PROTECTING YOUR BELONGINGS DURING YOUR MOVE
Everyone’s belongings have value, whether monetary or sentimental. We take great measures to ensure our employees handle your household furnishings with care while protecting the properties where work is occurring. Unfortunately, damages or “cargo claims” are a part of the transportation industry.
We’ve created this page to educate consumers and address coverage options that you have when hiring a moving company to ensure you’re electing a coverage level that suits your needs.
LICENSED AND INSURED VS. FULL COVERAGE
A common assumption is that full coverage is included when a moving company lists itself as a licensed and insured carrier. However, the terms ‘licensed’ and ‘insured’ simply mean that the company has the sufficient auto, general liability, and cargo coverage that the Department of Transportation requires.
The Federal Motor Carriers Safety Administration requires moving companies to extend a 60¢ per pound released value protection at no additional charge. It is important to know that this type of coverage is not full value replacement insurance. However, it is the most common coverage elected because no additional fees, descriptive inventory, or value needs to be assigned to the shipment.
This applies for a single item damage or loss, or for a catastrophic occurrence. The transportation industry uses this release to offset the huge amount of liability that the carrier faces while handling an entire household of goods.
HOW RELEASED VALUE PROTECTION WORKS
Example: An average local move costs $500 to $600. The cost of a 4K television averages around $2,800. Without the released value protection, companies are liable for four to five times the amount of the total cost of the move with just that single piece.
Add the rest of the household and it quickly becomes too much liability for the carrier to assume especially compared to the net profit. With the released value protection, movers are able to balance the amount of liability to the job’s potential revenue.
However, the result is that the customer is left with considerable exposure. With the standard released value protection, a customer would be compensated based on the weight of the television. For example, a customer who owns a 4K television that weighs 100 pounds would only be compensated $60 once a cargo claim is filed.
CAMELBACK MOVING INSURANCE OPTIONS
Note: Any claim for a damaged piece will be settled at the coverage level you elect. Please read the following coverage options carefully and make sure anyone in your household who may be signing paperwork on moving day is fully aware of these options.
As mandated by the Federal Motor Carriers Safety Administration, we offer the standard $0.60 per pound released value protection (described above) for damages or missing items. Again, this is most common coverage throughout the moving industry and is extended at no additional cost. However, it does create varying degrees of exposure as this is not full coverage insurance (Please see examples below). We recommend you view our full waiver and release agreement including the procedure to file a cargo claim which can be located on the bill of lading and order for service pages on our website.
Our office staff will be happy to discuss all details of this coverage so you’ll know exactly what type of agreement you’re entering into on moving day.
Average settlement amounts if you don’t purchase full coverage
|ITEM||AVERAGE WEIGHT||SETTLEMENT AMOUNT|
|Leather Sofa||200 lbs.||$120|
|Large Triple Dresser||300 lbs.||$180|
|King Size Mattress||180 lbs.||$108|
|Set of China||10 lbs.||$6|
|Large Framed Picture||10 lbs.||$6|
|Large Floor Vase||55 lbs.||$33|
|Dining Room Chair||35 lbs.||$21|
|60″ LED TV||100 lbs.||$60|
We like the many others in the moving industry work with two 3rd party insurance carriers that can provide you with full coverage insurance for a single piece or your entire shipment.
For full coverage insurance on an entire shipment, we recommend the policies offered by Baker International. They will require the carrier’s information, the value of your goods, and the estimated weight of the shipment to provide you with pricing options. We’d be happy to assist you in determining the weight of the shipment if you’re looking to explore this option. Baker International does not offer single piece coverage.
Baker International can be reached at 800-356-0099, or visit them online. Simply tell the customer service representative you’re using Camelback Moving, ID# 17334, for a household goods move.
MOVINGINSURANCE.COM / RELOCATIONINSURANCE.COM
For full coverage insurance on single pieces, we recommend the policies offered by MovingInsurance.com also known as RelocationInsurance.com. They will require the carrier’s information, a description of the piece and the value of your item to provide you with pricing options.
Because of the terms and conditions of their policies, we do not recommend this carrier if you are looking to insure the entire shipment.
MovingInsurance.com can be reached at 888-893-8835, or visit them online. Simply tell the customer service representative you’re using Camelback Moving for a household goods move.
Most importantly, do not wait until the last minute to purchase a full coverage insurance policy. All policies must go through underwriting and can take 1 to 2 business days to finalize. The insurance carrier may also require that an item be prepared in a certain way (third part crating, for example), which will require additional time to arrange.
If storage is required please discuss your needs with the insurance company’s customer service representative so they tailor a policy to best fit your needs to avoid a lapse in coverage.
Check with your homeowners/renters insurance carrier and see if they offer coverage above the $0.60 per pound offered at our standard rates. This is typically done in the form of a rider added to the policy. If offered, the usual cost is between $50.00 and $100.00. They will typically request our licensing information to verify that a reputable company is handling the move.
If you have any additional questions or concerns, please contact our office at 602-564-6683.