Valuation refers to the amount of liability that VMLA assumes, and, therefore, the amount you may receive if an item is lost or damaged while in the care of your VMLA. Before you agree to a valuation option, take the time to understand the pros and cons of available choices.
Protect your shipment VMLA provides this information to explain what you must do and what it will cost to place a value on your household goods shipment. If you have any questions after reading this information, ask your Victory Moving Company Sales Representative.
This is the most economical option, offering minimal protection at no additional cost. Claims for loss or damage are based on weight multiplied by 60 cents per pound ($1.32 per kilogram). For example, if VMLA would lose or damage a 10-pound (4.54-kilogram) stereo component valued at $1,000, your settlement would not exceed $6.00. Think carefully before agreeing to the Minimal Protection option. If you choose it, you must make a specific statement on the Order for Service agreeing to it.
Unless you specifically agree to other arrangements, VMLA assumes liability for your shipment based upon your purchase of Full Value Protection. When you select this option, articles that are lost, damaged or destroyed will, at our option, be either repaired, replaced with articles of like kind and quality, or a cash settlement will be made for the repairs or for replacement of the articles at their current value, regardless of the age of the lost or damaged articles. The minimum declared value of a shipment for Full Value Protection is $10,000 or $6.00 multiplied by the total weight of the shipment in pounds, whichever is greater.
The approximate cost for Full Value Protection varies depending on the size of deductible. For a shipment weighing 4,000 pounds (1,814.4 kilograms) the minimum declared value would be $24,000 (4,000 pounds multiplied by $6.00/pound) and the cost of Full Value Protection with no deductible would be $275.
These valuation options are not governed by state insurance laws, but instead are authorized under Released Rates Orders of the Surface Transportation Board of the U.S. Department of Transportation. Valuation is NOT insurance.
* Certain limitations apply. Please contact us to get an accurate quote.