Moving Insurance Options
Your Moving Insurance Options
Licensed movers are required to provide moving insurance according to the value of the goods transported, but it is your responsibility to know the degree of protection awarded and the possible added charges which you could incur.
There are mainly three coverage options which you can select:
Basic carrier liability
This is restricted to 60 cents per pound per article transported. This is referred to as the “released value” (this is the lowest amount of liability which should be provided by the law when goods are transported out of the state). When the moving occurs within the state lines, inquire about the minimal liability of the state from a mover.
Declared Value Protection
This is an added minimum amount of $1.25 times the weight of your goods (calculated on the basis of the depreciated value of the goods). The whole delivery is protected at a value which is lesser than the value you have declared in dollar amount. Under this coverage, the mover is responsible for the whole shipment at a price which is equivalent to $1.25 per pound times the total weight of the shipment. But, if the goods exceed the liability value of $1.25 per pound times the total shipment weight, a full replacement liability is a better option for you.
It is important to keep in mind that movers are required only to restrict their liability for any loss or damage which occurs to goods which are of extraordinary value, hence it is your responsibility to understand the terms of this coverage.
Full replacement value
This is priced at a minimum fee of $3.50 or $4.00 times the total shipment weight (certain companies issue minimum full replacement value coverage, so it is up to you to decide if this is sufficient).
Under this coverage, the cost incurred to replace or repair the damaged item would be provided to you. The mover has the capacity to sell you or obtain the liability insurance according to the amount requested by you, if the shipment is released at a value of 60 cents per pound per article. If the item is damaged or lost during moving, the mover is obligated to pay compensation at an amount which does not go beyond 60 cents per pound per article, the remainder of the loss ( till the amount of insurance obtained) would be obtained from the insurance provider.
This insurance may include a deductible. Coverage including a deductible diminishes the premium (it is important to remember that you are accountable for the initial $100.00, $250.00, or $500.00 of loss or repairs).
Extra coverage
Extra insurance can be obtained via the moving agency from an independent insurance provider, this will insure the goods during the process of moving. The moving agency chosen by you will guide you to an organization that will bind your move.
