Well, there's an update to this situation.
After talking with the Fed-Ex claims people, they decided that we should send in pictures and they would evaluate the damage. The next day, our Fed-Ex driver showed up with shipping labels for us to send the items in to the claims center. So, we called the next day and they said it was a mistake and they just wanted pictures. Guess who showed up later that day with more shipping labels?
Well, we finally got things straight with the Fed-Ex claims guys and sent a bunch of pictures via email. I think the main problem was that we were officially the shippers even though we received the items. With Fed-Ex, it's up to the shipper to make the claim. We had the seller take the items into a Kinko's and put it on our account, so officially we were the shipper. This caused a bit of confusion, but in the end, it seems like a much better way to go since we were in control of all claims matters, and didn't have to repack and ship things back to the seller.
Well, OK. Here's the part everyone is waiting for. Today we got an envelope from Fed-Ex in the mail. Inside was a check for the entire insured value plus the cost of shipping! So, even though there was a fair amount of confusion, the insurance did end up being worth it and really wasn't that much of a hassle to deal with...

I have NO idea what to do with those skinny stringed things... I'm just a bass player...