From: Bonnie & Nick
Link:
Date: 29 Oct 2003
Time: 18:54:07
Just like when you insure your home or auto you do not necessarily insure them for the actual purchase price but for the current market value or replacement cost. If you get a great buy on an item you don't insure it for the purchase price but for the market or replacement value. I have spoken to my local postmaster about this issue. I can issure an item for whatever I deem the current market or replacement value regardless of the amount I pay. I do however have to be able to prove to the postal service what the market or replacement value of the item is at the time of damage. Ray Reiss's books and price guides have been of great help to me when dealing with the postal service on those infrequent occassions when there is a damaged piece. I also use the Reiss price guide to determine how much insurance I am going to purchase for an item. I have in fact collected the insured amount on those occassions when there was damage even though the purchase price was less. The Reiss price guide was accepted by the postal service as a viable resource to determine the value of the piece. What I have found is that there are sellers who do not understand how the postal service insurance actually works or they just don't want to deal with my specific request. I also always offer to pay for any additional cost that the level of insurance I am requesting may cause.