Insurance For Moving
INSURANCE FOR MOVING - Many people don't really consider insurance
when moving, but we're here to remind you of its importance and the many
options that a mover should consider before relocating.
Insurance/Valuation, Coverage & Claims...
Might be the most problematic and misunderstood part of any moving contract.
You can buy three levels of insurance/valuation coverage:
Is the minimum coverage required by law, and is included in the base price.
You will receive 30 cents per pound (60¢ per pound if moving long distance)
for any lost or damaged item. While this coverage is better than nothing,
limited liability insurance places your more valuable objects at a greater
For example, if your mover were to drop an antique crystal glass that weighs
half a pound, all limited liability insurance would pay is 15 or 30 cents.
If the moving truck disappears into the mist and is never seen again, the
most the insurance company would ever pay is the legal maximum, $2,500.
Lump Sum Value...
Coverage requires that you declare how much each of your items is worth.
Based on this valuation, you pay a premium that is generally less than 1% of
the value covered. For example, if the value of your shipment is more than
$1.25 per pound, you pay $7 per $1,000. Therefore, the premium for a 4,000
pound shipment valued at $5,000 would be $35.
Full Value Protection...
is the Rolls-Royce of insurance coverage. This policy guarantees that the
insurance company will replace any article that is lost or damaged beyond
repair with either a like item or a cash settlement. Any cash settlements
made will be in the amount of the current market replacement value. The
exact cost for full value protection varies from mover to mover.
- Check your homeowner's insurance. Some policies cover property in
- Consider purchasing short-term insurance that covers the move if your
property is very valuable.
- Unlike most property insurance, valuation does not automatically pay
for any damage. It must be clearly shown that the mover was responsible
for the damage.
- Items in boxes not packed by the mover are not covered, unless the
outside of the carton provides clear evidence that the entire box was
damaged during the move.
- The mover is responsible for any electronic item that does not
function after the move only if there is clear evidence that the item was
dropped or mishandled during the move.
- The customer has nine months after the move to file an initial claim
against the mover.
- The mover is legally obligated to acknowledge any claim within 30 days
and to resolve it or offer a settlement within 120 days.
- The customer is legally responsible to pay for the move, even when
claiming extensive damages. The customer must go through the claims
process to receive compensation for any damages.
- If a settlement cannot be reached, the customer either can sue the
mover or seek arbitration.
- Check with your Better Business Bureau; often it will be able to
provide you with a company's track record in handling claims.
source from Getamover.com
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