Tips for Moving Insurance Coverage
All Around Moving provides moving insurance policies with minimum hassle, thanks to our extensive network of moving service companies. These are tips for moving insurance coverage.
Every licensed moving company is required by law to assume liability to an extent for the goods that they are transporting. The customer of the service is free to purchase extra protection. It is important to note that there remain different levels of liability listed under Surface Transportation Board’s Released Orders. These are also not in anyway insurance agreements. As a customer you will require a third-party insurance; for many, the homeowner insurance policy works too.
The Full Value
A lot of moving companies will offer their customers value-added protection along with the moving services. The most commonly used terms for this feature are Full Replacement Value and Full Value Protection.
During the transportation of the goods if any or all articles are either lost or damaged the moving company reimburses the damages, and in many cases instead replaces the items with similar ones. The cost for this protection stands at $14 for every $1000 of your article’s declared value. To make this work, it is essential that the minimum value is exactly the shipment weight when multiplied by $3.5 for every pound in weight.
The Declared Value
With this, a shipment gets its value according to its weight; it is calculated $1.25 for each pound in the article that is being transported. The final cost is also narrowed down by the article’s depreciated value. Under the Declared Value option, a mover can charge you an extra fee for extra protection of the goods that they are transporting.
The Released Value
For the movers, this is deemed the most economical one. For every article, only 60 cents for each pound is what the mover is liable for. In case of damage or loss, legally these are settled according to the weight of lost or damaged article which is then multiplied by 60, for 60 cents.
The Lump Sum
When the value of your shipment surpasses $1.25 for every pound, you can gain extra liability from moving company. To make this possible, as the customer, you must declare a specific value for your articles that are being shipped.
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