Protecting one’s move against loss and damage is an important matter to address before you move. Moving companies in New York City offer two types of Move Liability (Valuation) coverage. These are not insurance agreements, as governed by State Insurance Laws, but instead are contractual tariff levels of liability authorized by the Department of Transportation. Alternatively, you may also protect your articles with a third party insurance agent including your own home or renter’s insurance.
Released value Protection (RVP) – This is the most economical protection available, since it is offered at no additional charge. However, the protection is minimal. Under this option, the mover assumes liability for no more than 60 cents per pound per article (and 30 cents in NY State non-binding estimate moves). Loss or damage claims are settled based on the weight of the article multiplied by 60 cents per pound.
Full Value Protection (FVP) – This is the most comprehensive option available for the protection of your goods, other than purchasing insurance through a third party. If an item is lost, destroyed or damaged during a move, the mover at his own discretion, either: repair the item; or will pay the cost of repair; or replace the item with a like kind; or pay you for the cost of the item’s current value. The cost for FVP is based on the value that you place on your shipment. Your mover should be able to give you more information.
Third Party Insurance – In addition to the Move Liability options, you may protect your move by purchasing an insurance from a third-party insurance company. You mover should be able to refer you to a third party insurance company that it works with.
Your own Insurance – You may want to inquire with your own Home Owner’s Insurance or Renter’s Insurance. It is possible that they offer coverage for your goods during move or in-transit.
During your moving preparation, do not forget to inquire with your mover about the protection of your goods.