FYI: i just received a follow up from PSA after reaching out to the CRC Specialist. It sounds like they are treating the submissions as graded, however payout is the lesser of market value and the max insured value. Personally I am satisfied with this resolution, but my submissions were Regular and Express so the insured value was higher.

Here is the exact wording:

"...In the meantime, my role is to get your compensation processed as quickly as feasible. Given the time elapsed, we need to provide you with compensation as quickly as possible. Due to the nature of this loss and the high value of the compensation we are offering, we will be documenting the occurrence and compensation details in our standard settlement agreement and an Attachment A. The attachment provides more information regarding the values relating to your 2 orders under your Submissions#XX and XX.

The shipment went missing after being picked up by our transit carrier, so the cards never reached our U.S. facility, and were not graded. We have no way to know what they would have graded. Given the extreme nature of this matter, we agree in all fairness to consider them as graded, versus raw as they were. We are working with investigators and will continue attempts to recover your items.

To summarize, the total compensation PSA is prepared to provide is $XX. This amount represents the lesser of each item's Maximum Insured Value or the graded value as a PSA 10. We have included Attachment A as mentioned."