What are some scenarios where you would have to provide or you would have to pay for replacement coverage? For instance, what if the moving company catches on fire? What if there is a total loss? 

In a case where there would be more than just one item damaged, the first thing that happens is the insurance company or insurance provider would go straight to the bill of lading. They want to look and to see whether replacement coverage was chosen as part of that move. If it is replacement, then it is settled based on that. They go through each item, and for instance, they see that there’s a leather couch there, and it would cost $2,500 to replace it. That’s how they settle on that.

We do not take depreciation in on that settlement, but once we get all the items together, if it exceeds the amount that was specified on the bill of lading, then that’s where it tops out. So, you would not get anything above the amount on the bill of lading. So, it is important to know every item we carry. And we would have an inventory of items that we are moving. The adjuster and the customer would sit down together, make determinations, and ensure everything is accounted for.

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