Moving Insurance and Coverage
Your Insurance Options
All licensed movers must provide liability
for the value of goods they transport, but
you have to be aware of the amount of protection
provided and any additional charges that
may apply.
There are 3 basic coverage options to choose
from:
Basic Carrier Liability
Limited to 60 cents per pound per article.
This is called the "released value"
(it is the minimum amount of liability required
by law when transporting goods out of state).
When moving locally, consult a mover on
what is the minimal liability for that particular
state.
Declared Value Protection
Subject to an additional, minimum charge
of $1.25 times the weight of your shipment
(based on the depreciated value of an item).
The entire delivery is covered at a value
that does not exceed the dollar amount you
declare. With this coverage the mover is
liable for the entire shipment at an amount
equal to $1.25 per pound times the weight
of your shipment. If your shipment exceeds
the liability of $1.25 per pound times the
weight of your shipment, you may obtain
full replacement liability.
Remember that movers are permitted to limit
their liability for loss or damage to articles
of extraordinary value, so it is your responsibility
to understand this coverage.
Full Replacement Value
Subject to a minimum charge of either $3.50
or $4.00 times the weight of your shipment
(some companies provide Minimum Full Replacement
Value coverage, decide if this is enough
to cover you).
This coverage equals the replacement cost
or the repair of a damaged item. The mover
can sell you or procure for you liability
insurance in the amount you request if you
release your shipment for transportation
at a value of 60 cents per pound per article.
If any damages or loss to your shipment
occurs during your move, the mover would
be liable for an amount not exceeding 60
cents per pound per article, and the balance
of the loss (up to the amount of insurance
purchased) would be recoverable from the
insurance company.
This coverage may also have a deductible.
Coverage with a deductible reduces the premium
(keep in mind that you're also responsible
for the first $100.00, $250.00, or $500.00
of loss or repairs).
EXTRA COVERAGE:
Extra insurance can be purchased thru your
mover with an independent insurance company,
which will cover you for the duration of
the move. Your mover will be able to direct
you to a company that will bind your move.
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