No, it's not money by their definition, but it might be "valuables".  The thing is you are not "offering insurance", you are complying with Paypal & Ebay's requirements, so as long as you have the tracking evidence you are protected from charge backs. If something went genuinely missing when sent using recorded, I would be willing to refund the customer anyway, because it is not their problem and then I would take my chances with trying to claim from Royal Mail. Buyer's risk stands for nothing where paypal and ebay are concerned, you can splatter it all over your auction, but if it goes missing, the seller ends up paying out...guaranteed!! Just follow their guidelines and problems are few and far between