Moving Insurance

When you are moving to a different country, your goods are not always under the supervision of one entity. Therefore, it is recommended to purchase an umbrella insurance policy or specialized transit insurance policy to protect your belongings throughout the journey.

Moving insurance is optional but highly recommended for your shipment. There are several insurance coverage options available, each offering different levels of protection. Ask your moving consultant which type of insurance is best for your needs.

1. Total Loss Insurance: This is a relatively low-cost insurance policy that only insures against the total loss of your shipment. This option provides extremely limited insurance coverage and is typically not recommended.
2. All Risk Insurance: This higher-cost moving insurance option is only available when the mover handles all packing for you. It is a more comprehensive transit insurance policy that includes coverage for damage to your goods in addition to total loss. We always recommend this type of insurance for peace of mind.

Note that most insurance policies include a deductible. Consult with your moving coordinator to fully understand your insurance coverage terms.

Important – If you choose not to insure your shipment, your shipment will not be covered for any loss or damage. In addition, under marine law, you may be liable for shared damage costs if an incident occurs to the shipping vessel. This is known as “General Average.”

Valued Inventory: You should prepare a detailed list of your goods along with their estimated value. This is essential when you compare insurance options and select the best moving insurance coverage.

The insured value is something to consider seriously when selecting your moving insurance. On one hand, the higher the insurance value, the higher the cost to you. On the other, you want to ensure your insurance coverage is sufficient to protect you from major financial loss. Some individuals choose to insure their goods at their current market value; however, it is strongly recommended to use the replacement value when purchasing an insurance policy. This ensures that in the event your shipment is lost or damaged, your cargo insurance will provide enough funds to fully replace the items.

Keep in mind that the replacement value of your goods may vary significantly depending on the country, making proper transit insurance policy planning even more important.

Please note: insured artwork over a certain value must be supported with either a receipt or a professional appraisal to be accepted under your insurance coverage.

In the event of a claim, you will have a limited time to file it with the insurance company. You’ll be required to provide supporting documentation, including photos. The insurance company may also send an appraiser to assess the damage before processing your claim.

PBO (Packed By Owner) boxes will not be insured for damage, as the insurance company cannot verify the condition of the items prior to packing. These items will only be eligible for Total Loss coverage as previously described. To ensure better insurance coverage, we recommend leaving these boxes open so the movers can inspect and repack them if necessary. Depending on your contract, additional charges may apply.

If you require storage during your move, don’t forget to add a storage rider (extension) to your insurance policy while your shipment is in storage. When you compare insurance options, always evaluate the type of coverage included, the value insured, and whether storage and packing conditions are adequately addressed.

Why Should I Purchase Transit Insurance?

Transit insurance is essential because moving companies typically limit their liability to only 10–60 cents per lb. In the event of damage, this limited liability provides insufficient insurance coverage to repair or replace your goods.

For example, should your 5 lb. laptop gets damaged and costs $1,500 to replace, the mover would only be liable for:
5 lbs × $0.60 = $3.00

Though your moving company takes every precaution to ensure your shipment arrives safely, accidents can and do happen. Even the most qualified movers encounter occasional claims for loss or damage. That’s why purchasing all risk insurance coverage as part of your cargo insurance plan is the best way to ensure full replacement coverage at your destination.

Why Should I Complete A Valued Inventory?

A detailed valued inventory is required to assess a potential claim for settlement. The claim settlement will be based on the declared value, or the cost of repair or replacement, as defined in your insurance policy.

Remember the Following:

• Items not declared and valued are not insured under your transit insurance policy.
• Follow your moving specialist’s recommendations if specific protection is required. (For example a custom wood crate for a glass tabletop).
• Always consider the replacement value of your items at your new destination, not their pre-shipment value.
• If you’re shipping a car, do not use it as a shipping container. Cars must be shipped empty to comply.