Residential Moving: Valuation
Household & Commercial Goods
Option 1 - Full Replacement Value Protection is the most comprehensive plan available for protection of your goods. When you select this option, articles that are lost, damaged or destroyed will, at Isaac’s 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 market value, regardless of the age of the lost or damaged articles.
Under this option, you have two choices for establishing Isaac’s maximum liability on your shipment:
- You can declare a value based on the weight of your shipment times an amount of not less than $5.00 per pound, or you can declare a higher lump sum amount.
The value you declare on your shipment must be at least equal to the weight of your shipment multiplied by $5.00 per pound, subject to a minimum declaration of $5,000. For example, if your shipment weighs 5,000 pounds, the minimum value that you must declare is $25,000 (5,000 pounds multiplied by $5.00 per pound). You can also choose a higher lump sum amount based on your estimate of what it would cost to replace all of your shipment (for example, $50,000).
Option 2 - Released Value (Free of Charge) is the most economical option available. This level of protection is provided at no additional cost, however, it only provides minimal protection. Under this option, Isaac's liability is limited to no more than 60 cents per pound per article for loss and/or damage. This means that claims are settled based on the weight of the individual article(s) multiplied by 60 cents. Example: if a 10 pound stereo component valued at $1,000 was lost or destroyed, Isaac's would be liable for no more than $6.00 (10 pounds multiplied by 60).
Extraordinary (Unusual) Value Article Declaration
Under both of these liability options, Isaac’s is also permitted to limit its liability for loss and/or damage to articles that have an extraordinary value, unless you specifically list these articles on the “Inventory of Items Valued in Excess of $100 per Pound per Article” form. An item of extraordinary value is any item whose value exceeds $100 per pound. Upon your request, Isaac’s will provide a complete explanation of this limitation of liability before your move. It is your responsibility to study these provisions carefully. The declaration of extraordinary value must be received in our office 7 days prior to your move date.
