Movers Insurance 101: Moving Terminology

All savvy business owners know that securing the right insurance is crucial to your venture’s success and profitability. When you’re working in the moving and storage industry, it’s important to recognize that there are multiple factors that affect your business – your clientele, the value of their goods, your workers and staff, etc.

Before you can develop your movers insurance strategy and settle upon an appropriate policy, you need to ensure that your entire staff and client base understands the basics; beginning with an explanation of common terms:

  • Accessorial Services – services such as packing, unpacking or shuttle service that your client ma request to be performed. Charges for these services generally are in addition to the transportation charges.
  • Bill of Lading – the receipt presented to the client, which documents the goods and the contract for their transportation. It’s important that your client understands the specifications before signing.
  • High Value Article – items included in shipment that are valued at more than $100 per pound. The items should be communicated to and disclosed to you, by the client, to ensure that your staff properly protects these personal items accordingly.
  • Inventory – the detailed descriptive list that shows the list of household goods being transported, as well as the number and condition of each item.
  • Storage-In-Transit (SIT) – temporary warehouse storage of the client’s shipment pending further transportation; i.e. if the new home isn’t quite ready to occupy. Added charges for SIT service and final delivery charges, most often will apply.
  • Valuation – the degree of “worth” of the goods in shipment; this is important in regards to potential claims and the degree of liability you assume.

When you’re in the moving and storage business, it’s important that you maintain the reputation for safety and protection; your consumers seek you out to safeguard their goods, making your coverage needs just as important as their understanding of the common terminology. At Wolpert Insurance, we offer a unique variety of safety, compliance, and risk management tools to enable you to run your business safer and be more profitable. Interested in learning more about our movers insurance coverage? Contact Wolpert Insurance today for a free movers insurance quote!