INSURANCE - COMMERCIAL & BUSINESS
It is important that you fully understand what dollar amount the mover is responsible for, in the event your goods are lost or damaged. This is governed by the valuation statement on the bill of lading. Valuation coverage/insurance can be very complicated and detailed. Please read through the following information carefully to avoid any simple misunderstandings:
The minimum coverage required by law (and it's free) is called limited liability. If an item is lost or damaged, you would receive reimbursement at a rate based on $.30 per pound per article. This does not really cover the actual value of the item. For instance, if the mover damaged a desk that you bought for $500.00 and it weighed 150 pounds, you would only get $45.00 as compensation. In addition, if all of your property was lost, the maximum you could receive in reimbursement would be $2,500. This coverage does not really protect the customer's items it covers the mover's liability.
You may wish to consider purchasing a separate insurance policy to provide you with more substantial coverage. You may first wish to check your Homeowners Insurance Policy to see if your property is covered in transit. Your insurance carrier can provide you with more details about this option. We would recommend additional insurance coverage with our preferred vendor, movinginsurance.com.
Here are two other options you can explore:
- Check your business insurance policy to see if your property is covered in transit.
- Consider getting your own insurance policy for the move if your property is very expensive.
The following is a list of rules and regulations, as applied to valuation coverage by the government:
- Unlike most property insurance, valuation does not automatically pay for any damage. It must be clearly shown that the mover was responsible for the damage.
- Items in boxes not packed by the mover are not covered, unless there is clear evidence that the entire box was dropped or mishandled during the move.
- The mover is not responsible for any electronic item that does not function after the move, unless there is clear evidence that the item was dropped or mishandled during the move.
- Even if you see damages to items at the time of the move, you are legally responsible to pay the full amount owed for the move. Following completion of the move, you must go through the claims process to receive money for damages.
- The mover is legally obliged to acknowledge your claim within 30 days and solve it or offer a settlement within 120 days. It is Moishe's policy to solve all damage claims within 30 days.
- You have the right to file a claim until nine months after the move.