Insurance through your Rockville Movers

Besides the logistical worries that come with organising a move to another home, there is also the risk of damage to your possessions while in transit. It would be nice if we in the moving industry could say that nothing can go wrong, but sometimes fate intervenes and accidents do happen. Your Rockville movers will be quick to point out that moving insurance is a hugely important part of the whole operation and that protection for your things is highly recommended. To that end, we’ve compiled a few facts for your consideration.

Check Your Options

It is always a good idea to contact your own insurance company to find out whether your things are covered during a move by your existing home insurance policy. Sometimes the addition to a policy to get them covered is cheaper than buying coverage through your movers. You can also ask about ‘goods in transit’ coverage.

Valuation Agreement

Next is to agree a valuation for the items being transported, something that moving companies usually offer for free. Make a list of all your goods and write a replacement value beside each one; obviously, musical instruments and art are a different matter and should be independently insured. Also, take photos and document any existing damage so that you can compare when the items reach their destination.

There is a distinction to be made between a ‘valuation’ and ‘insurance’ in that the valuation is a limit to liability that is agreed between you and the moving company. It is important to understand that the figure decided upon may not reflect the true value of your possessions. This valuation is detailed in the Bill of Lading and there are three types: declared, assessed and full.

Declared Value

This refers to a pre-agreed value of the items based on their weight and a given value per pound. It can be something as small as $1 to $2 per pound and although the actually value of your possessions may be $50,000, your Rockville movers are liable for only this rate per pound. So, if your possessions weigh 15,000lbs, then you’ll be compensated to a maximum of only $30,000.

Assessed (Lump Sum) Value

Of course, that does little good for valuable items that do not weigh much. This is where assessed or lump sum value comes in. After declaring the true value you must then purchase insurance at a rate per $1,000 value. This is also detailed on the Bill of Lading.

Full Value

The third type is full value, which is coverage that will protect your things against theft, loss, damage and destruction. It means the cost of having an item replaced or repaired will be covered.

Claiming on your Insurance

There are some facts that you need to be aware of with regards making a claim in the event of something going wrong during the move. The time scale is quite big but it is always recommended to make a claim immediately. You are given nine months to make a claim from the time of the incident. Your claim must be acknowledged within 30 days by your movers and they then have three months (120 days) to either reach a settlement or contest your claim. Bear in mind that the value already declared in the Bill of Lading is the maximum compensation that you’ll receive so it’s important to be thorough.

The steps are clear but don’t hesitate to ask questions before signing any contract with your Rockville movers to make sure you know what is in store. Always remember too that you can avail of a clear explanation of any insurance query by calling our own customer service desk. It’s simple; just call and ask.