Declared Value
- Thread starter manopr350
- Start date
Good luck. I would either find someone to give you a written, verifiable estimate of value, or try to retrieve your purchase price only. Otherwise you're likely committing insurance fraud.
JMO.
j2
If u are talking insurance claim through a company like USPS or FedEx etc... cause ur cue was lost or broken in shipping then that company will ask to see a form of Bill of sale or email, ebay number etc.. depending on what site u sold it on.
If talking about insuring ur cues with insurance company then I have no idea haha. I don't keep mine long enough to put insurance on them
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If talking about insuring ur cues with insurance company then I have no idea haha. I don't keep mine long enough to put insurance on them
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Since you're dealing with pool players, I think the numbers would be reversed. No one that I know will over insure the cue.
But for any claim, you'll need proof of the transaction. Receipt, or e-mails.. another might be a similar item for sale at that price...
JV
But for any claim, you'll need proof of the transaction. Receipt, or e-mails.. another might be a similar item for sale at that price...
JV
You'd insure it for the amount you sold it for. As mentioned before, you'll need a record of sale to have any chance getting money back on a claim.
Easy answer is, depends on the cue, and your story would sound like you over-insured it.
But, then again, I doubt you can prove the 4,000 insurance in the first place. Otherwise, you wouldn't be asking this question here if you already had your ducks in line with your insurance company.
That's why you're coming here, right?
But, then again, I doubt you can prove the 4,000 insurance in the first place. Otherwise, you wouldn't be asking this question here if you already had your ducks in line with your insurance company.
That's why you're coming here, right?
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I think I see what u are saying and I believe Benny is correct u only insure the cue for the amount u sold it for not it's book value. With that said let's say something did happen to cue in transit and u insured it for 4k but sold cue for 2k. U would only be able to get 2k back from USPS OR FEDEX etc. . And that would require a proof of sale and Alot of patience and prayer on your end haha. Not funny but serious those company will try their best not to have to pay u that claim
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You are asking how does one commit insurance fraud.......how can I get more for something I paid less for.......
or how can I get full value for something I insured for less value to save money on its shipping.......Good Luck.
or how can I get full value for something I insured for less value to save money on its shipping.......Good Luck.
It's easy to buy insurance; but not so easy to go through a claims process. It works best when you have an timely appraisal from a reputable source along with good quality pictures of the item and the items history. Any difference in values will be suspect.
There have been a few horror stories posted here where shippers either lost the item or there was damage. I don't think any of them worked out well. First (in case of a lost item) was the waiting period "maybe it will show up." Tracking didn't seem to help. Then there was the damage issue - was it damaged before it was sent? Who is responsible and on and on.
There have been a few horror stories posted here where shippers either lost the item or there was damage. I don't think any of them worked out well. First (in case of a lost item) was the waiting period "maybe it will show up." Tracking didn't seem to help. Then there was the damage issue - was it damaged before it was sent? Who is responsible and on and on.
You said you insured it for 4k, and bought it for 1200. You did not specify any time had elapsed or the value went up.
But from the sounds of it, you sold it for 4k, so that is what you should have insured it for.
JV
I am not trying to commit fraud or nothing similar to it. So calm down brother. All I am saying is this and I hope you guys gets it.
You buy a brand new South West directly from Laurie Franklin for X amount. Now you know that you can sell it for more than what you paid for the cue. Let say XX amount. When you are going to ship it , let us say via USPS, For how much can you insure the cue??.? For the X amount that you paid for or for the XX amount that you are selling the cue??.? Am I being clear now?
You buy a brand new South West directly from Laurie Franklin for X amount. Now you know that you can sell it for more than what you paid for the cue. Let say XX amount. When you are going to ship it , let us say via USPS, For how much can you insure the cue??.? For the X amount that you paid for or for the XX amount that you are selling the cue??.? Am I being clear now?
Your initial post wasn't exactly clear. You never said that you sold the cue for 4K, you just said that was what you insured it for. I think a bit more clarity on your end, would have saved a great deal of confusion, IMO.
j2
If the cue is actually worth $4000, have the cuemaker verify the pricing in a letter.
I doubt that email would be sufficient. It is easy for a fraudster to edit the email and put in whatever amount he wants before sending it to the insurer and insurers surely know this. I think as flyrv9 said, you need to be able so show some kind of appraisal. Even so, if the insurer sees the original purchase price of $1200 and it was (for example) only two months ago, I'm betting you will see a lot of resistance to paying anything more than that.
When you are going to ship it , let us say via USPS, how much do you decide to insure the cue? For the X amount that you paid for or for the XX amount that you are selling the cue?
The sole and only loss you would have suffered would be the monetary value of the sale and thus, the declared value of the insurance secured for shipping said cue. Nothing else matters whatsoever.
It does not matter a tinkers damn what you think you could get for that cue if it had to be replaced due to damage or outright disappearance in transit. That does not matter, even if you had a written offer from some subsequent collector whom was willing to pay twice what you sold the cue for.......It does not matter.
Your limitation for subsequent recovery of money is from the shipper and the insurance coverage you decided to obtain and of course, the amount of insurance you procured. If you sold the cue for $2500 and had taken out $10,000 insurance coverage, you do not get an extra $7500 on any claim. It is very straightforward and any person with business savvy understands insurance and how it applies to items they ship or receive. If you sold the cue for $2500 and only took out a $1200 insurance coverage, you eat the $1300 difference regardless of how much the cue was actually worth....Got it?
The sole and only loss you would have suffered would be the monetary value of the sale and thus, the declared value of the insurance secured for shipping said cue. Nothing else matters whatsoever.
It does not matter a tinkers damn what you think you could get for that cue if it had to be replaced due to damage or outright disappearance in transit. That does not matter, even if you had a written offer from some subsequent collector whom was willing to pay twice what you sold the cue for.......It does not matter.
Your limitation for subsequent recovery of money is from the shipper and the insurance coverage you decided to obtain and of course, the amount of insurance you procured. If you sold the cue for $2500 and had taken out $10,000 insurance coverage, you do not get an extra $7500 on any claim. It is very straightforward and any person with business savvy understands insurance and how it applies to items they ship or receive. If you sold the cue for $2500 and only took out a $1200 insurance coverage, you eat the $1300 difference regardless of how much the cue was actually worth....Got it?
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