Your Move Insurance Options
Your move should include some level of moving insurance protection for your belongings. Even in the best of circumstances, accidents happen. Items may be damaged during a move if they are packed incorrectly, and the damage not seen until the item has been unpacked. While all care is taken by our movers, these and other incidents can occur, such as items dinged, lost or damaged during transport. Insurance is there to cover all these things. Here are explanations of your choices for move insurance coverage:
(1) Full Value Protection
Under Full Value Protection, Move 4 Less is 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 of liability described below— Released Value—your mover will transport your shipment under the Full Value Protection level of liability. If any article is lost, destroyed or damaged while in your mover’s custody, your mover will, at its discretion, offer to do one (1) of the following for each item:
Under this option, movers are permitted to limit their 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 Move 4 Less for a written explanation of this limitation before your move.
The exact cost for Full Value Protection varies by mover and may be subject to various deductible levels of liability that may reduce your cost. Ask your mover 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, Move 4 Less assumes liability for no more than 60 cents per pound per article. For example, if Move 4 Less 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 the bill 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.
(3) Third-party Insurance
If you select Released Value, you may also choose to obtain 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, Move 4 Less 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. Move 4 Less is 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.
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