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3rd Party Moving Insurance
Forward van Lines has taken the time to research and find 3rd party insurance carriers for those customer that choose to buy an insurance policy as apposed to having the minimum valuation or FVP (Full Value Protection)
Moving insurance can be sold or provided by a 3rd party insurance carrier. It is the responsibility of the mover to have whatever program is offered by the insurance carrier vetted before making it available to consumers. As with added valuation the cost of the policy, deductible level and coverage of the policy must be disclosed and bound prior to service. If a consumer buys a policy from an insurance company it is that carries responsibility to adjust the claim and ultimately assume the full liability of the claim. The mover still bears a responsibility to its customer in making sure that a claim is processed and adjusted as intended and may still be obligated to the minimal valuation coverage of .60 cents per pound depending on the policy and agreement in place with the insurance carrier. Typically the insurance policy sold covers the shipment at replacement cost. Replacement cost coverage is defined as such, a flat screen t.v. costing $3000 retail was lost or damaged. The policy is responsible to replace or compensate as such. Meaning that if the same t.v. can now be replaced for $2000 dollars then that will be the adjusted amount of the claim, not the retail value. It’s important to note that most insurance carriers will require the shipper to insure the entire shipment, additionally the customer will have to disclose of any item over $1000 prior to the binding of the policy. Items of great value will have to be disclosed as well and may require to submit supporting documents.
Some insurance carriers may also offer a declared value policy. This type of policy will require the customer to complete a valuation sheet in which items of the shipment are chronicled along with their value as stated by the customer and supported documents as required. Only the items listed can be claimed. The cost of the policy is determined by the total declared value along with the deductible level.
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