UPS driver arrested for stealing gold and silver

[Saabman]

http://sacramento.cbslocal.com/2015/01/ ... lver-bars/

[silverstacker]

Very disturbing and promotes signature delivery confirmations. I know costs go up but I wonder if it was a specific supplier

[Cu Penny Hoarder]

I think about this possibility every time I ship or order something.

Insurance cost extra, but it's well worth it. Never send PMs through the mail without it.

[natsb88]

I think about this possibility every time I ship or order something.

Insurance cost extra, but it's well worth it. Never send PMs through the mail without it.

Regular insurance does not cover bullion. Only Registered Mail does, which is a minimum $11 extra.

[silverstacker]

I think about this possibility every time I ship or order something.

Insurance cost extra, but it's well worth it. Never send PMs through the mail without it.

Regular insurance does not cover bullion. Only Registered Mail does, which is a minimum $11 extra.

Wow I didn't know that. But isn't standard insurance $50 no matter what you say is in the box. Can't you just say it's something else and increase the insurance amount? I have no idea I'm just trying to brainstorm here.

[natsb88]

I think about this possibility every time I ship or order something.

Insurance cost extra, but it's well worth it. Never send PMs through the mail without it.

Regular insurance does not cover bullion. Only Registered Mail does, which is a minimum $11 extra.

Wow I didn't know that. But isn't standard insurance $50 no matter what you say is in the box. Can't you just say it's something else and increase the insurance amount? I have no idea I'm just trying to brainstorm here.

They'll sell you all the insurance you want, and they won't ask what is in the box (other than if it's fragile, liquid, etc.). But in the event you have to file a claim, and purchased standard insurance, they will only pay out a maximum of $15 for bullion, cash, and a number of other negotiable or cash-equivalent items listed in the domestic mail manual. Falsifying the contents of the package on an insurance claim would be considered mail fraud, which is a federal offense, and they may require proof of contents/value anyway depending on the claim amount.

Some people choose to insure bullion packages for a minimal amount just to get the insurance sticker on there, knowing they can't file a claim but believing the package gets delivered with more care. I don't subscribe to that theory. Some will buy $200 worth of insurance ($3.30) because it requires the recipient to sign for the package and is only marginally more expensive than paying for Signature Confirmation ($2.90 at the PO or $2.35 online). But again, the insurance aspect would really be "just for show," as they would only pay out a maximum of $15 if the package were lost.

Registered Mail DOES cover bullion, coins, cash money, and anything else legal to ship up to $25,000 in value. Registered Mail is transported in locked cages and postal workers and contracted carriers have to sign off on every transfer, so somebody is always responsible for it. The recipient also has to sign for it. It is SLOW, but secure, and the only way you can insure bullion directly with a shipper (UPS and FedEx don't cover it either). You pay normal postage + the Registered Mail fee, which is based on the coverage amount and starts at $11.95. All seams on the package must be sealed with paper tape, and they will postmark them to make them tamper evident. You cannot use normal packing tape on Registered Mail parcels. No bubble envelopes either. Rigid cardboard mailers, boxes, or rigid tubes.

Large dealers have blanket third-party insurance policies to cover their bullion shipments. You can also get one-time package-specific third party insurance for bullion through certain providers like G4Si.

[Morsecode]

The previous post has earned my rarely given "4 Thumbs Up" award.

With new people coming on all the time this issue gets raised every couple years.

[messymessy]

:thumbup:

The previous post has earned my rarely given "4 Thumbs Up" award.

With new people coming on all the time this issue gets raised every couple years.

Yeah, it is really nice to have some who KNOWS thoroughly explain the issue. Thank you.

[68Camaro]

Should be in a sticky if it wasn't already. Yes this comes up every couple of years. Understandably.

[pennypicker]

Sounds like someone has used Registered Mail before. Thanks for all the specifics.

[Catfish4u]

+1 on a sticky! Thank you for the info!

[fansubs_ca]

I think the appropriate phrase here is:

What can brown do _to_ you? -_-

[Zincanator]

If you've never actually tried to file an insurance claim with the USPS, it can be a real PITA. Last claim I filed for damage went on for months and months. Excuse after excuse by my post office and no resolve. Eventually I just gave up, got sick of going in every week and hearing more BS. So they got to keep my damaged item to auction off.