A deductible is a sum of money a person pays out-of-pocket before the insurance company pays toward a claim resulting from a loss or damage. The payments are useful for keeping the cost of insurance low. The amount varies, with lower deductibles generally associated with higher premiums and vice versa.

For example, if your deductible is $500, and repairs for a broken furniture are $800, you’ll be responsible for paying the first $500. The insurance company pays the remaining $300.

Excel Moving’s insurance policy is a non-deductible policy. Our insurance company will compensate you based on the declared value of your valued inventory list without withholding any money in advance.

Shipments should be insured at their full value or will be subject to the Co-Insurance Clause. If a shipment is not insured for full value, the insured shall to the extent of such deficit bear their proportion of the loss. For example, should a $100,000 shipment be insured for only $50,000 and sustain partial damage, the insured may only be entitled to 50% of the amount claimed. If a $1,000 couch was destroyed, the shipper would only receive $500 compensation from insurance underwriters.

There are two options for you to value your shipment:

An itemized and valued inventory list and Lump Sum Insurance Coverage.

Itemized and valued inventory list:

With this option, you will be advised to prepare an itemized and valued inventory list for everything you intend to move. We would suggest that you value the goods by the replacement value at the destination of your move rather than the purchasing value at the origin.

Lump Sum Insurance Coverage:

One easy method of taking out insurance is to take our “LUMP SUM” insurance coverage. Your insurance premium is determined by the volume that you ship.
 

Lump Sum Insurance Quick Calculator
The underwriters have agreed to insure shipments on a lump sum basis at USD 2750 per cubic meter
Volume of your move	Underwriters replacement value	Total insured value USD	Estimated cost of premium USD
i.e. 8 cubic meters	x USD 2,750 =	$22,000	$660

We will take every precaution to protect your possessions whilst they are in our care. Nevertheless, it is advisable to protect your belongings for a sum equivalent to replacement value at destination. Our Marine Transit Insurance covers loss or damage in transit from packing and collection and is valid until delivery to final residence or store, whichever is sooner. If you wish to store your goods at origin or at destination insurance may be extended to cover additional periods in store; please contact your move manager to arrange an extension. Our insurance proposal form and summary of cover will accompany your quotation. If you need assistance with completing the form, please contact us. Please note that should you decline insurance, we will reply upon our terms and conditions.

Excel Moving has arranged for these three additional benefits to be automatically included at no extra charge to our customers.

Total Loss Only (TLO) is an insurance type that will compensate for damages only in case of 100% damage or loss to the shipment. This type of insurance will not compensate for individual items damaged or lost.

Our insurance policy provides 90-day storage coverage at origin and 90 days at destination, provided that your goods are stored in our or destination partner’s enclosed warehouse. Your self-appointed storage facility will not count in this instance. Storage coverage can be extended for an additional premium. Please contact Excel Moving for an extension.

According to the norm of the international moving industry, moving companies typically limit their liability to 10-60 USD cents per lb. In the event of damage, it is highly unlikely that this limited liability would provide adequate coverage to repair or replace your damaged items. For example, should your 5 lb. laptop computer get damaged and cost $1,500 to replace, your move may only be liable for the following: 5 lbs. x $0.60 = $3.00

Although your moving company will take every precaution to ensure your shipment arrives safely, accidents do happen. Even the most qualified movers encounter occasional claims for loss or damage. Purchasing “all risk coverage” indemnifies you for full replacement at destination.

Our insurance does not cover household goods for sentimental value. For example, a wedding photo album will be covered only for its commercial value, not its sentimental value.

You should file your claim with Excel Moving for loss or damage in your shipment within 45 days after delivery of your shipment to your destination residence. Failure to give such notice will void coverage under the insurance certificate.

Your claims can be submitted online at www.unirisc.com. For detailed claim handling procedure, please go to www.unirisc.com/claims-handling-service.

Co-Insurance is a form of property insurance in which the insured shares in losses proportionately to the extent that the amount of insurance falls short of a specified percentage of the value of the insured property. For example, if you insured your goods for $10,000 while the entire actual value of the goods is $100,000, your proportionate claim settlement amount (in case of a claim) would be 1/10 of the actual value. For example, a lost item worth $6,000 will yield a settlement in the amount of $600 (minus any deductible, if applicable).

Excel Moving has negotiated excellent terms and conditions with the most reputable international insurance brokerage firm in the world to give you the protection you need for your possessions. Our entire portfolio of services are insured by UNIRISC Insurance, a trusted partner leading Fortune 100 relocation management companies and progressive moving companies for more than 35 years.

We offer two options for you to insure your possessions. An itemized and valued inventory is highly recommended. Claim settlement will be based upon the declared value specified on the declaration, or the cost of replacement or repair.
 
Should a valued inventory not be completed, claim settlement will be limited to a maximum of US $1,000 per item or set subject to a per pound valuation.
 
Another easy method of taking out insurance is to take our “LUMP SUM” insurance coverage. Your insurance premium is determined by the volume that you ship. The formula prescribed by our insurance company to establish the value of your shipment is USD2,750/ CBM X the actual volume of your move in CBM + the individual items valued above USD1,000.  With this option, you simply need to itemize individual items valued above USD1,000 in your shipment. 

While using a full service provided by an international moving company like us, boxes, cartons, or containers that are not packed by the movers are considered Packed by Owner ("PBO"). Any damages incurred to PBO items will not be compensated for in the event of a claim.