All van lines are required to provide customers with “Carriers basic liability”. This coverage is included in the basic transportation cost, so no additional charge is assessed to the customer. Basic liability limits the amount of liability for a claim filed by a customer who does not pay for an additional premium for transit protection. The customers coverage is limited to $.60/lb per article. No consideration is given to the articles value.
For an additional premium J & M Moving can offer you peace of mind with Full Replacement Value protection coverage. J & M Moving will pay in full to repair or replace any item lost or damaged in transit. If an item cannot be repaired it will be replaced with a comparable item at today’s price. Full Replacement Value is available with either a zero $250 or $500 deductible. By assuming a portion of the risk through a deductible you can reduce the premium for this important coverage.
|Valuation||$0 Decuctable||$500 Deductable|
|$0 – $5000||$196||$153|
|$5001 – $10,000||$253||$192|
|$10,001 – $15,000||$316||$236|
|$15,001 – $20,000||$370||$289|
|$20,001 – $25,000||$434||$338|
|$25,001 – $30,000||$505||$386|
|$30,001 – $35,000||$567||$426|
|$35,001 – $40,000||$624||$465|
|$40,001 – $50,000||$681||$514|
|$50,001 – $60,000||$746||$559|
|$60,001 – $75,000||$811||$602|
|$75,001 – $100,000||$983||$739|
Many customers believe there homeowners’ or employers insurance will cover transit damage. The fact is most don’t. If you are considering choosing minimum protection of $ .60/lb please make sure you have received a statement from your insurance company in writing.
Option 1 – Full (Replacement) Value Protection is the most comprehensive plan available for protection of your goods. When you select this option, articles that are lost, damaged or destroyed will, at the mover’s option,be either repaired, replaced with articles of like kind and quality, or a cash settlement will be made for the repairs or for replacement of the articles at their current market value, regardless of the age of the lost or damaged articles.
Under this option, you have two choices for establishments your mover’s maximum liability on your shipment:
You can declare a value based on the weight of your shipment times an amount of not less than $6.00 per pound, or
You can declare a higher lump sum amount (for example, $40,000)
The cost for Option 1 is shown in the above table. The value you declare on your shipment must be at least equal to the weight of your shipment multiplied by $6.00 per pound, subject to a minimum declaration of $5,000. For example, if your shipment weighs 5,000 pounds, the minimum you must declare is $30,000 ($5,000 pounds multiplied by $6,000 per pound) You can also choose a higher lump sum amount based on your estimate of what it would cost to replace all of your shipment.
Option 2 – Released Value of 60 Cents Per Pound Per Article is the most economical option available. This level of protection is provided at no additional cost; however, it only provides minimal protection. Under this option, the mover assumes liability for no more than 60 cents per pound per article for loss or damage. This means that claims are settled based on the weight of the individual article(s) multiplied by 60 cents. For example, if a 10-pound stereo component valued at $1,000 were lost or destroyed, your mover would be liable for no more than $6.00 (10 pounds multiplied by 60 cents).
Obviously, you should think carefully before agreeing to such an arrangement. This value option is considerably less than the typical value of household goods. There is no additional cost for this minimal protection and you must make a specific statement on the Bill of Lading agreeing to it.
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Notwithstanding the valuation declared, the movers liability for fragile items shall be limited to $0.60 per pound per article, unless such articles are both packed or crated and unpacked or uncrated by the mover.
STORAGE-IN-TRANSIT VALUATION (SIT):
SIT Valuation charge is calculated at the rate of 10% of FRV on a recurring monthly basis.