Why Precious Metals Need More Than Standard Carrier Coverage
Precious metals concentrate a great deal of value in a small, heavy package, which makes them an attractive target and an expensive loss. Carriers usually limit their liability for precious metals well below market value, and they often add extra restrictions on top.
A declared value is not the same thing as insurance. It states what you say the shipment is worth, but the carrier's own limit can still decide what is paid. With full-value insurance, the declared value of the shipment is covered, up to $150,000 with Unival.
Metal prices move daily, so declare the value on the day you ship. Because metals reach high values quickly, contact us before you ship if your shipment is worth more than the coverage limit.
What to Prepare for Each Form of Metal
Each form of metal carries its own considerations. This table shows what to focus on before you seal the package.
| Form | Main consideration | What to prepare |
|---|---|---|
| Bars and coins | High value in a small, heavy package | Serial numbers, assay certificates, sealed original packaging |
| Casting grain, sheet and wire | Moving between suppliers and manufacturers | Itemized invoice, weight per item |
| Scrap, sweeps and residues | Value depends on assay, so records matter | Weight before shipping, description of contents, custody paperwork |
| Refined metal returned to a customer | Weight and purity must match the paperwork | Settlement statement, weights, sealed packaging |
| Import and export shipments | Customs and filing requirements | Commercial invoice, declared value matching it |
Record the weight before sealing, and compare it on delivery. Report any difference at once.
Shipping Precious Metals From Newark and Northern New Jersey
Newark has been a center of jewelry manufacturing and precious metals refining since the 1800s, and metalworking still runs through the history of the city. Today Port Newark, the major container port for New York Harbor, and Newark Liberty International Airport make Northern New Jersey one of the busiest shipping gateways on the East Coast, with New York City's dealers and manufacturers just across the river.
Typical metal shipments from the area include:
- Scrap and sweeps sent to refiners and assayers
- Refined metal and casting stock delivered to manufacturers
- Bars and coins sold to customers in other states
- Metal moving between New Jersey and New York dealers
Unival is headquartered in the Los Angeles Jewelry District and insures and tracks shipments to and from Newark. Read more about our secure transportation or see our overview of insured shipping in Newark. For bars and coins, see insured bullion shipping in Dallas, and for metals moving west, see insured precious metals shipping in Los Angeles.
Scrap, Assay and Declared Value
Scrap and mixed metal are different from bars and coins, because their value is only fixed once the metal has been assayed. Before you ship, weigh the metal, describe the contents accurately and photograph it. Declare a reasonable value based on the recorded weight, the expected purity and the day's price.
Keep a copy of the weight and the description, and compare them with the receiving party's figures. A value that is too low can reduce what is paid out in a claim.
Import and Export Shipments
International shipments of precious metals need accurate customs paperwork, including a commercial invoice with the correct value and description. An export filing is generally required when goods classified under a single Schedule B number are worth more than $2,500, or when a license is required.
Rules differ by country and by type of metal, so confirm the requirements with your customs broker before you ship.
What Affects the Cost of Insured Precious Metals Shipping?
Two things drive the price: the shipping and the insurance on the declared value. Insurance follows value, which moves with the metal price. Shipping depends on weight, destination, delivery speed and handling requirements.
We quote each shipment before it moves. Get a quote with the metal, its form, the weight, the declared value and the destination.
How to Pack and Document Precious Metals for Shipping
Good records prevent most claim disputes. Before you ship, check the following:
- Record the weight and description of every item before sealing.
- Keep assay certificates, serial numbers and mint packaging with the shipment record.
- Photograph the items and the sealed package.
- Declare the current market value, not the price you paid.
- Use sturdy, plain, sealed packaging with no mention of the contents on the outside.
- Include an itemized list, keep a copy, and check the weight on receipt.
