What Residents Moving from Denver Ought to Understand about the Valuation of Their Possessions.

The valuation of items being shipped in any relocation of a person, family, or business from Denver to some other place – or from anywhere to anywhere – is strongly regulated by the federal government.

man putting books in a moving boxIt is true, for the most part, that your moving company is legally liable for any loss of or damage to your personal items at any time during the haul. It’s also liable for loss and damage while its crews are in direct contact with your belongings in satisfaction of any other Denver moving services for which you contracted. Such services should be identified on the bill of lading: packing, unpacking, disassembly and reassembly, for example.

That said, there are limits to your moving company’s liability. Those limits are established by the federal Surface Transportation Board’s Released Rates Order. You can look at a current copy of it here.

The important thing is, know what choices you have for the safeguarding of your belongings. And know your Denver moving company. Just because a mover tells you his firm is “fully insured and bonded” is no promise that your items themselves are automatically covered. What’s more, your local mover being related to a well-known national van line is no insurance that you’re protected either. In both events, you could be forced to acquire extra third-party liability insurance. Your mover might offer to sell it to you, but he’s not obligated by law to sell it to you. Ask questions in your preliminary negotiations to ferret out  just what’s necessary.

Keep this in mind when you’re researching your options here in Denver: Two different measures of moving-company liability are relevant to interstate moves – Full Replacement-Value Protection and Waiver of Full Replacement-Value Protection, or Released Value.

 A-1 Freeman Moving Group Denver Moving Terms Infographic

 

Clearly, Full Replacement-Value Protection gives you the fullest coverage. But picking it means your move costs will rise. With this degree of liability (subject to allowable exceptions in your mover’s tariff), your mover will either arrange for whatever repairs are required to reinstate a damaged article to the condition it was in when you first turned it over to him and his crew … or he’ll swap it out}95] with aa piece of like kind and quality … or he’ll just compensate you for the cost of a replacement.

Six dollars per pound times the total weight of your shipment is the minimum level for determining its Full Replacement Value. Some movers set the minimum value higher. Or you yourself might declare a higher value – if you{{’re not {{averse to paying more. Whatever valuation you and your mover agree upon, it has to appear on your mover’s tariff. Note also that movers are granted authority to limit their Full Replacement-Value liability for loss or damage of items valued exceedingly high. Those would be pieces valued at $100 or more per pound, such as jewelry, antiques, silverware, china, oriental rugs, and the like. Seek further details on all this from your mover. Ultimately, though, it falls on your shoulders to declare accurately.

If you opt to go with a Waiver of Full Replacement-Value Protection, or Released Value, you will, of course, receive minimal liability protection. But it won’t cost you a cent. What this degree of protection does is limit your mover’s liability to no more than 60 cents per pound, per article. Obviously, that wouldn’t provide you with enough of a reimbursement to replace any item valued higher than 60 cents per pound! Things like stereo equipment, gym equipment, computer hardware, and computer software are thus considerably more at risk. That’s something to consider before you sign on the dotted line!

You might, though, have one other option: your existing homeowner’s policy. Take a look at it and get together with your insurance agent to see if there’s anything in it pertaining to coverage of possessions during a relocation. If so, you may find the minimum level of mover liability coverage – Released Value – satisfactory.

Just make sure you’re onboard with what level of protection your moving company is including in his quote: Full Protection or Released Value. That way, you should be fully prepared for just about anything your move throws at you!

 

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