A few years back I shipped an expensive watch by UPS from Mailboxes Etc. The insurance was very costly.
They told me UPS never loses packages so I waived the insurance. My watch disappeared. I told a friend in the clothing business. He said they often shipped clothing to customers.
Once they forgot to buy insurance. That package was the only one that ever disappeared. After some research I concluded that the insurance is a profit center and a protection racket. If you buy insurance nobody steals your package.
If you don't, the package can disappear and nobody will do anything about it.
This increases their income from insurance. I have never used UPS since then.