Released Value Protection or Basic Coverage
Released Value Protection is the basic coverage that is contained in all contracts for moving of household effects and is included in the cost of your move. Under released valuation, the mover’s liability is limited to $0.60 per pound ($1.32 per kg) per article for household goods under provincial conditions of carriage regulations. This would mean that a table weighing 100 lb. that is being shipped and which is damaged beyond repair would result in a cash settlement of $60 (100 lb. x $0.60 per lb.) even if the actual replacement cost of the table were $1,000.
Released valuation limits your claim to a maximum amount which is based on the total weight of your shipment (including the weight of cartons). For example, in the unlikely event of a total loss, let’s say by fire, your maximum protection would be $0.60 per pound multiplied by the weight of your entire shipment If your shipment weighed 5,000 lbs., the maximum settlement would be $3,000 (5,000 lbs. x $0.60 per lb. = $3,000). Released valuation is generally not adequate because it provides only minimal coverage.
Declared Valuation
This is not replacement coverage. As a long-distance carrier, we are not able to sell or offer you replacement insurance or coverage. However, you can upgrade your coverage for your household goods at the rate of $40.00 per every $1000 of declared value. This is not replacement coverage, however it does change your coverage from the released value protection that is included with the price.
Third Party Coverage
Kingsway Van Lines strongly recommends that you check with your own insurance provided to ensure that you have adequate insurance coverage during transportation and storage of your household goods. Most homeowners and rental insurance providers will offer coverage options for your shipment.