It is really misleading and i believe on purpose. they charge for a higher declaration value but for what? my BIG question is this: if you send a package overseas for example and it is declared at a carriage value of say $75 or $90 (often done for customs) then what happens if you go to claim to an outside insurer that the item was really worth $2500 or $7500 or more? Does the under stated value on the label affect your ability to make an insurance claim?FedEx does not provide insurance coverage, and yes, it's ridiculous that they will charge you for a higher declared value.
I used a diamond broker a few months back and the first diamond he sent I decided to return. He told me to ship it USPS registered mail because UPS and FedEx do not actually insure items. Even registered mail will only insure up to $25,000, so I had to "trust" that the diamond was going to get to it's destination or I would have been out a lot of money!
From the FedEx site:
Effective Date September 6, 2011
Item 781 Rule
Declared value and limits of liability
(Not Insurance Coverage)
Exposure to and risk of any loss in excess of the maximum liability as outlined in Item 420 is either assumed by the Shipper or transferred by the Shipper to an insurance carrier through the purchase of an insurance policy. The Shipper should contact an insurance agent or broker if insurance coverage is desired.
Carrier does not provide insurance coverage of any kind.
FedEx "Express Shipping" terms and conditions are enough to keep any attorney busy for a while. When you read each and every exception and exemption (such as their denial of any insurance claim if you use a FedEx AUTHORIZED ship center) you find that they will possibly pay on a claim (if each and every rule has been followed to a T for filing a claim) a maximum of $1500.
I need a glass of wine now after reading all of their terms!:weird:
Buying online ??
- Thread starter Hermesaholic
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This is really horrible. So Fedex benefits twice from charging you for more even though they provide you with no added value: they get more money from you without adding value, and they get you to believe they are giving you added value simply because you paid more. They should be estopped from this ridiculous practice. Just because something is in a contract doesn't mean it's enforceable, especially in fine print.
What about when you buy something at Hermes in Paris and have it shipped to you in the US? Doesn't Hermes Paris use Fedex? If so, how is it insured? Who bears the loss if your bag gets lost? (I've never done this before, but have something on order which will have to be shipped back here eventually.)
What about when you buy something at Hermes in Paris and have it shipped to you in the US? Doesn't Hermes Paris use Fedex? If so, how is it insured? Who bears the loss if your bag gets lost? (I've never done this before, but have something on order which will have to be shipped back here eventually.)
Has anyone investigated this for UPS? I use UPS and have always fully insured my items. All this Fed Ex talk made me nervous that UPS would be the same.
I called and talked to someone at UPS Capital Insurance Agency and it sounds like you are insured when you pay for insurance on the declared value. This is the info on the website, but it is only a summary and doesn't include the terms, conditions, limitations and exclusions.
Protect Highly Sensitive Shipments
Protect time-sensitive goods and other hard-to-value items in the event of loss, damage, or delay with Flexible Parcel Insurance. A full menu of affordable protection options allows you to choose the exact type of coverage needed for your shipments. The result is a unique combination of protection and savings for risks and challenges that naturally go along with transporting goods in today's world. Plus, the service delivers convenient one-stop claims processing and the opportunity to select coverage without up-front costs or deposits.
Flexible Parcel Insurance is offered through UPS Capital Insurance Agency, Inc., and through the following licensed agency affiliates: UPS Capital Insurance Agency, Inc. of Nevada in Nevada and Louisiana. UPS Capital Insurance Agency, Inc. and its affiliates are companies of UPS Capital Corporation. UPS Capital Insurance Agency, Inc. and its licensed affiliates reserve the right to change or cancel the program at anytime. The Flexible Parcel Insurance program is governed by the terms, conditions, limitations and exclusions set forth in the applicable Flexible Parcel Insurance policy. This does not in any way alter, supplement or amend the provisions of the Flexible Parcel Insurance policy and is intended only as a brief summary of the program. Coverage is not available in all areas.
Just curious whether anyone else has already looked into it.
I called and talked to someone at UPS Capital Insurance Agency and it sounds like you are insured when you pay for insurance on the declared value. This is the info on the website, but it is only a summary and doesn't include the terms, conditions, limitations and exclusions.
Protect Highly Sensitive Shipments
Protect time-sensitive goods and other hard-to-value items in the event of loss, damage, or delay with Flexible Parcel Insurance. A full menu of affordable protection options allows you to choose the exact type of coverage needed for your shipments. The result is a unique combination of protection and savings for risks and challenges that naturally go along with transporting goods in today's world. Plus, the service delivers convenient one-stop claims processing and the opportunity to select coverage without up-front costs or deposits.
Flexible Parcel Insurance is offered through UPS Capital Insurance Agency, Inc., and through the following licensed agency affiliates: UPS Capital Insurance Agency, Inc. of Nevada in Nevada and Louisiana. UPS Capital Insurance Agency, Inc. and its affiliates are companies of UPS Capital Corporation. UPS Capital Insurance Agency, Inc. and its licensed affiliates reserve the right to change or cancel the program at anytime. The Flexible Parcel Insurance program is governed by the terms, conditions, limitations and exclusions set forth in the applicable Flexible Parcel Insurance policy. This does not in any way alter, supplement or amend the provisions of the Flexible Parcel Insurance policy and is intended only as a brief summary of the program. Coverage is not available in all areas.
Just curious whether anyone else has already looked into it.