Parcel Post insurance
Definition - What does Parcel Post insurance mean?
Parcel post insurance is coverage for damage to or loss of an item shipped through either a government courier such as the US Postal Service or a private courier company. The courier itself often provides this insurance, and the premium is based on the value of the items being shipped. There are some items that cannot be covered by this insurance.
Insuranceopedia explains Parcel Post insurance
When a person sends a parcel, they are asked about the item and its value. If it is valuable, such as a laptop, e-reader, or a collectible item, the courier office will often suggest purchasing post parcel insurance to cover the item. The premium paid to insured the items about to be shipped is based on the market price of those items.
If the insured item is damaged or lost while in transit and discovered to be so upon delivery, the person who insured it can file a claim and recover an amount equivalent of the market price of the item.
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