Moving companies are required to assume liability for the value of the household goods they transport.
There are three different types of liability protection that companies offer. The first is Basic Valuation Protection, or waiver of Full Value Protection. This insurance option is provided free-of-charge and is the most basic coverage.
Under the Basic Value Protection package, the carrier is liable for no more than 60 cents per pound per item, up to a maximum of $50 per item. The second type of liability protection is Full Value Protection.
Depreciated value protection is a type of full value insurance that is based off a depreciation scale which varies by each item. Each individual item in a home depreciates differently per year.
Full Value Protection covers shipments at a minimum of $6.00 per pound, with the option to increase that coverage. Under the Full Value Protection option, items valued at greater than $100 per pound must be declared as items of extraordinary value on the shipping documents.
While Basic valuation protection is offered free of charge to our customers, the cost of Full Value Protection depends upon the weight of the inventory. Protection must be chosen before the day of the move. Your moving company is legally liable for loss or damage that occurs during the transportation of your shipment and all related services that are mentioned on the bill of lading.
It is important to understand your protection options before you start your move. If you do not fully understand any aspects of the protection options offered by your moving company, have someone from the company explain your options and go over what each option entails. This will eliminate any confusion over what the moving company is liable for and will make you a move informed consumer.
Tags: moving insurance, moving insurnace options, storage insurance, full value moving
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