Do you need additional insurance to cover your move?

by | Nov 15, 2013 | Moving Services, Transportation and Logistics

Even the most careful person can have an accident, this holds true for those handling your possessions during a move as well. It is so easy for a box to slip out of the hands of the movers or perhaps the cargo will shift during transit. It is very difficult if not impossible to flat out guarantee that the goods will reach your new home exactly the way they left. With this being the case, what can be controlled is your making sure that the load is adequately insured and how responsible the moving companies on Long Island are in handling claims.

Types of insurance:

As a matter of course, moving companies provide a valuation, not insurance. The moving contract that you are asked to sign has a value stated on the B of L, Bill of Lading. This value that is declared is the predetermined limit of liability that the mover accepts. There is no additional charge imposed for providing valuation but rarely does it come close to the true value of your goods and possessions that are being transferred to their care. Moving companies on Long Island may provide one of the following:

1. Declared value: This is a simple declaration of value based on a formula that includes the weight and a dollar amount. As an example, if the load weighs in at 15,000 pounds and the rate applied is $1.50 per pound then the movers total liability does not exceed $22,500.

2. Assessed value: If your goods are very valuable but do not weight much then obviously shipping them with a declared value is not the right thing to do. You can purchase additional insurance that is based on the cost, not the weight. The insurance can be purchased for whatever amount but it must be declared on the B of L.

3. Full value: This form of cover includes for loss, damage or total destruction of your goods. It provides for repair or replacement of the damaged or destroyed goods.

You should provide the moving company with a list that gives the weight of each significant item and give it a replacement value. Use this list when you are interviewing moving companies on Long Island, with this information on hand between you and the company you can quickly assess the best way to provide adequate cover.

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