Why “fully insured” is not enough
Many sellers say shipments are fully insured. The real question is what the policy actually covers, who is named on it, and how a claim is paid. This guide explains the terms you should see in writing before you send money.
What a gold shipping policy must include
1) Named insured and beneficiary
- The seller or logistics partner should be the named insured.
- You, the buyer, should be listed as a beneficiary or loss payee for your shipment reference.
2) Valuation basis
- Coverage should be based on the declared invoice value for that parcel.
- Confirm whether premiums, taxes, assay, or transport are included in the value.
3) Scope of cover
- All risk for physical loss, theft, or damage during transit.
- Applies from pickup at origin to the delivery point you agreed on.
- Territorial limits should include the DRC, transit hubs, and the USA.
4) Transport modes and couriers
- Policy should name or allow the courier class used for precious cargo.
- For vault deliveries, confirm the policy covers delivery to depositories.
5) Limits and deductibles
- Per-parcel limit equal to or above your invoice value.
- Any deductible must be stated and reasonable.
6) Risk transfer point
- The policy should state when risk transfers to you.
- Common points are on courier pickup or on signed delivery. Get it in writing.
7) Packaging and chain of custody
- Tamper-evident packaging with unique seal numbers.
- Scan of the airway bill and seal numbers shared with you.
8) Exclusions you must understand
Typical exclusions include:
- Fraud or dishonesty by the insured party
- Unexplained shortage without evidence of tampering
- Improper packaging that the shipper failed to follow
- Force majeure events not covered by the policy wording
Ask for the exclusion list before you pay.
9) Proof and documentation for claims
- Copy of invoice and declared value
- Courier tracking, airway bill, and seal numbers
- Photos of packaging and contents at dispatch and at delivery opening
- Police report if theft is suspected
- Claim submission form from the insurer
10) Claims timeline and payout
- A stated window to file a claim, often 3 to 7 days from discovery
- Target decision timelines and payment method
- Who receives the payout and how funds are passed to you
Red flags to avoid
- Policies that only name the forwarder and do not list your shipment
- One-line “fully insured” statements with no insurer name or policy number
- Declared value well below your invoice
- Courier classes that do not accept precious metals
- No mention of risk transfer points
Worked example: what the paperwork looks like
Below is an illustrative checklist of what you should receive once your shipment is booked.
| Document | What it proves | What to check |
|---|---|---|
| Insurance confirmation letter | Active cover tied to your shipment | Names, policy number, declared value, route, limits |
| Air Waybill (AWB) | Courier acceptance and route | Tracking number, weight, your delivery city, service level |
| Tamper-evident seal log | Integrity of package | Seal IDs match photos and dispatch note |
| Dispatch photo set | Condition pre-handover | Bar serials, assay card/report, packaging, label |
| Delivery instructions | Who can sign and where | Vault address or your address and delivery window |
Note: This table is for guidance. Actual formats vary by courier and insurer.
How to verify a policy in 5 minutes
- Ask for the insurer’s name and policy number.
- Check that your shipment is listed by reference and value.
- Confirm the risk transfer point and territory.
- Confirm the per-parcel limit covers your amount.
- Call or email the insurer or broker to validate the shipment reference.
Claim steps if something goes wrong
- Notify the courier, insurer, and seller immediately.
- Keep all packaging and film your unboxing if damage is visible.
- File a police report if theft or tampering is suspected.
- Submit the claim form with invoice, AWB, seal numbers, and photos.
- Track the claim and ask for provisional timelines in writing.
Vault delivery vs home delivery
- Vault delivery reduces handling risk and can simplify verification.
- Home or office delivery is possible, but make sure you understand signature rules, restricted delivery windows, and insurance limits.
Frequently asked questions
Is the USA portion of transit covered the same as the export leg?
Yes, if the policy lists end-to-end coverage. Check territory and risk transfer language.
Does insurance cover customs delays?
Insurance covers loss or damage, not routine delays. Ask for the policy section on delay or deterioration.
What if the courier tracking shows delivered but I did not receive it?
Treat it as a potential loss. File notices at once and ask the courier for proof of delivery and driver logs while the insurer opens a claim.
Can I increase coverage above the standard limit?
Often yes. Ask for an excess limit quote before dispatch.
Are coins and bars treated differently?
Coverage is based on declared value and packaging standards. The same all-risk principles usually apply.
Contact
WhatsApp or Phone: +243 820 928 379
Email: info@congorareminerals.com