Beware when using Shipcover Parcel Insurance

[sponge*bob*square*pants]

Yesterday as I was printing an Ebay shipping label to send off some silver bullion, I was prompted to purchase Shipcover insurance.  I was given the cost, and in nice black text, it was stated that it "includes compensation up to $xxx", the dollar amount of my sale.  Upon reading the terms of Shipcover, however, I've found that Shipcover DOES NOT cover coins and bullion.  

Here is a link.  Scroll down to near the bottom of the page:

https://pages.ebay.com/insurance/shipping/coverage.html

How much money does Ebay collect on non-recoverable coverage?  

[frugalmarketplace]

@sponge*bob*square*pants 

I think it is a great offer for the right items. Actually I can see why they would not offer it for coins. Lots of fraud. 

[sponge*bob*square*pants]

Whether it is a great offer for other items wasn't the point.  Ebay dangled it like a carrot, all the while it would be worthless had I purchased it and needed to file a claim with it

[pastimpressions]

I believe ShipCover is a separate business entity.

I believe the generation of a shipping label on eBay prompts an insurance query based on order total only.

Good catch & heads up on your part to the other sellers out there.

It is always wise (long prior to the need for such services) to read the "fine print" on insurance services.

Best of luck with shop & sales

[tobaccocardyahoo]

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@sponge*bob*square*pants wrote:

Upon reading the terms of Shipcover, however, I've found that Shipcover DOES NOT cover coins and bullion.  

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Other carriers have that exclusion as well, and there are other exclusions.

You should check out the exclusions for the shippers you use, you might be upset.

[mozartbach1971]

Do you know if they cover paper collectible currency?

[pastimpressions]

II. THE INSURANCE DOES NOT INSURE:

1. Coins, bullion, loose diamonds or stones, stocks, bonds, currency, deeds, evidences of debt, travelers checks, money orders, gift certificates, gift cards, calling cards, lottery tickets, admission tickets, or any other negotiable documents.
2. Loss from delay, deterioration, spoilage or contamination of perishable merchandise except when resulting from fire.
3. Merchandise shipped on consignment, memorandum or approval unless shipped in fulfillment of an order or request.
4. Plasma televisions or monitors.
5. Loss, damage or non-arrival of any Package which:
   1. Is addressed, wrapped or packed insufficiently, incorrectly or contrary to Carrier’s packaging requirements; or
   2. Bears a descriptive label or packaging which tends to describe nature of contents EXCEPT if shipped via Parcel Post and required by Postal Law and Regulations.
6. Against loss or damage arising out of dishonesty on the part of you, your employees, a Certificate Holder or a Certificate Holder’s employees.
7. Against loss or damage caused by or resulting from:
   1. Hostile or warlike action in time of peace or war, including action in hindering, combating or defending against an actual, impending or expected attack by:
      1. Any government or sovereign power (de jure or de facto);
      2. Any authority maintaining or using military, naval or air forces;
      3. Military, naval or air forces; or
      4. An agent of any such government power, authority or forces;
8. Any weapon of war employing atomic fission or radioactive force whether in time of peace or war;
9. Insurrection, rebellion, revolution, civil war, usurped power, or action taken by governmental authority in hindering, combating or defending against such an occurrence;
10. Seizure or destruction under quarantine or Customs regulations;
11. Confiscation by order of any government or public authority or risks of contraband or illegal transportation or trade; or
12. Nuclear reaction or radiation, or radioactive contamination, however caused. But if nuclear reaction or radiation, or radioactive contamination, results in fire, we will pay for the loss or damage caused by that fire.

[frugalmarketplace]

@sponge*bob*square*pants 

That is why people need to read exactly what is covered. 

[rudy2828]

It is in the first line. They do not. 

The very few times I used insurance I opted for USPS even though it may cost an extra 50 cents.

[bonanza125]

"That is why people need to read exactly what is covered." 

100% agree. Many do not then complain about it.

[tobaccocardyahoo]

https://about.usps.com/publications/pub122/pub122_v07_revision_092016_015.htm

Limitations on USPS claims from the DMM.

You might find a AI search for USPS Insurance Exclusions more understandable. The following is a quote from Google's AI search results

USPS insurance excludes items like

cash, coins, bullion, jewelry, perishable goods, hazardous materials, and certain high-value documents, plus coverage for indirect losses, sentimental value, or delays (unless Priority Mail Express). Claims are denied if the item was prohibited, if records were destroyed, or if the item wasn't properly packaged/declared. Coverage is for loss/damage of the item's value, not for the cost of recreating photos or lost profits

[tools*]

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@rudy2828 wrote:

It is in the first line. They do not. 

The very few times I used insurance I opted for USPS even though it may cost an extra 50 cents.

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USPS insurance costs more like an extra $27 compared to a private insurer.

[retrocomputersarcadesandmakingstuff]

I had a package basically destroyed by UPS earlier this month- the item in it was a vintage computer (luggable) that looks like it had been tossed on the corner of it so hard that it bent formed steel, smashed the hard drive in it, and broke one of the circuit boards inside.   I had ShipCover on it and basically it is offered by the same 3rd party insurance company that offers concert cancellation insurance and similar things.  And, if you've ever tried collecting on any of those situations you can guess where this story is going.   I figured it would be easy to file a claim and get my refund because it was purchased through eBay and integrated into their process.  Well, eBay was basically useless, and there is no easy way to file a claim.  SO, you need to file a claim with the carrier, then, if they don't cover some portion of it, you get to file with the ShipCover insurance company and re-prove that your package was damaged to them.   I wasted hours on the phone between talking with eBay and UPS and finally said the heck with it, and offered a refund to the buyer, who returned my smashed computer.   Since then, I've been charged 3 times by UPS for "shipping adjustments" for the package where they've recalculated the weight 3 separate times, charging another nearly $30 a time.    I'm so frustrated I'm considering not selling on eBay any more.  Just not worth the hassle, and between selling insurance where it's virtually impossible to make a claim through to erroneous shipping "adjustments" the ROI just isn't there when I consider my time.