Insurance coverage limited up to $0.60 cents per pound per declared item
This option of level of insurance is the most economical because it does not add additional cost to the shipment. Under this option LRDM assumes a limited responsibility no greater than .60¢ per pound per each item handled in your shipment. Any claim resulting in damage or loss is based off of the weight of the item multiplied by $0.60 cents which represents the company’s maximum liability, up to a maximum of $50.00 per article.
This option requires the shipper’s signature, acknowledging these terms which are specified in our shipping contract.
Insurance coverage up to the replacement value of declared items
This option of level of insurance offers protection for the declared items in the shipment up to the replacement value (market value) per item. Under this option, the item subject to a claim may be repaired, replaced or a paid up to the amount declared by the shipper, whichever is less. In the moment, a claim occurs the shipper must provide a proof of purchase, current appraisal or other documented proofing the current market value of the item. We require the shipper declares the value amounts for every item in our binding estimate form.
This option of coverage costs $35.00 for each $1,000.00 of coverage, according to the shippers declared value for the items.
Insurance coverage for High Value Items (HVI)
High value items are not considered usual personal household items or furniture. In order to insure these items, we require a current appraisal, proof of purchase or other document that certifies the declared value. This document must be given to LRDM at least one day prior to the pickup date. Items valued over a limited amount should be considered HVI. These limits are considered as follows: Paintings or framed picture over $1,000.00, furniture over $3,000.00 and other items including vehicles over $5,000.00.
This option of coverage costs $35.00 for each $1,000.00 of coverage, according to the shippers declared value of the items. LRDM might reinsure the shipment with an independent insurance company for broader protection.