroom or someone is not home and they leave at a neighbor;s. Just ship it hold for pickup at teh Fedex or Kinko's. JM's policy is they will pay you what you show them receipts for. I have had more than my share of paperwork but I have a "Cash out Form" for every cash out.

Dan

 

[cyberdan]

...and I regularly insure for the cost of
the product and I don't have to note anywhere when I ship online what
the product is when I ship it.

You might be out of luck if you ever have to make a claim.

I talked till I was blue in the face to two different shipping insurers about how to leaglly ship where if a claim happened they would pay. Bacically if I sold a gold chain on ebay that had photos and a weight AND a paper trail via ebay and paypal then they would insure it. Anything else shipping to my melter and it is only my word of what was in the box. I gave up shipping half way across the country to a place that I liked. I now drive 10-15 during lunch, drop off my stash, go to my car and eat lunch and go back inside to pick up my check. (and they still pay 98%)