Apr 11
19
Claiming on your Moving Insurance
Claiming on your Moving Insurance
If you are deliberating on a need for insurance before you relocate, remember that no matter how careful you are in selecting a moving service, accidents can happen. Boxes can be dropped and will shift during transport, nothing will guarantee the safe arrival of your goods like a proper moving insurance. You cannot control how effective your moving company will be at reimbursing your claims but you could make sure you’re adequately covered should something happen.
When your items have arrived, pay extra attention to your decision making. Before you sign the inventory sheet, report the facts in detail on the original inventory sheet. If you notice damage after unpacking, a claim must be filed usually within nine months after delivery. It is best to report any complaints as soon as possible. The mover must acknowledge receipt of your claim within 30 days and issue a reply; a denial or an offer within 120 days of receipt of your claim.
Refer to the liability amount you declared on your shipment when making a claim or considering a settlement. For example, if the value declared on your shipment was $8,000 and the mover’s maximum liability is $5,000 then your claim for more than the liability amount will be declined. Make sure you’re adequately covered with a separate and independent third party moving insurance policy.
It’s good to know that most moving companies automatically provide “valuation” not insurance. Valuation is the negotiated and agreed upon limit of liability as stated on the moving contract and/or bill of lading. By default, this is part of the contract at no extra cost. In most cases, valuation has no relationship to the actual value of your goods as movers tend to undervalue your items for the benefit of their liabilities.
There are three types of Valuation a moving company may comply with:
- Full value protection: This covers lost, damaged and destroyed property. It’s coverage will pay for the repair or replacement of the goods. The mover usually applies deductibles here in an effort to minimize their coverage expenses.
- Declared value: This covers the value of your belongings based on the total weight of what is transported multiplied by a company specific amount per pound, e.g. if the specific amount is $0.50 per pound, and your household goods weigh 10,000 pounds, the mover would be liable for a maximum of only $5,000. Settlement is based on the depreciated value of your damaged goods.
- Lump sum value: This covers your household goods that do not weigh much, but may be valuable. This means you may purchase insurance for a specific amount per $1,000 of value and must be declared in writing on your bill of lading. You may benefit from a separate moving insurance policy based more on cost than weight.
Regardless of which type your claim may warrant, the bottom line is if the moving service is determined to make it difficult to claim, you may need to be patient and persistent to see your reimbursement. Which is why a separate moving insurance policy can benefit you as you may be able to claim faster from them.
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