Deceptive and abusive. Shipsurance allows patrons to overpay for insurance without warning them that they won't pay replacement cost, but instead pay only the last sale price of the item. They bank money from huge amounts of people insuring to replacement value. Buried in their terms they say that they will only pay the purchase price of a recently sold item. If you get a $1000 item for $500 in an auction, they will let you pay for $1000 of insurance and will only pay out the $500 sale price plus shipping costs. I insured a shipment. The shipper dropped the box too heavily and damaged the item despite all the bubble wrap the shipper had used and the fact that it was in the factory case. I made a claim with shipsurance for the insured amount. Shipsurance did the following. 1) asked for proof of ownership. (so I provided the Paypal receipt). 2) used the Paypal receipt I provided to prove ownership to establish the instrument value (I paid about 50% of replacement value in an awesome deal) 3) Required several repair estimates (you couldn't repair it for less than the cost of the instrument). 4) Paid me the purchase price, not full replacement value of the instrument which I paid to insure. 5) Blackballed me from further business with Shipsurance. (That is fine with me, but they also blackballed the guy I bought the instrument from whose only involvement was to give me a good deal, pack, and ship the instrument.)I'm looking forward to the class action where some enterprising lawyer sues Shipsurance for all the money they take by allowing people to routinely inadvertently overinsure their items.
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Shipsurance Insurance Services, an Assurant Company, is a shipping insurance provider. We provide coverage for shipments sent via the major shipping carriers at a greatly reduced rate; often more than 90% off of the carrier rates. Think of us more as a business partner than a shipping insurance vendor. We work with you as your claims management department. We have been insuring businesses for over 10 years and underwritten by Voyager Indemnity Insurance Company. Voyager is 'A' rated by A.M. Best."See more
