The facts about insurance: It is important to understand exactly how much the mover is responsible for in the unfortunate event that your goods are lost or damaged. This is governed by the contract that you have with your mover or valuation statement on the bill of lading. Valuation coverage/insurance is very detailed so please read through the following information carefully to avoid any simple misunderstandings.
Limited liability is the minimum coverage required by law. If an item is lost or damaged you would be reimbursed at $0.60 per pound/per article up to a cap maximum of $2,000; this is usually an amount which is far less than the actual value of the item. For example, if the mover damaged a photocopier that you bought for $7,500, and it weighed 150 pounds you would be compensated $90. This coverage protects the movers’ liability more than the customers’ items.
We recommend that our clients purchase optional coverage called added-valuation. In the event of loss or damage this type of coverage enables you to collect damages based on the actual value of the item at the current replacement cost, minus any depreciation up to the limit of coverage. There would also be a deductible of $1,000 on eligible claims to be paid by The Customer.
There is insurance coverage for up to $10,000, for a charge of $100, this the maximum amount available. In our previous example, if the mover damaged that same $7,500 photocopier and the current market value was $5,500, the claim would be settled for $5,500 minus the deductible.
Rules & regulations (Valuation Coverage)