Valuation
Customers often confuse the concept of valuation with insurance. Although Southern California Moving & Storage, Inc. is fully licensed and insured, valuation is not insurance. Valuation is an estimated value, assessed by the customer, of how much their goods are worth. It determines, in the event of lost or damaged goods, how those goods are recovered.
The following chart breaks down the costs and payment structures for your three valuation options and provides an example of how a damaged ten-pound lamp purchased three years ago would be compensated:
|
Type |
Coverage |
Cost |
Deductible |
|
Standard |
$0.60 per pound |
No Additional Cost |
$250 |
Example: customer would receive $6 for the damaged lamp ($0.60 X 10 pounds) less a $250 deductible. |
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|
Type |
Coverage |
Cost |
Deductible |
|
Actual Cash Value (ACV) |
Depreciated current market value of lost or damaged items |
$7 per $1000 declared value |
$250 |
|
Example: customer would receive the amount the lamp would fetch at a garage sale, less a $250 deductible. |
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|
Type |
Coverage |
Cost |
Deductible |
|
Full Replacement Value (FRV) |
Cost of replacing lost or damaged items |
$9 per $1000 declared value |
$500 |
|
Example: customer would receive the amount of money required to purchase a new lamp of similar design, less a $500 deductible. |
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DOT#: 671253
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