Understanding Your Valuation Coverage

Why Do I Need Valuation Coverage?

According to the American Moving & Storage Association (AMSA) there is a claim on up to 20% of all moves. At Leaders Moving and Storage we take claims seriously. Moving your belongings safely is what we do. If a moving company tells you that they don’t have damages this is a sure sign to run.

We are proud of the service we provide having completed over 50,000 moves in the last 10 years with an overall average of only 6.15% claims. That says a lot.

Our claim history is honest & absolutely outstanding – although just as important as keeping claims down to a minimum is how the company you choose handles a claim when it happens. We employ or contract trained professionals: Woodworking, Glass, Marble, Electronics, Appliances, etc.

If there is a damage claim on your move we’ll be there to take care of it… Guaranteed!

What is Valuation Coverage?

When it comes to insurance for your valuables, all household Goods Movers are governed by laws established by the Public Utilities Commission of Ohio “PUCO” and the Federal Motor Carrier Safety Administration “FMCSA”. We legally are not permitted to call coverage for your possessions “Insurance”. Although we are insured and there is protection provided for your valuables. The protection provided to you is limited to 3 different selections limiting and maximizing your protection.

To the right you’ll see an explanation of each option in layman’s terms. This is not intended to be a legally binding explanation or advice.

$ 0.60 per pound per item
This coverage is definitely not recommended for household goods moving. The coverage specifically states that your coverage for damage or loss is limited to $ .60 cents per pound per item. So for example if your 75 lb television gets dropped and explodes the moving company’s maximum liability to you is $45.00. As you can see this coverage is hardly adequate. Most moving companies include this level of coverage with the typical move. Leaders Moving & Storage has never offered this coverage for moving services.
$ 2.25 Dollars per pound per Item.
This is the coverage Leaders Moving Company generally offers and recommends, currently it is at no additional charge. The legal stuff reads like this. I accept reimbursement equal to the depreciated value of lost or damaged goods. I declare a total value of $__X or a minimum of $2.25 per pound times the weight of the shipment, whichever is greater. I understand the total reimbursement for lost or damaged goods shall not exceed this declared value.
$5.00 Dollars per pound per item.
This coverage may be necessary to adequately cover your goods for a total loss. This coverage comes with additional charges. The legal stuff reads like this: accept reimbursement equal to the replacement cost for lost or damaged goods. I declare a total replacement value of $X or a minimum of $5.00 per pound times the weight of the shipment, whichever is greater. I understand the total reimbursement for lost or damaged goods shall not exceed this declared value.

What Valuation Coverage Does LEADERS Recommend?

The reason Leaders Moving Company uses and recommends depreciated value coverage with your move is that generally goods being moved are not completely destroyed. They are usually nicked, scratched, or broken and can easily be repaired. The coverage is the same on both replacement and depreciated coverage if the item can easily be repaired. So you typically pay a lot more for the same coverage if this is the case. The circumstance where replacement coverage is very valuable is if the entire contents of a home were destroyed, which would most likely have to have been caused by a fire.

If something does happen on your move we employ or contract trained professionals: Woodworking, Glass, Marble, Electronics, Appliances etc. If there is a damage claim on your move we’ll be there to take care of it!

Moving Valuation Coverage

What Items are not covered by valuation?

Some items are not covered or are excluded that you should be aware of.

Paper Items

Documents
Tickets
Deeds
Manuscripts
Blue prints
Plans
Specifications or other valuable papers
Stamp-postage
Stamp collections

Financial Items

Bullion
Currency
Money
Bonds
Notes
Stock
Stock certficates or other Securities
Account bills
Bills of exchange
Evidence of debt
Credit cards
Revenue Trading-or letter

Precious Items

Jewels
Jewelry
Gems
Precious metals
Gold, Silver, or Platinum articles
Precious stones
Pearls

Other Items

Furs
Garments trimmed with fur
Watches
Comic Books
Baseball Cards

Parts of a Set

Loss to any article or articles which is/are part of a set the measure of loss to that article or articles shall apply only to the value of the piece or part that incurred the loss giving consideration to the importance of said articles, but in no event shall that loss be construed to mean loss of the total pair or set.

“Ready to Assemble Furniture”

Not liable for “Ready to Assemble Furniture” made of engineered wood and paper laminate finish, such as furniture manufactured by Bush, O’Sullivan, Sauder, etc., due to the inherent risk and sub-standard structural integrity of this type of furniture.

Packed by Customer

If you have Leaders pack your boxes, everything in the boxes that are packed will be covered by our insurance. If, however, you opt to pack a box yourself, absent any drop damage on the outside of that box, Leaders is not responsible for any breakage within the box.