Moving Insurance

Understanding Moving Insurance

Option One – Minimum Liability

You may choose to purchase no insurance. If so, inventoried items will be covered at minimum liability which is .60 per pound per item. There is no charge for this option.

Example: For a lost or damaged 100 pound dresser you would receive $60, regardless of the dresser’s actual value. Weight is determined by the American Moving & Storage Association (AMSA) Table of Weights.

Option Two – Purchasing Insurance

• Deductible: All FlatRate insurance policies carry a $300 deductible.
• Cost: The cost of insurance is $10 per $1,000 coverage.
• The insurance policy covers your inventory only.
• The Insurance Policy is not an itemized policy.
• The policy is based on the actual cash value of your entire inventoried shipment.

IMPORTANT: Be sure to purchase enough insurance to cover the total $ value that you have claimed on the bill of lading. If you under-insure your shipment, you will be subject to a co-insurance penalty.

Example: If you claim your shipment is worth a total of $20,000 but you only purchase $10,000 worth of insurance, the policy is only responsible for 50% of losses/damages incurred.

Choose between the following two insurance options:

Actual Cash Value (ACV):

Your property is insured for its actual cash value, after depreciation, based on the AMSA Depreciation Guide. You will be paid the lesser of the following, according to our assessment:

• The actual cash value at time of loss or damage, after depreciation.
• The amount of repairing or replacing the property (according to our estimates).
• The limit of coverage.

Replacement Cost (RC):

Your property is insured for replacement cost. (Please note: in order to receive full replacement cost for an item, it must be damaged beyond repair or confirmed as lost).
You will be paid the lesser of the following, according to our assessment:

• The amount of repairing the damage (according to our estimates).
• The amount it would cost to replace the destroyed or lost property with similar kind or quality to be used for the same purpose and same site (according to our estimates).
• The limit of coverage.

What Is Not Covered:

Loss or damage to jewelry, gem stones, cash, stamps, coin or currency, bank notes, travelers checks, deeds, letters or valuable papers of any kind, coin or stamp collections, photo albums, scrapbooks, negotiable items, perishable articles, firearms, ammunition or contraband.

• Any internal electrical or mechanical component of any device unless external damages are duly noted in writing at the time of delivery. Loss of data and recalibration are also excluded.
• Damage to furniture made from pressboard and/or particleboard.
• Loss or damage consisting of breakage of china, glassware, bottles, statuary, bric-a-brac, or other similar articles of a brittle nature unless property has been packed by the carrier . The carrier is not responsible for the content of boxes packed by the owner.
• Pairs & Sets: The policy covers only the cost or repair of an individual item damaged, regardless if the item is part of a pair or a set.
• Tax, shipping and handling charges.