I know I'm in the minority on this issue, but, for the most part, I don't see the need for insurance. However, if there is no insurance, the chip better be package securely. There is little chance of someone slitting open a package if there is no indication of a chip/coin inside. Put the chip in a 2X2. Tape the 2X2 between 2 pieces of cardboard the approximate size of the mailer.

I would not have used insurance with respect to the cure chip. I would, however, have replaced the chip.