All licensed movers must carry cargo insurance, for the customers’ and the company’s protection. This translates into cargo valuation coverage in the amount of 60 cents per pound per article. Obviously, this is basic and limited coverage for covering your belongings.
Remember: Movers Are Not Insurance Companies!
Some moving companies offer different options for increased coverage, but you should remember that no interstate moving company is an insurance company.
If your long-distance mover has offered to sell you increased insurance coverage directly, then this is increased valuation, NOT INSURANCE.
This increased valuation means that for your interstate move your relocation company has agreed to be liable for damages above the $.60 per pound limit (usually this maxes out at around $5.00 per pound). This is still not enough to cover the full replacement cost of many items, especially smaller, lighter, expensive items such as TVs and fine china.
The only sure-fire way to guarantee that your things will be covered at full replacement value is to purchase additional insurance (not increased valuation). Many interstate movers offer this option through reputable third-party insurers who deal only with moving and storage.
Additional Insurance Options
Elephant Moving and Storage is pleased to offer a variety of increased additional insurance for interstate relocation. The basic coverage of $.60 per pound per article is included automatically and free of charge with every move, and also with all storage.
The two most popular additional overages our customers most frequently purchase for their interstate relocation are ‘Total Loss Only’ and ‘Full Replacement Value.’
Full Replacement Value – Lump Sum
This coverage is for a specified dollar amount (customer states that shipment is worth $XX,XXX). Any items specifically valued at greater than $500 must be noted at the time of purchase.
Damaged and destroyed items are covered at full replacement value up to the lump sum amount of the insurance. Customers should be careful not to undervalue their total shipment since compensation is limited to the total lump sum amount specified at the time of purchase.
Full Replacement Value – Valued Inventory
This coverage offers full value protection for a list of select items.
You will be prompted to create an inventory list that includes the name, value, and condition of each item. Damage to listed items is covered, but items not included on the valued inventory are not covered by the additional moving insurance (the basic coverage of $.60 per pound will apply to these items).
Total Loss Only
This coverage is for a specified dollar amount and pays only in the case of catastrophic loss. Small damages are not covered by this type of insurance.
Benefits of this coverage include low cost and protection against a major accident or disaster.
Pairs and Sets Insurance
This includes pairs and sets coverage and mechanical and electrical derangement coverage. Pairs and sets will replace a full set of something if only one or part of the set is damaged.
The mechanical coverage covers the internal workings of mechanical and electrical devices (without this add-on coverage, only physical damage to the unit itself is covered).
All of our basic and increased insurance options cover the goods that we transport and store. None of these options cover damage to the premises we work in.
Be advised that Elephant Moving’s liability is limited to $100.00 for damage to floors, walls, doors, and painted surfaces.