Valuation Coverage & Transit All Risk Insurance Coverage
There is a substantial difference of valuation coverage vs. “all risk” certificate coverage for your customers. Valuation coverage is a contract between the customer and the moving company. It provides that in the event of direct damage to the goods the moving company will pay the customer for damage or repairs to the property up to the limit of coverage. There is no coverage for damage from a third party where the mover is deemed not to be negligent.
“All Risk” Transit Insurance is a contract between the customer and the insurance company. The coverage provided is for direct damage or damage by a third party, or damage due to an unforeseeable act (such as windstorm, flood, lightning, etc). All risk coverage is paid directly by the insurance company and is regulated by the Department of Insurance. Like most insurance contracts it has a clause for co-insurance or insuring to value that valuation does not.