NO!!!
You can insure it for any amount you wish (I've gone up to $2200). You just need to specify how much insurance coverage you want and pay the nominal extra amount.
The maximum value Pirate Ship will let you insure a package for is $5000, and any package insured over $1000 requires an adult signature to be received.
I just sent a set of aluminum AMC cylinder heads from Indiana to Jacksonville, FL residence with $1300 insurance per package and it cost me $44.29 per box.
The boxes were 25" x 10" x 8" and weighed 32 lbs. each. UPS wanted $97.00 each and FedEx wanted $108.00 each. I have had accounts with both of them for years, but