CLIENTs are required to choose between two options:
1. So-called "Free Standard Insurance"
2. Replacement Value Insurance.
1. The "Free Standard Insurance", in fact, offers very little coverage. This form of insurance is a legal relic from the 1970s. Under this insurance, your furniture is covered at 30 cents per pound per article. This amounts to only about $30 coverage for a couch, and $150 coverage for an upright piano. This option may be taken if the customer has a homeowner’s policy which covers his or her goods for breakage during a move; most of the items being moved fall under the category of exceptions, see below; or if goods are all not expensive. In all other cases, we recommend taking Replacement Value Insurance.
2. Replacement Value Insurance (also known as "Extra Insurance") covers goods for the cost of replacing them with an identical or very similar item. In the rare event that something is damaged, the first step is to determine whether a satisfactory repair can be made. If not, the customer fills out a claim and our insurance company, CHUBB - one of only a few insurance companies with a reputation for fairness - processes the claim. Any damage that may be attributed to the moving process must be reported in writing to our office staff within one week of completion of the move.
The cost of Replacement Value Insurance is $10 per $1,000 declared value, with a $500 deductible. The amount submitted for coverage, according to CHUBB'S requirements, must "reasonably" reflect the total worth of the goods the customer is shipping. For example, if your furniture is worth about $100,000, taking a policy of $20,000 would be considered underinsuring, and CHUBB reserves the right to reduce any settlement in proportion to the fraction by which the goods were underinsured - in this example, by 4/5. There is a $120 ($12,000 coverage) minimum purchase on a move.
Exceptions not covered by Replacement Value Insurance are:
- Items packed by the client, or otherwise not packed by Brownstone Brothers
- Items made of particle board, pressboard, or engineered wood (e.g. Ikea furniture)
- Electronic and mechanical devices are only covered if there is visible damage to the exterior.
- Cash and items of extraordinary value (e.g. jewelry)
For any questions, speak to a Brownstone Brothers representative.