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We carry Cargo Insurance as mandated by law under the Transportation Act. This coverage is required for all moving companies and protects your belongings during transport. However, it’s important to note that cargo insurance typically compensates based on the weight of the items, not their replacement value. For example, in the unfortunate event of loss or damage, compensation might be calculated at a standard rate per pound (e.g., $2 per pound), regardless of the actual value of the item.
This is the standard coverage provided under cargo insurance. It compensates based on the total weight of the damaged or lost items. For instance, if a heavy but low-value item is damaged, the compensation may exceed its actual worth, while a lightweight but valuable item might receive less than its replacement cost.
This type of coverage, which is not included in standard moving insurance, compensates based on the actual cost to replace the item with a new one. To obtain this level of coverage, you would need to secure additional insurance through your homeowner’s or tenant’s insurance policy.
