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Collectibles Insurance Services Claim Experience18503

Ima gonna steal this and look for some occasion to use it! IronMan private msg quote post Address this user
Over the years, Collectibles Insurance Services (CIS) gets mentioned regularly on the CBCS and CGC forums and also the various comic collector groups on Facebook. CBCS has in the past year or two often advertised CIS to collectors on their (probably vast) mailing list and banner ads on both the Beckett and CBCS homepages.

While there have been lots of advertising of CIS’s services and reasonable rates, I have never once seen a first person reply to the question of “how is CIS when it comes to claims filed?”. I’ve seen a few second and third hand accounts, but never have I read someone say “I filed a claim and this is how it went….”

Well – I filed a claim over the summer and this is how it went:

THE SHORT VERSION:
CIS paid the claim, took a little over two months. Adjuster accepted GPA values, also wanted a copy of a police report reporting the books stolen as well as the case number for the theft reported to postal inspectors. The claim settlement was for $2000 - $2200 value of the books minus $200 deductible.

THE LONG VERSION
The claim was for a lost/stolen package shipped via USPS. Priority Mail, insured $200 and signature required. Two CGC graded comic books. I received half a dozen slabbed books from a client for potential Crack, Press and resubmit. ASM 300 CGC 9.4 and Showcase 17 CGC 4.0 were screened out for CPR and returned to the owner.

The USPS part of the story is complicated and let me say at least this time USPS seriously sucked. Online tracking showed the package as attempted delivery, returned to some sort center and then disappears. An online insurance claim resulted in USPS saying they showed the package delivered. A USPS counter clerk I’m friendly with pulled tracking from their INTRANET (not internet) and the package was delivered – at the wrong address and NOT signed for – but then returned to the same carrier a few days later. Notation of previous delivery being invalid. That’s when it went back to USPS and disappears.

But the story gets better (or worse) because a few weeks after the package disappears the Showcase 17 is sold on eBay. So somewhere along the line the package got stolen. So a theft report was filed with the postal inspector’s office.

I filed the claim online at the CIS website. I received a letter from an adjuster about two weeks later. After some back and forth via emails with the adjuster and the owner of the books and myself over a period of a little over two months, I received a check for $2000. (I then sent the $$ to the owner of the books) The adjuster accepted the GPA listed values for the books. As mentioned earlier, she wanted a copy of the report to the postal inspector’s office and wanted a theft report filed with the local police department.

The postal inspector hasn’t pursued in any fashion the theft. It would appear that someone at the post office stole the books – although it is also possible the neighbor down the street returned an empty box to the carrier. Doesn’t seem likely the neighbor is the thief since the package disappears from tracking once it hits the return section at USPS. The one stolen book that was sold on eBay the seller lives about 40 miles away from where the book disappeared.

If the inspector’s office wanted to, it should be relatively easy to get the sellers name/address and then begin the investigation with “where did you get the Showcase 17, CGC 4.0 serial number xxx from?”

Worse still, it’s been a stone wall getting the $200 insurance plus postage from USPS insurance claim, as those dumb f’s continue to insist the package was delivered…..

So overall, I have to say I’m pleased with the service I received on my first (and hopefully last) claim with CIS. They accepted GPA values and did not ask how much the owner of the books paid for them. The request to file a theft report with the local police was reasonable. A little over two months to settle the claim doesn’t seem particularly fast. But it is way better than USPS’s insurance claim service.

The second and third hand accounts of CIS’s claim service that I have read went along the lines of “paid the claim but then would not renew the policy”. It just so happens the claim was paid within a few weeks of my renewal coming up. So I paid (renewed) online the hot second the bill showed. I’ve waited a month before posting this and CIS has not cancelled my policy. Maybe I got lucky with the renewal time frame, maybe the reports CIS won’t renew policies that have had a claim are not true. If I get a cancellation notice in the future I’ll be posting about it.
Post 1 IP   flag post
I’m not an ant. I’m a rootin tootin Hornet! Zombie_Head private msg quote post Address this user
Great info thanks
Post 2 IP   flag post
Where's his Bat-package? Byrdibyrd private msg quote post Address this user
I'm sorry you had such an unpleasant experience. Thank you for sharing, though. This is all very good information to have.
Post 3 IP   flag post
Collector SidTheSquid private msg quote post Address this user
Sorry you had to deal with this. Wouldn't life be a lot simpler if people always just did the right thing?

Good info also, as I am a CIS customer and thankfully have not had to file any claims with them.
Post 4 IP   flag post
The apple sauce and pudding were the best part... Bronte private msg quote post Address this user
Thank you for sharing the experience. I have a policy with them as well. This makes the yearly premium easier to swallow.
Post 5 IP   flag post
It was a one trick pony show but always hilarious. GAC private msg quote post Address this user
Great post and thanks for sharing.

The insurance company's request for police reports and USPS lost package reports are perfectly acceptable and expected. Insurance is a legal contract that must be executed legally.

Insurance companies have no obligation to renew a policy and are not in the business of non-renewing policies simply because a claim is put through. It is their business to process claims....but, if they feel something isn't right about a claim and feel challenging the veracity of the claim is not worth the effort/time/cost (amount being claimed isn't too high) then yes, they can decide to get off risk and non-renew.
Post 6 IP   flag post
" . " Davethebrave private msg quote post Address this user
My guess is the insurance company will cancel coverage depending on the nature of the claim. Because this claim had little apparent connection to YOU (and CIS policies clearly contemplate shipping coverage) there is no reason to consider you a higher risk than before.

This is different than a claim for a loss while the book is in someone’s custody - because it would be a more concrete indication of their specific risk/circumstances.

Insurance companies run off cold hard math and probabilities. They should ignore sunk costs and only incorporate the new information - essentially whether or not you are a materially greater risk than priced in.
Post 7 IP   flag post
Collector andy49 private msg quote post Address this user
i'm also a policy holder, thanks for the info
Post 8 IP   flag post
Apparently, I am easily annoyed. Rbolton private msg quote post Address this user
Great info, I have had almost the same exact experience with USPS.
Post 9 IP   flag post
Feel free to use my post as a checklist. multi007 private msg quote post Address this user
@IronMan" the package was delivered – at the wrong address and NOT signed for – but then returned to the same carrier a few days later."

THIS is shocking that it was even given back to the post office... most people would open the box and keep the contents.

"The postal inspector hasn’t pursued in any fashion the theft. "

This is NOT surprising. They dont tend to investigate themselves. Only if you get a theft on camera, are they FORCED into taking action. Side note: Had a postman deliver a slabbed book 4 years ago - THREW it the length of my driveway to my front door (lazy f-cker). The box hit my door hard. Cracked the case AND damaged the book inside - Walking Dead #1 CGC 9.8 (the value at that time was $4k). I have a Ring doorbell that caught the entire thing. I went to the local post office, asked for manager, had to ask 3 times, 33 minutes later, a man who said "im busy what do you want". I told him what happened. He called the postal employee on their phone. Of course the guy lied and said "I did no such thing". The manager said AS HE STARTED WALKING AWAY "Is there anything else?" Clearly he wasnt interested in helping. I just said I'll be back tomorrow. I did some research online, called the USPS customer service #, they didnt believe me. The next day - this is what I did. I brought my laptop, and the Ring camera video. I called 911 from the po box pre-lobby of the post office to report a vandalism to my postal package. 2 cop cars showed up. Gave them my id. I showed them the ring video on my laptop. They went right into the lobby, was escorted into the back behind closed doors.... 20 minutes later, the cops and the same manager from the day before comes out, with an official postal inspection form, they took the copy of the video via usb, copies of all docus for my claim for full damages for the price of the book. I also insisted on a police report and that's when the manager said "oh that wont be necessary - I'll personally see to it that your claim is approved." I pulled the cop aside and said "I want a police report". 20 days later, I got a check for $3670.

I would also send a copy of your police report to ebay - let them know they facilitated the sale of a stolen item. they "may" care...
Post 10 IP   flag post
Collector PolarisNuclearSS2020 private msg quote post Address this user
Quote:
Originally Posted by multi007
@IronMan" the package was delivered – at the wrong address and NOT signed for – but then returned to the same carrier a few days later."

THIS is shocking that it was even given back to the post office... most people would open the box and keep the contents.

"The postal inspector hasn’t pursued in any fashion the theft. "

This is NOT surprising. They dont tend to investigate themselves. Only if you get a theft on camera, are they FORCED into taking action. Side note: Had a postman deliver a slabbed book 4 years ago - THREW it the length of my driveway to my front door (lazy f-cker). The box hit my door hard. Cracked the case AND damaged the book inside - Walking Dead #1 CGC 9.8 (the value at that time was $4k). I have a Ring doorbell that caught the entire thing. I went to the local post office, asked for manager, had to ask 3 times, 33 minutes later, a man who said "im busy what do you want". I told him what happened. He called the postal employee on their phone. Of course the guy lied and said "I did no such thing". The manager said AS HE STARTED WALKING AWAY "Is there anything else?" Clearly he wasnt interested in helping. I just said I'll be back tomorrow. I did some research online, called the USPS customer service #, they didnt believe me. The next day - this is what I did. I brought my laptop, and the Ring camera video. I called 911 from the po box pre-lobby of the post office to report a vandalism to my postal package. 2 cop cars showed up. Gave them my id. I showed them the ring video on my laptop. They went right into the lobby, was escorted into the back behind closed doors.... 20 minutes later, the cops and the same manager from the day before comes out, with an official postal inspection form, they took the copy of the video via usb, copies of all docus for my claim for full damages for the price of the book. I also insisted on a police report and that's when the manager said "oh that wont be necessary - I'll personally see to it that your claim is approved." I pulled the cop aside and said "I want a police report". 20 days later, I got a check for $3670.

I would also send a copy of your police report to ebay - let them know they facilitated the sale of a stolen item. they "may" care...


Mah man!

Plain as day to see that a USPS employee stole the Showcase 17 and said thief either used his own ebay account to sell the book or an eBay account of a friend or relative (address 40 miles away).

@ironman , they are piling insult on after injury, they know damn well the Showcase 17 was stolen....this is not stupidity on their part.

They just don't wanna slow down the gravy thievery train.

I used to let this kinda sh-t slide but not anymore.
Post 11 IP   flag post
Collector dennisqdw private msg quote post Address this user
I've had my own bad experiences with the post office, and I have never heard of anyone getting a satisfactory insurance claim from them. My own local postal guy is really cool, but he's going to retire soon and be replaced by a woman who is a total dope. I won't go into details, but things will get bad when that happens.
For what it's worth sometimes, although clearly not in this case, things get lost at the post office distribution center itself. I had a package sent to me, that was being tracked with photos and everything, and then just disappeared. It turned out to have fallen behind some kind of sorting device and found months later.
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