Insurance Options

Welcome to the Box Ox Moving Insurance Options page. Everyone’s belongings have value, whether monetary or sentimental, and no one wants anything to be damaged during the course of a move. We take great measures to ensure our employees handle your household furnishings with care while protecting the properties where work is occurring. Unfortunately, damages or “cargo claims” are a part of the transportation industry. Thus, we’ve created this page to maturely address coverage options and exposures that consumers face when hiring a moving company.

The common assumption is that full coverage is included when a moving company lists itself as a licensed and insured carrier. However, the terms ‘licensed’ and ‘insured’ simply mean that the company has the sufficient auto, general liability, and cargo coverage that the Department of Transportation requires. Most companies offer a 60¢ per lb. waiver and release for their standard rates packages. It is important to know that this type of coverage is not the same as full value replacement insurance. However, it is the most standard coverage in the moving industry because no additional fees, descriptive inventory, or value needs to be assigned to the shipment. Moving companies use these contracts to offset the huge amount of liability that the company faces while handling household items.

For example: An average local move costs $450.00 to $550.00. The cost of a LCD or LED television averages around $2,000.00. Without the waiver and release, movers are liable for 4 times the amount of the gross invoice with just that single piece. Add the rest of the household and it very quickly becomes far too much liability compared to the net profit. With the waiver and release, movers are able to balance the amount of liability to the potential net profit. However, the result is that the customer is left with considerable exposure. With the standard waiver and release, a customer would be compensated based on the weight of the television. For example, a customer who owns an LED television that weighs 100 pounds would only be compensated $60.00 once a cargo claim is filed, if it has been damaged.

Important: Any claim for a damaged piece will be settled at the coverage level you elect. Please read the following coverage options carefully and make sure anyone in your household who may be signing paperwork on moving day is fully aware of these options.

Coverage Option 1
As mandated by the Department of Transportation, we offer the $0.60 per pound waiver and release (that is described above) for damages or missing items. Again, this is most common coverage throughout the moving industry. We extend this coverage at no additional cost. However, it does create varying degrees of exposure as this is not full coverage insurance (Please see examples below). We recommend you view our full waiver and release agreement including the procedure to file a cargo claim which can be located on the bill of lading and order for service pages on our website.

 

 

Our office staff will be happy to discuss all details of this coverage so you’ll know exactly what type of agreement you’re entering into on moving day.

Coverage Option 2
For full coverage on single pieces only, we highly recommend a policy offered by MovingInsurance.com. MovingInsurance.com is another 3rd party insurance carrier that specializes in household goods moving insurance. However, we do not recommend MovingInsurance.com if you are looking to insure the entire shipment.

To purchase this full coverage option call Moving Insurance.com at 1-888-893-8835, or go online to MovingInsurance.com. Simply tell the customer service representative you’re using Box Ox Moving for the rates.

Most importantly, do not wait until the last minute to purchase this policy. All policies must go through underwriting and a minimum of 2 business days finalize. The insurance carrier may also require that an item is prepared in a certain way (third part crating, for example), which will require additional time to arrange. 

Coverage Option 3 
Check with your homeowners/renters insurance carrier and see if they offer coverage above the $0.60 per pound offered at our standard rates. This is typically done in the form of a rider added to the policy. If offered, the usual cost is between $50.00 and $100.00. They will typically request our licensing information to verify that a reputable company is handling the move.

We hope you have found this email useful as we have yet to find any other moving company that candidly addresses these aspects of the transportation industry.

If you have any additional questions or concerns, please contact our office at 512-861-8707.

More Helpful Moving Advice

Much of the information you’ve read here can also be found on the Box Ox Moving Blog – which offers an abundance of detailed posts containing very specific moving advice. You can also send us a message below: