Liability, Insurance & Coverages.
Often times there is a confusion between Insurance and Liability Assumption. Insurance is as service that can only be sold, in the sate of Massachusetts, by a licensed insurance agent. Liability is what moving companies offer to protect your goods. It may seem like splitting hairs to make the distinction, but we like to be accurate and forthcoming about how things work. Liability means that the moving company is taking legal responsibility for the goods, and the limit to that liability determines what will happen should something occur. We offer 2 limits of liability, released value and full value protection (FVP).
The standard, comes-with-every-move-at-no-charge liability level is $0.60/pound. This means that should an article or articles become lost, damaged or destroyed during the course of your move the company’s liability is limited to the actual weight of the item(s) multiplied by $0.60 per pound per article. This is an option for both local and interstate moves. If this is the type of coverage you would like to select you will need to sign for it. The crew chief on your move will ask you to write out your liability selection, sign and date the work order. For interstate moves you will need to declare your liability selection on both the Bill of Lading and the Order for Service.
Full Value Protection
Full value protection means that if any article(s) are lost, destroyed or damaged while in your mover’s custody your mover will either repair the item to restore it to the condition it was in when it was received by the mover or replace the piece with one of like kind and quality or pay you the cost of such a replacement. For interstate moves we offer full fvp as an option in addition to $0.60/pound. You will be required to sign for the fvp you have selected on both the Order for Service and the Bill of Lading. We also offer fvp on local moves. The fvp is charged for based on a $54 charge per $6000 worth of coverage. If you would like to select fvp you will need to choose the value of your shipment, then sign and date the work order.
For more information on fvp go to https://www.protectyourmove.gov/consumer/awareness/valuation/valuation-insurance.htm
Moving insurance is different than liability coverage and is either included in home owners/renters insurance or purchased from a third party. Moving insurance is optional and covered by state law, not federal. According to the US Department of Transportation, which regulates interstate moving, purchasing moving insurance and selecting released value means the mover remains liable for $0.60/pound/article. The rest of the loss is recoverable through the policy you have purchased from a third party provider. Check out https://www.protectyourmove.gov/consumer/awareness/valuation/valuation-insurance.htm for more information.
IL&M’s Insurance, What is it for?
We are insured six ways to Sunday. Here’s a quick breakdown of the different types of insurance we’re covered by and what it might mean to you.
Worker’s Compensation Insurance
We hold workers compensation insurance for all of our employees. This protects our workers in case of accident and injury. It also protects our customers in the event that something should happen on their property. All reputable moving companies will carry workers compensation for their workers.
General Liability Insurance
This policy most often comes into play when a management company requires our certificate of insurance (COI) to work in a building. The COI proves we have coverage should any damage occur to the building.If you are moving into or out of a building that requires our COI please let us know. We will be happy to have our insurance provider send along the documentation your building or property management company requires.
We hold a commercial auto policy covering all vehicle related issues and incidents. We carry Inland Marine insurance coverage. Inland Marine is a slightly strange name for insurance that covers property shipments on land, among other things.
Home Owners Insurance
Some home owners and renters insurance policies may cover costs in case of damage. It is best to talk with your insurance provider before your move to see what, if anything, they would cover in case of an accident or issue.