Moving Insurance
Moving Insurance
When you are moving to a different country, your goods are not always under the supervision of one entity and therefore it is recommended to purchase an umbrella insurance coverage.
Insurance is optional but recommended for your shipment. There are several insurance options with different coverages. Ask your moving consaltant what is best for you.
There are 2 types of insurance:
- Total Loss: Relatively low cost and only insures against total loss of your shipment.
- All Risk: Higher cost and only available when the mover packs for you. This is a more comprehensive insurance that also includes coverage of damage to your goods. We always recommend this type of insurance.
- Note that there is usually a deductible in the insurance policy. Consult with your moving coordinator for more information.
Note – If you choose not to insure your shipment, your shipment will not be covered for any loss or damage. In addition, you may be subject to charges under marine law, in the event that damage accrued to the shipping vessel. This is called “General Average”.
Valued Inventory: You should prepare a list of your goods with their value.
The insured value is something to consider seriously. On one hand, the higher the insurance value, the higher the cost to you. On the other, you want to have enough insurance to save you from catastrophes. Some insure the cost of their goods at current value. However, it is recommended to use the replacement value when insuring. This means that in the event that you do not get your container, you will have adequate funds to purchase and replace what you have lost. Keep in mind that the replacement value of your goods in some countries may be significantly higher than in others.
Please note, insured art over a certain value will need to be accommodated by a receipt or a professional appraisal.
In the event of a claim, you will have a limited amount of time to register your claim.
You will need to provide the insurance company with all supporting documents including photos. The insurance company may send an appraiser to assess the damage.
PBO (Packed By Owner) boxes will not be insured for damage as the insurance company has no reference to the condition of the items packed prior to packing. They will only be covered on a Total Loss basis as described above. We recommend you leave these boxes open and make sure the packers inspect and repack as necessary. Depending on your contract, there may be extra charges associated with this.
If you require storage, you will need to add storage rider to your insurance policy. Storage rider insurance should cost about $3 per $1,000 of insured value per month
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