shipping insuranced questions

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bittermanbrewing

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May 8, 2013
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This may be a dumb question but how much insurance do you buy for an item? If I sell something I made to a buyer for $50 would I insure it for $100 to cover his reimbursement, plus the $50 in lost income and materials. That seems to make sense to me, but something is lingering in my mind that most places will only reimburse at the invoice cost, though when I looked I couldn't find any specifics.

thanks for the help!
Jason
 
What Frank said.

If you sold it for $50, that is all you can insure it for. The materials and your profit were in the price you sold it for.
 
bittermanbrewing said:
This may be a dumb question but how much insurance do you buy for an item? If I sell something I made to a buyer for $50 would I insure it for $100 to cover his reimbursement, plus the $50 in lost income and materials. That seems to make sense to me, but something is lingering in my mind that most places will only reimburse at the invoice cost, though when I looked I couldn't find any specifics.

thanks for the help!
Jason
Click to expand...

$50 total and paid to the customer...

You already covered your cost with the $50 you sold it for.
 
And yet at the same time as of last night I thought I was out hundreds of dollars for not putting insurance on some knife blanks. In the past if it wasn't breakable and it had a tracking number then I wouldn't put insurance on it. I believed the same thing as Bill DeShivs, maybe I still do, but from here on out if I can't eat the cost easily then I'm insuring it.
 
When I was actively involved with a wholesale jeweler, we shipped diamonds-lots of big diamonds via registered mail, not insured.
 
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