Valuation Coverage
Valuation coverage is the umbrella term for the mover's liability for loss or damage to a customer's belongings — it is not the same as insurance, even though it functions similarly.
Technically, valuation coverage is a contractual obligation of the moving company, not third-party insurance. The mover is the entity responsible for paying the claim, governed by federal regulations (49 CFR § 375.701 for interstate moves) and the terms of the bill of lading. The two valuation tiers are released-value (60¢/lb, free, included) and full-value (premium-priced, customer's choice).
Separately, some movers also carry their own third-party cargo insurance through an insurance carrier — this is what pays out the valuation claims. Boston Best Rate Movers carries cargo insurance and workers' compensation insurance on every job, on top of the required valuation coverage.
Related Terms
Released-Value Protection
Released-value protection is the minimum cargo coverage a federally regulated mover must provide at no cost, paying 60 cents per pound per damaged item.
Full-Value Protection
Full-value protection is moving insurance that reimburses the customer for the full repair or replacement cost of any item the mover damages or loses, minus any deductible.
Cargo Insurance
Cargo insurance is a third-party insurance policy that protects against loss or damage to the goods being transported in a moving truck.
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