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Marc S.use third-party insurance companies - the most prevalent seller of such is 4 Sharp Corners out of Massachusetts, who really only sells modern.
At any rate, though - it is presumably much cheapers than USPS. If you think about the USPS rate, it is basically 2.6% of insured value for the first $50 - and I've never had to make a claim having using that hundreds of times. Not to mention the countless hours spent in line. I think if you are upfront in your auction description (e.g. "Insurance is through a third-party agency, or I self-insure"), then you're okay. I just wouldn't charge people and then not do what they think you will do.
~ms