Movers are not required to offer full coverage for your possessions, the law only requires movers to be liable for $.60 per pound per article. Most movers will offer additional coverage through another party or an insurance company, subject to the terms and deductibles of the policy. The terms "Fully Insured" can be deceiving since it means that the mover has obtained maximum liabity for property damage, cargo and workers as required by law.
Legal Liability Coverage: All movers must insure the cargo that they move for $.60 per pound per article. There is no charge to the consumer for this coverage, it's the carrier's minimim basic liability. This usually is not sufficient coverage to protect you in the event of loss or damage. You will automatically receive this unless you request additional coverage.
INSURANCE: There are two different types of policies; transit and depository. Transit insurance covers your goods while it's on the truck or while it is in short term storage know as 'Storage in Transit'. Depository insurance covers goods when you go into a mover's warehouse for extended storage. You must declare the total value of everything that is being moved. We advise consumers to consider additional coverage or check their homeowner or dwellers insurance for coverage.
VALUATION: Some movers offer 'Increased valuation' coverage for an additional charge. This type of coverage is similar to insurance in that it increases the movers liability from $.60 per lb up to the amount that you declare on the order for service, subject to a deductble. Coverage rates and limits are contained in the mover's tariff. Movers that offer this are covered by their insurance company company, up to their policy cargo limits per truck load. This coverage is provided while in transit or while in storage, as long as you pay the premiums and is subject to the deductible and maximum coverage that you have selected. This should be discussed with your mover, and selected on the order for service under 'Shipment Protection'.
GOOD ADVICE: There are some decisions in life that are more important than money. Moving all of your possessions are one of those decisions. Call up the company and make an appointment to come to your home for an in-house estimate. Before you give everything you own to people you do not know, do research and ask questions since it's too late once your possesions are on the truck.