Valuation vs. Insurance?
The most important feature to know about valuation is: VALUATION IS NOT INSURANCE. Valuation offered by van line carriers is carrier contractual liability based on the weight of your household goods, and established by either the Department of Transportation (DOT) or a State agency/organization. Below are options offered by most van line carriers: 1. $0.60 per pound per article – Limited contractual liability based on a DOT or State tariff requirement. This limits the moving company from paying out the actual value of an article, in the event of loss or damage. It allows them to pay a minimal amount on damage or catastrophic loss based entirely on the weight of the item itself. 2. Replacement Cost Protection – A higher level of protection available for an additional charge. The van line or forwarder will require the purchase of a minimum amount for this protection, based on the weight of the household goods shipment. Disadvantages of Valuation: • Regardless of the valuation plan you ch