What are my valuation coverage options?
Released Value – This is the most economical as it is no cost to you. This option provides only minimal protection and is not sufficient coverage for almost all shipments. It will pay you $.60 per pound per article if lost or damaged. That means a piece of furniture weighing 75 lbs would receive a settlement of $45.00. You will be asked to initial the bill of lading if you select this coverage. Released value coverage is considered supplemental and is only recommended if your household insurance policy fully covers replacement costs of damaged items.
Full Extra Care Protection – This is your most comprehensive coverage. You may hear it referred to as “full replacement value” as well as “full value protection”. If you elect to purchase full value protection, articles that are lost, damaged or destroyed will be either repaired, replaced with like items or a cash settlement will be made for the current market replacement value, regardless of the age of the lost or damaged item. Depreciation of the lost or damaged item is not a factor in determining replacement value when the shipment is moved under full value protection.
The cost of full value protection may be further subject to various deductible levels of liability that may reduce your cost. Ask your mover for the details of their specific plan.