Tuesday, 19 September 2017

What Is Valuation?

At Mr.Move, we’ve dedicated the last 5 years to provide professional moving with great customer service. We provide value-added services to make your next move as smooth as possible.

Valuation Coverage versus Insurance
Believe it or not, insurance developed as early as 2,000 BCE to reduce the risk for merchants who needed their items shipped across the water. Ship captains or banks would promise to deliver their goods and pay the difference for any cargo that was lost at sea. Modern insurance is essentially unchanged, and it’s expanded to cover homes, automobiles, valuable personal property, and more.

When you’re moving, talk with your current insurance agent about your coverage options. You may be surprised to find that your homeowner’s insurance won’t cover the value of your belongings while moving, and you’ll want Protection Coverage from your movers for extra peace of mind. Valuation Protection is a tariff level of carrier liability that is common among moving companies

At Mr.Move, we offer all levels of Valuation Protection including Basic Coverage, Third party Insurance, and Full Value Replacement. It’s our job to help you understand the unique benefits of each.

Basic Coverage Protection
Basic coverage is our most economical level of protection; it provides a released value of 60 cents per pound per article. This coverage is offered at no additional charge. Basic coverage is usually priced per pound and no consideration is given to the items’ actual financial value in transit. This might be an option for families or individuals who don’t have a large amount of valuable personal property to move.

Full Value Protection
Full Replacement Coverage is our most comprehensive coverage available for the protection of your shipment. This option provides for the lesser of the repair, repair estimate or the replacement cost for an identical or a like kind and quality item at today’s replacement cost. This option is available with or without a deductible.

Third-party 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 the law.

If you purchase this coverage, the mover 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. Your mover 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.

No matter which option of coverage you choose, you’ll want to make sure it’s selected on your bill of lading. If you have additional questions about coverage or specific items, check with your moving specialist.

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