One Year Later:
See How Full Value Protection Can Enhance Your Bottom Line!
One year has passed since the new Full Value Protection regulations took effect on May 15, 2012. Intended to increase protection for customers of interstate moving companies, the new regulations require moving companies to:
- Include a quote for full value protection (what you charge to assume replacement cost liability) in the written estimate
- Include a disclosure in 12-point type in the written estimate
- Ensure the valuation statement is in at least 10 point type of the Bill of Lading
- Require customers to sign the valuation statement on the Bill of Lading
In case of a claim, if there is no weight certificate and the customer did not declare a value or sign for an option, the mover is responsible for full shipment value without limitation.
Initially, there was some fear that by independently providing full value protection, moving companies would be encumbered with the administrative hassles of claims and paperwork. Fortunately, that has not been the case, thanks to the introduction of the Full Value Protection Insurance Program offered by Relocation Insurance Group.
Through the Full Protection Insurance Program, many movers have discovered a simple and profitable way to comply with states’ DOT, UST DOT and STB requirements, while also increasing customer service and minimizing administration time.
The Full Value Protection Insurance Program includes:
- Free in-house claims handling
- Simple monthly billing with no annual premium
- A quick and easy sign up process
- Coverage of customer goods while in carriers’ possession (which is typically excluded from motor truck cargo policies)
New for 2013, Relocation Insurance Group added two additional levels of deductibles and rates to better meet customer needs. The new $250 deductible is perfect for limiting moving company risk. And, the new $1,500 deductible offers a cost-control solution for high value shipments.
The Full Value Protection Insurance Program has received favorable customer feedback since its inception. Moving companies appreciate the ability to strategically set rates to create an additional revenue stream, and they find that the claim process is smooth and efficient – thanks to Relocation Insurance Group’s in-house claim adjusters.
In addition, Full Value Protection Insurance shields moving companies’ motor cargo policy claims experience (and resulting premiums) – an important benefit in an increasing hard insurance market.
In Summary
Complying with Full Value Protection requirements can either deplete or enhance your company’s bottom line. As we enter the busy season, it’s not too late to sign up for Full Value Protection Insurance. Discover what many moving companies already know – FVP Insurance makes good business sense!
To learn more about Full Value Protection Insurance, download our Get Started Kit or call us anytime at 888-893-8835 x 112.
