You can/should insure it for the price paid by the buyer for the Southwest cue, not the price originally paid for it from Laurie.
Declared Value
- Thread starter manopr350
- Start date
You can/should insure it for the price paid by the buyer for the Southwest cue, not the price originally paid for it from Laurie.
you should get the price if lost that the premium you paid for stated. they accepted that value when you paid them for the insurance. read the insurance policy you pay for and that is whet they are responsible for.
just as in any damage award you are to be made whole for the full market value. unless it is from your own insurance policy then that determines what you get.
just as in any damage award you are to be made whole for the full market value. unless it is from your own insurance policy then that determines what you get.
You can insure it for a million dollars , but you are only going to get fair market value from an insurerer FedX UPS. That will be determined by authentication from a reputable source as to cues value and proof of your owning that exact cue,.
Hope thats what you need
You insure it for the sale price. As the seller / shipper, you will have to send the customer his FULL money back if something were to happen.
JV
JV
I've never had to collect on a high-value insured item. Doesn't the shipper require any kind of documentation of the actual value of the item before paying?
You should be able to get what ever the appraised value in an insurance claim.
For those that say you only able to get what you sold it or bought it for is insane.
Some things appreciate in value.
Insurance for $4K cost more then Insurance for $1,500 correct? If they don't have a problem taking the extra cash for the cost of the $4K insurance then they should not have a problem paying out if required.
If I find a $50 cue at a Pawn shop and it turns out to be a South West at worth $4,500
and I send it to SW to be refinished plus a LOA and then the cue gets destroyed during return shipping you bet your ass I'm going after the value of my property.
For those that say you only able to get what you sold it or bought it for is insane.
Some things appreciate in value.
Insurance for $4K cost more then Insurance for $1,500 correct? If they don't have a problem taking the extra cash for the cost of the $4K insurance then they should not have a problem paying out if required.
If I find a $50 cue at a Pawn shop and it turns out to be a South West at worth $4,500
and I send it to SW to be refinished plus a LOA and then the cue gets destroyed during return shipping you bet your ass I'm going after the value of my property.
What if you have a Gus Szamboti you paid $400 for 30 years ago now worth $16K and you ship it to Barry Szamboti to have some work done to it, insuring it for $16K and it gets destroyed in shipping?
Note I said sale price... anything like your example would require an appraisal from someone in the business, I would guess. This is why you should get an appraisal letter if you have a cue with that kind of value.
It also doesn't mean the shipping company / insurance will pay up. That is another issue.
JV
It also doesn't mean the shipping company / insurance will pay up. That is another issue.
JV
Bob, my example was meant to say that if you bought an item from me, for 4k. It gets lost in transit, destroyed whatever.. if I don't insure it for the 4k, I would be responsible for that refundable value. So it is better to insure it.
As far as proving value, in the case of a claim. You must keep in mind that the regular populace give you the look of "yeah right" when you tell them you buy and sell POOL CUES that are in the 5k range. So all pertinent documentation from an appraisal, similar cue for sale ads, should be kept to prove the value. I have never made a claim either, but I believe there are a few threads on AZ where people have.
It still amazes me that people that ship big cues, do not ship them properly. Not only with applying insurance, but shipping protection in general.
JV
As far as proving value, in the case of a claim. You must keep in mind that the regular populace give you the look of "yeah right" when you tell them you buy and sell POOL CUES that are in the 5k range. So all pertinent documentation from an appraisal, similar cue for sale ads, should be kept to prove the value. I have never made a claim either, but I believe there are a few threads on AZ where people have.
It still amazes me that people that ship big cues, do not ship them properly. Not only with applying insurance, but shipping protection in general.
JV
Speaking as someone who been a part of the insurance industry all my life, the pertinent question here is: What are the terms of the insurance contract of the shipper in question?
Until you have those terms in front of you, everything is speculation.
To present any insurance claim, the more documentation you have, the better: Bill of Sale, receipt, photos, appraisal, etc. You can possibly/probably present a valid claim without some or all of the above, but the process becomes more difficult.
Many assume the amount of insurance is the amount they will be paid in the event of a loss and that is not always the case.
Some examples:
The amount specified in most insurance contracts is not "Agreed Value", it is "Stated Amount". Property insured under an "Agreed Value" contract pays the that amount in the event of a loss. The insured amount is agreed before the loss.
Homeowner's insurance and commercial property insurance is not issued on an "Agreed Value" basis. The amount shown in the policy is simply the maximum amount available in the event of a loss.
Most classic car insurance policies are "Agreed Value" policies.
Until you have those terms in front of you, everything is speculation.
To present any insurance claim, the more documentation you have, the better: Bill of Sale, receipt, photos, appraisal, etc. You can possibly/probably present a valid claim without some or all of the above, but the process becomes more difficult.
Many assume the amount of insurance is the amount they will be paid in the event of a loss and that is not always the case.
Some examples:
The amount specified in most insurance contracts is not "Agreed Value", it is "Stated Amount". Property insured under an "Agreed Value" contract pays the that amount in the event of a loss. The insured amount is agreed before the loss.
Homeowner's insurance and commercial property insurance is not issued on an "Agreed Value" basis. The amount shown in the policy is simply the maximum amount available in the event of a loss.
Most classic car insurance policies are "Agreed Value" policies.
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I just came from the Post Office and I had a long conversation with the Teller who handled my package(pool cue). She said the following: The value of the item is determine by the buyer. If the buyer agreed to buy the item from you for $3000, then that is the value and the amount that you should insure the item. You should have a written statement from the buyer in which he/ she agreed to the price of the cue. Description of the cue is also important in that written statement. Also, the PayPal transaction is very valuable as it shows the amount the buyer paid for the item. I shipped the Cue Priority, signature requiered. Insurance/ shipping cost me over $40. Best thing to do is go first to the Post Office and have them weight the box and determine the cost including the insurance cost. Then add that cost to the price of the cue. Good Luck!
I was very nervous when it came to shipping the rails for Gold Crown I. It was a privately bought and owned table its whole life and in very, very nice original condition. If the rails were lost or damaged the table would most likely be junk. I would think the chances of finding a very pristine set of rails for an early Gold Crown would be slim. In a caes like that it seems to me it would make sense if you could insure stuff like that for replacement value which is how I think most homeowner policies are.
As far as a custom pool cue besides the amount you paid for it what if you had to wait 10 years for the cue? How do you price that out, it seems like it should have some value?
As far as a custom pool cue besides the amount you paid for it what if you had to wait 10 years for the cue? How do you price that out, it seems like it should have some value?