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Placing a Value on your shipment
Placing a value on your shipment is a little harder than you would think. You need to be as accurate as possible so you do not under estimate the value. When deciding how to place a value on your shipment, you must understand the different types of insurance coverage that is offered to you. If you choose full replacement coverage it will be calculated by weight times the minimum declared value, which is four dollars. You can raise the declared value higher, but it cannot be lower than four dollars.
For instance, if your load weighs seven thousand pounds and you have a declared value of four dollars, you would receive $24,000 for your property. If this seems low to you, raise the declared value to seven, which would be $49,000. You can keep changing the declared value until you think you have a total close to the value of your property.
If you use the declared lump sum value, you would take the weight of the shipment time one dollar and twenty-five cents per pound. If your load weighs seven thousand pounds at a dollar twenty-five per pound, you would receive $8750. $8750 is the maximum you could claim. The basic liability, which is free from the moving company would be sixty cents per pound. Therefore, if the load were seven thousand pounds, you would receive $4200.
You have to decide how much your property means to you as well as if you have the money to replace it if something were to happen. Full replacement coverage might cost a bit more, but at least everything on the truck will be paid if the load is damaged or lost. Some insurance policies you can get privately can give you full replacement value for the same item with today's prices as well. You just need to estimate the value and choose the right coverage.
Find a moving company in your area, simply by entering your zip code.
We've compiled the most comprehensive database of local movers throughout the country and we'll show you the ones that are closest to you.
Thank you for visiting eLocalMovers.com and we hope you find this information helpful.
Placing a value on your shipment is a little harder than you would think. You need to be as accurate as possible so you do not under estimate the value. When deciding how to place a value on your shipment, you must understand the different types of insurance coverage that is offered to you. If you choose full replacement coverage it will be calculated by weight times the minimum declared value, which is four dollars. You can raise the declared value higher, but it cannot be lower than four dollars.
For instance, if your load weighs seven thousand pounds and you have a declared value of four dollars, you would receive $24,000 for your property. If this seems low to you, raise the declared value to seven, which would be $49,000. You can keep changing the declared value until you think you have a total close to the value of your property.
If you use the declared lump sum value, you would take the weight of the shipment time one dollar and twenty-five cents per pound. If your load weighs seven thousand pounds at a dollar twenty-five per pound, you would receive $8750. $8750 is the maximum you could claim. The basic liability, which is free from the moving company would be sixty cents per pound. Therefore, if the load were seven thousand pounds, you would receive $4200.
You have to decide how much your property means to you as well as if you have the money to replace it if something were to happen. Full replacement coverage might cost a bit more, but at least everything on the truck will be paid if the load is damaged or lost. Some insurance policies you can get privately can give you full replacement value for the same item with today's prices as well. You just need to estimate the value and choose the right coverage.
Find a moving company in your area, simply by entering your zip code.
We've compiled the most comprehensive database of local movers throughout the country and we'll show you the ones that are closest to you.
Thank you for visiting eLocalMovers.com and we hope you find this information helpful.