VALUATION

Valuation is the commonly-used moving industry term to cover loss and damage protection for goods in shipment among movers. It is NOT insurance. Moving companies are not permitted to offer insurance, except through a third party. Crown uses the services of Baker International Insurance Agency for this purpose. Under Baker’s Household Goods Moving Insurance, you are entitled to all-risk replacement cost insurance when you buy a policy. Anything lost or damaged is replaced at current market value.

Understanding your options for loss and damage protection is one of the most important aspects of the moving process. Local moves have separate valuation options from interstate moves.

There are three basic choices the customer must decide between when declaring a valuation option for a local move with Crown. These are: 1. Minimum carrier liability at 30 cents per pound per article. There is no additional cost for this selection. Reimbursement is at the basic level of 30 cents per pound per article. Therefore, if an item weighing 10 lb. is damaged, the customer would be given $3.00 compensation. It does not apply to boxed items packed by the customer. To choose this option, the customer must write on the Bill of Lading “30 cents per pound per article” and sign the Bill of Lading.

2. Homeowner’s Policy. Check with your insurance company as to its coverage for damage incurred during a move. If you are not directly covered, ask if you can add a rider to cover the duration of the move. There is no charge for this selection.

3. Additional Value Coverage. You can select to be covered at depreciated value at an additional cost of $15 per $1000 of valuation. An example would be a customer who decides their entire shipment is worth $10,000 would be able to buy that level of depreciated coverage for individual items at an additional $150 charge. This comes with a minimum $250 deductible.

You will be asked to make this selection on the paperwork presented to you by the Crown crew chief at the start of the move. If there is loss or damage, you must file a written claim with Crown within nine months of the move. It is always best to file a claim as soon as possible to start the process moving. Crown will acknowledge your claim within 30 days and will either pay, decline to pay or make a settlement offer within 120 days of receipt of the claim.

For long distance moves and international movers, the options are slightly different. Again, these boil down to three choices: 1. Limited Carrier Liability at 60 cents per pound per article. This operates in the same fashion as the minimum carrier liability for local moves, except that for interstate shipments the calculation for reimbursement is based on 60 cents per pound as opposed to 30 cents per pound.

2.Added Valuation Protection. Under this option, you can seek recovery based on the actual value of the lost or damaged item at a depreciated level. The actual value is worked out by using the American Moving and Storage Association’s official table of depreciation. For example, an irreparably damaged four-year-old dining table would not be replaced with a brand new one. A cash allowance would be given for the current cost of a comparable table, minus an amount deducted for four years’ worth of depreciation.

3. Full Value Protection. You pay a dollar amount effectively in the form of a premium for the option of placing an overall value on your shipment. This allows for the full cost of repair or replacement of anything damaged or lost with no depreciation. The dollar amount payable for each level of coverage varies depending on the size of the shipment. Your Crown representative will be able to provide full information at the time of the written estimate.

Once again, understanding valuation options is crucial to the establishment of trust and reliability between Crown and the customer. We are always happy to answer any questions you may have on valuation and hopefully clarify any gray areas.

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