A bill to amend title 39, United States Code, to provide a mail delivery insurance program under which a person who insures an article of mail could recover for losses occurring when there is late or no delivery of the article.

Requires the Postal Service to establish, not later than two hundred forty days after the date of the enactment of this Act, a mail delivery insurance program which will enable any person transmitting any matter in the domestic mail to purchase, with respect to such matter, insurance against any loss sustained by that person because the insured matter was not delivered to the addressee, or delivered to the addressee after the insured delivery date.

Provides that coverage under the mail delivery insurance program shall: (1) not exceed $2,500 with respect to each insured matter transmitted in the mail, and (2) not include the value of the insured matter itself, if such matter is damaged or lost, but only losses resulting from the late delivery or nondelivery of such matter.

Directs the General Accounting Office to conduct an investigation and study of domestic mail service for the purpose of establishing a schedule of standard processing and delivery periods for such mail service.