Here's the FedEx web site and the list.

1. Cash, currency, collectible stamps and coins.

http://www.fedex.com/us/services/express/termsandconditions/us/prohibiteditems.html

As for UPS I'd have to do some more research but with products that I sell and ship, if there is a loss, it's for the original cost, not the value. Example: I but a widget for $1.00 and sell it to XYZ Company for $50. If it gets lost, I get $1 nothing more.

Assuming that someone at UPS has been asked the question about a casino chip, which has a $5 face value, you might get an answer that it's worth $5.

We would still need to know their policy on collectibles, which is most likely like FedEx, in which case, the answer is that coins, stamps and such, are prohibited items, and therefore not insurable.

Another possibility is that if someone can prove that they purchased a chip for $50, even though it's only a 50c chip, and show a bill confirming that it has a higher value (original cost clause) then maybe there is an option to recover something for a lost item.

I'd start with the prohibited or un-insurable items list and work from there.

Hopefully this explains why most shippers may not insure chips?