Insurance Requirements for West Palm Beach Moving Companies
Insurance Requirements for West Palm Beach Moving Companies
Moving companies have specific insurance requirements put in place by the federal government. These laws make sure that moving companies have the financial responsibility to transport the belongings of their clients. The laws are applicable for moving companies that travel across state lines. Moving companies are required to have motor vehicle insurance and cargo liability by the state of Florida. Additionally, movers are also required to have the right workers’ compensation insurance for the staff. That is why we put together for you these Insurance Requirements for West Palm Beach Moving Companies.
Moving companies are exposed to two specific risk categories: damage to the company’s property and bodily harm and damage of others’ property. Should movers face large claims, they would be put under great financial duress if they don’t have the right insurance.
Movers have the choice of offering their clients with two types of liability coverage: released liability or full value protection. Full value protection will make the moving company completely responsible for and damages or losses. The client is required to pay for this insurance policy in order to reduce the cost by adjusting the different deductibles. As for released value coverage, in the event of property damage or loss, the moving company is presented with three choices. They can either repair the damaged item, or to make a cash payment to settle for the damages. The third option is to replace the item. Clients of moving companies that offer release value coverage are recommended to purchase additional liability coverage for their belongings. The moving company is still liable for the basic coverage.
The moving laws and regulations for each state are different. A good piece of advice for clients is to refrain from signing the receipt of delivery right after the completion of the move. If you were not able to personally monitor the progress of the move, it is highly advised that you check all items, giving priority to any valuables, and to inspect them for any damages. In some cases, signing the delivery receipt will provide your moving company with an excuse to not pay for any damaged items. Be sure to read the fine print of your moving agreement well before you sign the contract and to only sign the delivery receipt once everything has been confirmed to be in their original, undamaged condition.
The Official Mover of Steinway & Son
1320 53rd St.
West Palm Beach, FL 33407
Author: Kathy Long