What is the difference between valuation and insurance?
When it comes to moving your household goods, you want to make sure your shipment is secure. Plus’s Vice President of Supplier Relations, Stacey Myhro, is here to explain the difference between valuation and insurance.
Complete transcript: “Hi, my name is Stacey Myhro and I’m Vice President of Supplier Relations here at Plus. Today my question is, ‘What is the difference between valuation and insurance coverage of a household goods shipment?’
While the majority of shipments go very smoothly, accidents can happen and an item might be damaged or lost. It is very important for you to understand the different coverages you have on your shipment. Valuation refers to the liability coverage through the moving company most commonly used for U.S. domestic shipments. It’s also called full value protection. Full value protection is the most common liability coverage for corporate moves. The moving company is liable for the replacement value of the item. They have the option to either repair, replace, or provide you a cash settlement for the repair or replacement to do on your own.
Insurance, on the other hand, is the liability coverage written through an insurance provider. This is most commonly used for international shipments. If you do have an international shipment you are going to be asked to complete a full inventory. This inventory includes every item that’s going on the shipment as well as the replacement cost in the new destination country of the item.
These are the primary differences between valuation and insurance. Thanks for watching.”