I am not insured at all although my normal homeowners may provide coverage (I don't believe that chips are excluded)

I almost never insure when I mail chips. Two reasons are that insurance on a small, light item is a very tempting target for theft. Second, the USPS will not pay if they are not satisfied as to the worth of the item. The amount insured is not proof of value. I could only imagine putting in a claim for a $1000 chip when my only proof of value is that the recepient was willing to pay that amount (of course that wouldn't count as the recipient could be an accomplice).

I find that wrapping a chip in bubble wrap, stuffing it in a padded envelop and adding delivery confirmation is sufficient. The delivery confirmation confirms delivery (in case I don't trust the buyer)and I also feel that the USPS treats the package with just a bit more care. Although that is only my opinion.

I know when I bought over $10k in ivory, the seller would not use insurance. He sent Fed Ex over night. The theory was that the package would not be sitting for any length of time. Also, he didn't think that an insurance claim would ever be paid. Plus there was nothing about the package that would tempt a thief.