Thanks for the quick replies guys... I already contacted the seller to start an insurance claim. It was insured for the full amount. The bike is practically a new bike. Maybe ridden for a few miles.

If the claim is approved, I think Fedex is probably going to pay the amount insured, claim the bike, and I will probably get a refund back from the seller. So far, he's been very good with communication and genuinely apologetic. Either way, I'm out a new bike right? I mean, Fedex isn't going to replace the bike with a new one of the same model correct?

Thanks!