Understanding Valuation

Accidents happen. They happen every day and we rarely see them coming! It may be something as simple as spilled milk or as bad as a car accident. We cannot predict when accidents will occur, but we can prepare for them. Unfortunately, just like in everyday life, accidents can occur during your move. That is why we want to make sure you are prepared if you encounter an accident during your move, and that you understand your options for reimbursement.

“Do you offer insurance?” is a common question moving companies receive from their customers every day. Moving companies do not offer insurance; instead, we offer something called valuation. Valuation is defined as the customer’s declaration of the value of his or her household goods in the event of loss or damage during the move process. Valuation is often confusing to those who are not familiar with the process, that is why we have put together a helpful guide to help you better understand how valuation works.

Valuation Vs. Insurance:

See the infographic below to learn more about the difference between valuation and insurance.

Valuation Options:

Basic Coverage – This valuation option is offered to every customer for free. It is the minimum liability coverage for any move. If damage were to occur to one of your items, you would be refunded $.60 per pound per article.

For example: If you own a table that weighs 100 pounds and it is damaged during the move, you will be refunded $60 to fix that damage (100 pounds x $.60).

Full Value Protection – If any item is lost, destroyed or damaged during the move process, Fry-Wagner will repair the item and cover the cost of repairs, or replace the item with similar quality and value at no cost to you. In terms of valuation, full value protection is the best option to ensure that your items will be fixed or replaced in the event of an accident during your move.

Example of how to calculate your amount of full value coverage: In Missouri, if a shipment weighs 2,000 pounds, the minimum full value protection of $3.50 per pound, making the shipment worth $7,000 ($3.50 x 2,000 pounds).

How to Select your Valuation Option:

Once you receive your Bill of Lading for you move, it is important to indicate which valuation option you would like to use. Be sure to indicate the value of your shipment as calculated above. If you have questions about how to calculate the value of your shipment or where to indicate the value on the bill of lading, it is important to reach out to either your coordinator or estimator.

Valuation is a very important part of your move and it is extremely important to understand exactly how the valuation process works to eliminate any frustration or confusion throughout your move. For more questions on valuation or the move process reach out to your friends at Fry-Wagner today!