Moving Insurance - Replacement Value Coverage

As noted, unless you specifically opt for the Minimum Released Value option, you will receive Replacement Value coverage. Depreciation is not considered in settling any claims for loss or damage. The mover's liability is limited to the cost of actual replacement or cost of actual repair whichever is less.

There is an additional cost for Replacement Value Coverage which is calculated based on the value of your shipment. Also, the moving company will generally impose a minimum valuation for each shipment covered under this program. This minimum value of your shipment must also be equal to or greater than a minimum dollar factor amount times the weight of your shipment. For example, if the minimum dollar factor is $3.50 per lb and your shipment is 5000 lbs, then you must establish a value of no less than $17,500.

The actual terms and rates may differ by mover. Many movers also offer various deductible levels of liability that may reduce your cost.

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 usually defined as any item whose value exceeds $100 per pound.

Minimum Released Value

There is no additional-cost for this option which provides minimal protection. Under this option, the mover assumes liability for no more than 60 cents per pound, per article. Loss or damage claims are settled based on the pound weight of the article multiplied by 60 cents. For example, if a 100-pound TV, valued at $1,000 were lost or destroyed, the mover would be liable for no more than $60.00.

Note that if you choose to insure your shipment with Insuramove, you should choose this Released Value option in order to avoid being charged for Replacement Value coverage.