Moving Insurance Services

 
 
 

200270470-001Insurance policy

When you move, your personal property is loaded onto a moving truck. And while most moves go smoothly, accidents do happen and some items may be lost or damaged during shipment.

We are liable for the value of the goods you ask us to transport. There are, however, different levels of liability. The level you choose will determine the type and amount of reimbursement you will receive if an item is lost or damaged. Be aware of the various types of protection available and the charges for each option. This brochure will serve as a tool to assist you in making the right choice for you.

The two different levels of liability we are required to provide both explained below and in Your Rights and Responsibilities When You Move, a booklet movers are required by Federal regulations to provide to interstate moving customers. Be sure to read this information carefully and follow the instructions provided to declare a value on your shipment.

What are your options?

  • Under Federal law, interstate movers must offer two different liability options referred to as valuation coverage:
  • (1) Full Value Protection and (2) Released Value

 

(1) Full Value Protection

Under Full Value Protection, we are liable for the replacement value of lost or damaged goods in your entire shipment. This is the more comprehensive plan available for the protection of your belongings. Unless you select the alternative level of liability described below—Released Value—we will transport your shipment under the Full Value Protection level of liability. If any article is lost, destroyed or damaged while in our custody, we will, at its discretion, offer to do one (1) of the following for each item:

  • Repair the item
  • Replace with a similar item
  • Make a cash settlement for the cost of the repair or the current market replacement value

Under this option, we are permitted to limit our liability for loss or damage to articles of extraordinary value, unless you specifically list these articles on the shipping documents. An article of extraordinary value is any item whose value exceeds $100 per pound (i.e., jewelry, silverware, china, furs, antiques). Ask us for a written explanation of this limitation before your move.

The exact cost for Full Value Protection varies and may be subject to various deductible levels of liability that may reduce your cost. Ask us for written details of their Full Value Protection plan.


(2) Released Value

The most economical protection available is Released Value, since it is offered at no additional charge. However, the protection is minimal. Under this option, we assumes liability for no more than 60 cents per pound per article. For example, if your mover lost or damaged a 10-pound stereo component valued at $1,000, you would only receive $6.00 in compensation (60 cents x 10 pounds).

There is no additional charge for Released Value. However, you must sign a specific statement on thebill of lading or contract agreeing to it. But remember, it compensates you according to the weight of the item, not its actual value. And, if you do not select Released Value, your shipment will automatically be transported at the Full Value Protection level of liability and you will be assessed the applicable charge.

Full Value Protection and Released Value are not insurance policies governed by State insurance laws; instead, they are Federal contractual tariff levels of liability authorized under Released Rates Orders of the Surface Transportation Board of the U.S. Department of Transportation.


Third-party Insurance

If you select Released Value, we also offer to sell or obtain for you separate liability insurance. The cost of this insurance is not included in the basic move and must be purchased separately by you. This is not valuation coverage governed by Federal law—it is optional insurance regulated by State law.

If you purchase this coverage, we remains liable for the amount up to 60 cents per pound per article; but the rest of the loss is recoverable from the insurance company up to the amount of insurance you purchased. We are required to issue the policy or other written record of the purchase and provide you with a copy at the time of purchase.

You also have the option of purchasing insurance from a third-party insurance company. Before purchasing insurance, check your homeowner’s insurance policy to see if you’re already covered.

 Keep in Mind …

Some of your actions may limit your liability. These include:

  • Packing perishable, dangerous or hazardous materials in your household goods without our knowledge.
  • Packing your own boxes. You may consider packing your own household goods articles to reduce your costs, but if the articles you pack are damaged, it may be more difficult to establish your claim for the boxes you pack.
  • Choosing Released Value coverage when your household goods are valued at more than 60 cents per pound per article.

Report loss and damage promptly. You have nine (9) months following either the date of delivery, or the date on which the shipment should have been delivered, to file a written claim.

We are are required to participate in a dispute resolution or arbitration program to address your loss and damage claims.