Relocation Insurance Education: All Risk Policies - Valued Inventory vs. Lump Sum

There are several options consumers can choose from when insuring their possessions during a move or while in storage. Today, our focus is on the two types of All Risk policies Relocation Insurance Group offers: Valued Inventory and Lump Sum.

Full Replacement Value - Valued Inventory

• Advantage: By providing a detailed inventory, you are specifying all individual items that you want insured. All items listed are insured up to the replacement value based on the Terms and Conditions.

• Disadvantage: Items not listed and valued are not insured. If you do not list ALL of your personal effects, you are not insuring your entire shipment.

Full Replacement Value - Lump Sum

• Advantage: Declare a total lump sum of your shipment and list (with values) only items that are $500 or greater in individual value. Items below $500.00 (USD) in individual value do not have to be listed and are covered at their declared or replacement value and at a maximum of $500 each. Your total lump sum value must include the value of both listed, as well as non-listed items.

• Disadvantage: If you declare a total lump sum value lower than the actual total value of your shipment, or lower than $6.00 times the weight of your shipment, you may be underinsured and subject to the Co-Insurance clause.

Extra Credit: Co-Insurance

A clause under the Terms and Conditions of the policy, which determines the settlement compensation amount in case of a claim. Co-Insurance, or Underinsuring, is a situation in which a shipment or an item is insured for less than its replacement value. Settlement will be proportional to the declared value versus the replacement value of the shipment or item.

For example, if you insured your goods for $10,000 (i.e., a declared value of $10,000) while the entire replacement value of the goods is $100,000, your proportionate claim settlement amount (in case of a claim) would be 1/10 of the actual value. A lost table worth $1,000 will yield a settlement in the amount of $100 (minus any deductible, if applicable).

If your shipment weight is 5,000 lbs, the minimum policy amount required is $30,000. Unless you opt to complete a Full Valued Inventory, in order to avoid co-insurance, you must purchase coverage at a minimum of $6 per pound based on the weight of your shipment.

More information on all coverage options offered by Relocation Insurance Group

Positive Signs from our Relocation Affilliate Network

Lots of great stuff going on this week!

• Move for Hunger and Priority Moving work to Stamp Out Hunger - Priority Moving
  
• Extending “Bring Lebron James to the Knicks” Campaign! - Moishe's Moving
• Summer is here! - Elephant Moving and Storage
• Penske Logistics Presents Report: U.S. Logistics Industry Poised for Rebound - Penske
• Free Packing Course for Moving Customers - Ferguson Moving & Storage
• Get Cross Country Moving Rates - ABF U-Pack Moving
• GO MINI’S 2010 Dealer of the Year - GoMini's
• E-Z Movers’ Teams Up With Apartment People - EZ Movers

Self Storage Owner Denies Liability for Damage Caused by Admittedly Faulty Roof

The owner of a self-storage facility in Washington D.C. is denying any liability for water damage to its tenant’s belongings, caused by a leaky roof which the owner admits has been in poor shape for over a decade. As a recent article at DCist.com explains, the facility’s owner lays the blame on the contractors he hired to fix his faulty roof, and on the tenants themselves.  “Things can happen to your stuff in storage,” and “customers need to have renters' insurance,” according to the owner.

It is of course true that tenants should be aware of the risks to their belongings during storage, and that a good insurance policy can protect the value of belongings damaged by various perils. However, most tenant insurance policies would not likely cover such a claim as this one, where the facility owner admits to having a faulty roof for so long.

Who do you think is liable here—the owner, the tenant, or the contractor? Check out the full article at DCist.com and let us know what you think by commenting below.

Weekly Network Roundup

Weekly Network Roundup highlights news and events from our broad network of affiliates, vendors, and thought leaders. We hope you find our Weekly Network Roundup to be a valuable resource for business ideas, product and service commentary, and more.

Week ending Friday, June 4, 2010

Pre-planning Can Go a Long Way - posted by Prudential Van Lines


6 Computer-packing Tips - posted by Preferred Relocation


The Celebrity Beat - posted by Relocation.com


Penske Teams Up with NBC "Today" Show's Annual Lend a Hand Charity Effort - posted by Penske Truck Rental

The Relocation Referral Engine

There’s a great new book out there called The Referral Engine: Teaching Your Business to Market Itself by John Jantsch (award winning social media publisher and author Duct Tape Marketing). The basic idea of the book is that you want your company to become a source of referrals for your customers and, in turn, your company will be sent referrals in droves.

Jantsch suggests that you should be able to refer your customers to the BEST companies that might fit their needs, outside of (but related to) the product or service you provide. For example, at Relocation Insurance Group, we refer customers to the very best movers, storage facilities, and mobile storage providers. We also use our industry experience and contacts to refer our affiliates to the very best vendors we know.

In return, Janstch tells us that the companies you refer customers to regularly will gladly return the favor when their customers are in need of a company offering your services. That is, if you are among the best! That’s the other (perhaps understated) half of Janstch’s magic formula: be remarkable. If your company is striving not only to see revenue, but to provide the very best product or service in your space, chances are you’re doing some remarkable things—and members of your network will refer customers to you.

What do you think of this idea of becoming a “referral engine”? Have any of you read the book? Leave your comments below.