Dave, conceivably, only the shipper knows how much it was insured for, so it's his three grand in your suggested situation. Seller does owe the 2200 back though.

Guessing that the 200 was eaten up anyway during the packaging phase etc.

The buyer "owns" it, when it is in his hands and he no longer owes any more money for it.

I sold a kangaroo have a 1000 deposit on it. It's still in my hands, and until it is delivered, I'm making sure nothing happens to it. Cause if something does, I own the problem.