Valuation
“ACCIDENT, n. An inevitable occurrence due to the action of
immutable natural laws.” Ambrose Bierce (1842 - 1914), The Devil's
Dictionary
Mercury Moving takes pride in our ability to minimize damage. In most cases, we complete a move without a claim; unfortunately, accidents
can happen under the most careful of circumstances. Mercury Moving offers
Valuation to protect you against these accidents, as well as to define
liability.
Because movers are not licensed insurance brokers, they do not offer
insurance. Instead, movers offer “valuation.” Legally,
we must offer two options, Option A: carrier’s liability and Option
B: Depreciated Lump Sum Value. In addition to these two required options,
Mercury Moving also offers Option C: Full Replacement Value, as well as
a Certificate of Insurance through a licensed insurance company.
Selecting Valuation
Before the movers can do any packing/moving, you will have to select one
of the three damage protection options on the Declaration of Value section of the Bill of Lading. Even though you do
not need to select the option formally until the day of the move, you
should start to think about Valuation as soon as you book your move with
Mercury Moving. If you decide you are going to require a Certificate of
Insurance, you will need to contact Mercury Moving before your move.
*Mercury Moving cannot recommend an option. You should consult the appropriate
insurance or other professional to assist you in this decision. (We also
recommend checking your renter’s/ homeowner’s policy to see
if it provides Valuation.)
Declaring a Value
Once you have selected an option, you must then declare a value. The MINIMUM
value you can declare depends upon the option and is based on the weight
(Option A: 60 cents per pound, Option B: $1.25 per pound, Option C: $4.00
per pound.) You can declare that your items are worth more than that figure,
but not less. We recommend doing the following:
- Create an inventory of your items, including both a weight and estimated
depreciated or full-replacement value. (Hint – a rough weight
estimate is 1,500 lbs. to 2,500 lbs. per room, including boxes and furniture)
- If you are going to declare the minimum, plug the weight into the
option you have selected.
- Tally the total estimated value of your goods (either depreciated
or full replacement) and compare the estimated value with the option
you plan to select. (This does not include Option A.)
- Compensate for any gaps between the minimum and the estimated value.
* Mercury Moving cannot provide guidance in determining the value of
your items. You should consult the appropriate insurance or other professional
to assist you in this decision.
The Options
Use the following table to compare your four options:
| OPTIONS |
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Option A:
Carrier’s Liability
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Description |
This is the minimum, and you pay nothing extra.
If your goods are damaged and/or lost, Mercury Moving’s maximum
liability to you under this option is .60 per pound per article. If
your goods are damaged or lost, you will be entitled to recover the
lesser of the decrease in value of the item lost or destroyed, or
60 cents multiplied by the weight of the article(s)
To choose this option, you must, in your and writing, write the
letter “A” in the box on the Bill
of Lading, and sign and date below.
*Not all items are covered. Please see the list at the bottom of
the page.
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Minimum |
Because the Carrier’s Liability is fixed at 60
cents per pound, there is no minimum. If your goods are damaged or
lost, Mercury Moving’s liability to you under this option is
60 cents per pound per article.
Example: 10 pound chair X 60 cents = $6.00. You would be allowed
a maximum of $6.00 for that particular chair
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Formula for Premium |
No premium |
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Deductible |
No deductible |
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| OPTIONS |
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| Option B: Declared Lump Sum Value |
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Description |
Under this option, you declare a lump sum value for
your entire shipment. If there is a claim, Mercury Moving is not obligated
to write a check to you for the entire declared shipment value! Each
damaged item will be repaired or replaced first. A cash settlement
may also be offered, according to its depreciated value, not to exceed
the shipment’s declared value (in this example, the declared
value is $12,500). Mercury Moving will apply depreciation to any claim
made under this option.
To select this option, you will need to write “B” on
the Bill of Lading.
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Minimum |
Subject to a minimum of $1.25 per pound times the weight
of your shipment. (You may declare MORE but not less.) For example,
if your shipment weights 10,000 pounds, the lump sum value would be
$12,500 (10,000 pounds X $1.25). This amount would be Mercury Moving’s
maximum liability to you. |
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Formula for Premium |
$6 of premium for every $1000 of value. |
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Deductible |
$250.00 |
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| OPTIONS |
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Option C:
Full Replacement Value |
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Description |
Full “replacement” value protection is
non-depreciated valuation. Not all movers offer this option. This option
provides for the repair or replacement of the item, whichever is less,
to restore the piece to its condition immediately before the loss.
To select this option, you will need to write “C” on
the Bill of Lading.
*Not all items are covered. Please see the list at the bottom of
the page. |
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Minimum |
This option is based on a minimum declared value of
$4.00 per pound. (You may declare more but not less). Mercury Moving
will not apply depreciation under this option. |
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Formula for Premium |
$9 of premium for every $1,000 of value with a $250.00
deductable |
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Deductible |
$250.00 |
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| OPTIONS |
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| Certificate of Insurance |
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Description |
Mercury Moving can arrange for transit insurance coverage
in the amount you specify. A Certificate of Insurance should be provided
to you. The certificate coverage we offer covers your items at their
replacement value.
Not all movers can offer a Certificate of Insurance. This is not
Movers’ Liability, but an agreement between a licensed insurance
company and you. If you are going to select this option, you will
have to inform Mercury Moving prior to the move date. Certificate
coverage is considered more comprehensive than valuation.
*Not all items are covered. Please see the list at the bottom of
the page. |
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Minimum |
N/A |
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Formula for Premium |
$12 of premium for every $1,000 |
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Deductible |
$250.00 |
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Important Things to Know
If no option has been selected at the start of the move, Mercury Moving
will automatically apply Option B (Depreciated Value)
and charge the
associated premium. This default is mandated by state law.
All claims must be submitted to Mercury Moving within 15 days after the
move.
Mercury Moving is not obligated to write a check for the full declared
amount. Repairing or replacing the item is always the first course of
action.
Valuation does not consider sentimental value of your items.
Do not expect Mercury Moving to change your Valuation options after the
fact.
Valuation is per piece, not per set, e.g., if one china plate is broken
only that plate is subject to repair, replacement, or cash settlement,
not the entire china set.
The burden of proof is on you, the customer. Do not discard any damaged
items.
All charges must be paid to Mercury Moving prior to processing your claim.
If no option has been selected at the start of the move, Mercury Moving will automatically apply Option B (Depreciated Value) and charge the associated premium. This default is mandated by state law.
Items that are not Covered Include:
- • Items that are inherently vice. This includes particle board,
pressed board, glue board, or any piece where natural wear and tear
has compromised the piece and made it susceptible to damage, e.g., a
piece of furniture where the fasteners have rusted, or a piece where
glue has cracked, or a where old wood is splitting.
- • Ready-to-assemble furniture
- • Items packed by the customer
- • Electronics
- • Fragile items (e.g., glass) that is not packed by Mercury
Moving
- • Boxed items (Mercury Moving reserves the right to refuse to
move Boxed items.)
- • Items with existing damage
- • Items that have been repaired previously
- • Items of extraordinary value ($100.00 or more per pound).
Please contact Mercury Moving before your move if you think you might
have an item of extraordinary value.
Additional Resources
Massachusetts Movers Association’s, “Placing a Value
on your Household Possessions,” http://www.massmovers.org/pdf/hh.6.04.pdf
American Moving and Storage Association’s, “Placing a
Value on Your Shipment Your Mover's Liability for Loss or Damage,”
http://www.moving.org/before/liability.html
More helpful information at:
http://www.123movers.com/guides/movinginsurance.asp
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