On the first and third Thursday of the month, movers from across North America participate in a discussion on Twitter, called MoveChat, where stories, tips and advice are shared. Every week, we discuss a specific part of the moving process. This week the topic was, “Valuation and the New Changes Coming May 15th” and what follows is an edited transcript of the discussion. To view the full discussion, simply log into Twitter and follow the hashtag #movechat.
Q1. Is Valuation insurance? If not, what is it?
RELORoundtable Hi all, unfortunately, most customers (and many sales people) don’t understand the difference between valuation and insurance.
PortageCartage No, valuation is not insurance in the legal definition. It functions like it, but movers aren’t licensed to offer insurance.
jkmoving Valuation is not insurance, movers are not legally able to sell insurance.
RELORoundtable Valuation represents a motor carrier transit liability.
HAuston No. Valuation is the mover’s liability for the customers goods while in the move.
RELORoundtable Then try this. Valuation represents the estimated designated dollar value a customer places on their shipment while in transit.
Q2. What are some of the benefits to the customer with these new changes in valuation?
RELORoundtable The STB hoped to improve consumer protection, but only succeed in confusing both customers and salespeople more – IMHO!
jkmoving Full Value Protection is in the estimated cost. .60 cents is no longer default
HAuston Hopefully to avoid confusion. More of an effort to advise the consumer before the move.
Andrews_Moving It will def. help protect consumers against low-ball internet brokers that generally just quote lowest coverage
RELORoundtable Inexperienced consumer are shopping of the cheapest price. The new rule requires movers to quote a higher price than they want.
Q3. What changes can customers expect on estimate and Bill of Lading?
HAuston FVP pricing with the opt out option.
(Editor’s note: FVP stands for Full Value Protection.)
Andrews_Moving More things to sign 😉
jkmoving Estimates must include Full Value Protection in the estimate. And valuation most be prominently displayed on Bill of Lading
The new changes regarding Valuation are going into effect on May 15th. If you have any questions or concerns please leave them in the comments section below where we will happily address them.
Or you can visit Protect Your Move for more information.
We hope you enjoyed reading the transcript and we welcome you to join in the next chat. MoveChat takes place on the first and third Thursday of the month at 2 p.m. ET. Join in and learn from the pros.
Previous MoveChat Transcripts: