Moving Insurance and Coverage
Your Insurance Options
All licensed movers must provide liability for the value of goods they transport, but you have to be aware of the amount of protection provided and any additional charges that may apply.
There are 3 basic insurance coverage options to choose from:
Basic Carrier Liability Insurance
The basic insurance is limit to 60 cents per pound per article.
This is called the "released value" (it is the minimum amount of liability required by law when transporting goods out of state). When moving locally, consult a mover on what is the minimal liability for that particular state.
Declared Value Protection - You Decide the dollar amount
Subject to an additional, minimum charge of $1.25 times the weight of your shipment (based on the depreciated value of an item).
The entire delivery is covered at a value that does not exceed the dollar amount you declare. With this coverage the mover is liable for the entire shipment at an amount equal to $1.25 per pound times the weight of your shipment. If your shipment exceeds the liability of $1.25 per pound times the weight of your shipment, you may obtain full replacement liability.
Remember that movers are permitted to limit their liability for loss or damage to articles of extraordinary value, so it is your responsibility to understand this coverage.
Full Replacement Value - Good for hi value item
Subject to a minimum charge of either $3.50 or $4.00 times the weight of your shipment (some companies provide Minimum Full Replacement Value coverage, decide if this is enough to cover you).
This coverage equals the replacement cost or the repair of a damaged item. The mover can sell you or procure for you liability insurance in the amount you request if you release your shipment for transportation at a value of 60 cents per pound per article. If any damages or loss to your shipment occurs during your move, the mover would be liable for an amount not exceeding 60 cents per pound per article, and the balance of the loss (up to the amount of insurance purchased) would be recoverable from the insurance company.
This coverage may also have a deductible. Coverage with a deductible reduces the premium (keep in mind that you're also responsible for the first $100.00, $250.00, or $500.00 of loss or repairs).
Extra insurance can be purchased thru your mover with an independent insurance company, which will cover you for the duration of the move. Your mover will be able to direct you to a company that will bind your move.
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