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Declaring value of shipment on Full Value Protection?

Posted: Tue Nov 11, 2008 11:32 am
by tabs
I'm about to enter into a moving contract for an interstate move and noticed my moving company changed the valuation of the Full Value Protection. Originally when I got the quote, they added on the additional FV Protection (at my request), declared the value at $10,000 and a price of about $160. (I should say I have a very small move - a couch, chair, and 25 boxes or so) When I had someone come out to do a thorough quote, he estimated the weight of my shipment at much higher than I thought (1700 lbs vs 1000 lbs), which is fine - I'd rather have a conservative estimate so there are no surprises.

In order to keep the cost close to what they originally estimated over the phone, he waived the Full Value Protection fee. Oddly, he also raised the Protection amount from $10,000 to $125,000. When I got the final contract, it makes you "declare" and initial that the value of your goods is $125,000. Exact statement: "I select Full Value Protection, but declare that the value of my shipment is $125,000." The actual value is probably closer to $10,000 - $15,000.

Is there any risk to declaring your goods more valuable then the actually are? Or is this just giving me extra coverage that I don't really need?

Should I be concerned that I'm not being charged for this service? I like the fact that he's waived the fee, but am wondering if that makes them somehow not liable since I didn't pay anything for the service.

I'd hate to have something happen during the move, and find out that they're trying to say I mis-claimed the amount of my goods or didn't pay for the service. They seem like a reputable and professional moving company (they are one of the big national moving companies), but after reading all the horror stories, I have to admit I'm combing through the contract with a VERY fine tooth comb!

Re: Declaring value of shipment on Full Value Protection?

Posted: Tue Nov 11, 2008 11:38 pm
by rydog444
That would be a question that you would have to ask your consultant. I suspect that the 125k worth of valuation was an error and needs to be clarified. The minimum valuation amount that most companies require is the weight of your shipment times 5 or 6. Now some companies have weight minimums, some around 2000lbs. You take that, times 6, and you get a min. level of $12,000. I suspect that an extra 0 was typed in when they were inputting your info and it is supposed to say $12,500. Just a guess.

Re: Declaring value of shipment on Full Value Protection?

Posted: Mon Dec 22, 2008 1:36 am
by MikeLitt3810
As a driver the first thing I have to do is make you in your own hand writing write down on a declaration page is how much insurance you want and what your deductiable is, and then you inital off that is what you want. I have to do this before I place a single Item on to my truck. but the final number you write in, Is the insurance you get!! I do not sell this insurance I do not up sell it. I actually Love it when you get the standard 60cents a pound. because it is simple and you don't need a ba in buisness to understand it.

I'd scan this page in and explain it to you in depth but it has my co. name all over it. If I come across some white out I'll see what I can do for you.