If a moving company loses or damages your goods, there are two different standards for the company’s liability based on the types of rates you pay. By federal law, moving insurance must contain an estimate of the cost of a move for which the moving company is liable for the full (replacement) value of your goods in case they get lost or damaged. This form may also contain an estimate of the cost of a move in which the moving company is liable for FAR LESS than the replacement value of your goods, typically at a lower cost. Before selecting a liability level, please read “Your Rights and Responsibilities When You Move,” provided by the moving company, and seek further information at www.protectyourmove.gov.
C.O.I – A certificate of insurance is often needed for most office and residential buildings in NYC. Dumbo Moving & Storage will provide the certificate with no additional fee.
Moving company liability
When moving house you should be familiar with your rights and moving company’s responsibilities they are obliged to comply with. During the household move a lot of things are at stake (your valuable possessions, money, peace of mind) and it’s in your best interest to find a reputable moving company that will act according to the federal law and local regulations. Therefore, fully insured and licensed moving companies are your best ally during the relocation process.
Understanding moving company liability
Although everyone hopes for the best, accidents happen during the relocation process and the items unfortunately get lost or damaged. In order to better understand your movers’ liability, you should find out which options you have at your disposal. Professional moving companies usually offer two different types of valuation coverage:
– full value protection
– released value.
Full value protection
Full value protection moving coverage provides the total protection in case something unexpected happens to the items during the relocation. According to this liability level, movers can replace the missing item, repair it if possible or offer proper compensation. It’s up to the moving company to decide how to make amends for the damaged or lost goods. Also, movers are allowed to limit their liability. In fact, they are not obliged to compensate you for any item whose value is greater than $100 per pound, unless you have a written agreement. All valuable items whose value exceeds $100 must be listed on the shipping documents, otherwise movers won’t be held accountable if they get lost or damaged during the move.
Released value protection
Released value protection, also called limited liability provides basic or minimal coverage. According to this type of protection, movers are offering compensation based on the weight of the item, not on its current value. Released value protection is an economical option you won’t be charged additionally. But, in case your items get lost or damaged, movers will offer only 60 cents per pound. If you opt for this kind of coverage, you might want to consider purchasing additional third-party insurance. Although it is not compulsory, you can never be too careful when it comes to protecting your items during the relocation process. An additional insurance can be purchased either from a moving company or from a third-party insurance company. Also, check if your homeowner’s insurance provides proper coverage.
Should your items get damaged while in transit you are entitled to make a claim against the moving company. If you don’t reach an agreement, you can even seek a legal advice in order to get a satisfactory outcome. Hopefully you moving company will amend the situation by reimbursing you or repairing the damaged items so you won’t be forced to take further steps.