The Economic downturn in UP did not show good picture formany different sectors but what moved smooth were relocation companies.Property sector, a high balloon burst made many families to opt for cheaperoptions. Families in UAE moved to budget homes to save & retain cash flow.The cheaper Home is a compromise but cheaper Movers packers are a disaster. People havespend enough on expensive furnishes & white goods. Any damages or slightdefect in moving can turn them fierce.
We know mistakes do happen but can our clients ignorethem if we are at faults. So where do we limit ourselves to the loss which wedo not expect. My perspective as an Insurance Expert, would like to teach youeverything you always wanted to know about moving & packaging business& its insurance.
New Businesses don't know what to ask Insurance Company?Insurance Co. would take advantage of this unknown behavior and stick you withthe list of policy coverage, with extra premium & no guarantee of maximumcoverage. Moving around the corner or around the world, there are manycompanies offering insurance coverage for personal effects. But is that all?
Before everything let me tell you why insurance isimportant for a relocation company?
You probably have many questions regarding the securityof your goods and your peace of mind while your life goes into transition.Whether you're moving with a truck or a full service trailer and you arecontrolling the loading and unloading, you can get your Transit insurancecoverage from an insurance company directly or by the brokers.
So who should take the responsibility to insure? Moversor Property Owners? Movers & Packershandling and shipping your property does have a liability that is regulated bythe country laws and government agencies but it is minimal and limited. TheMovers obligation could be as little as only 0.10 Dhs./pound (Weight) andnormally will not exceed to 0.60 Dhs. Confused??? Let's say you are shifting awardrobe of clothing valued AED 3,000 and weighs 80 pounds, the movers Bill ofLading states Liability to maximum 0.60 Dhs. So the maximum claim payment thatyou would be entitled to would be Dhs. 480 for the lost clothing which cost youAED 3,000.
Remember, accidents do happen! Trucks do overturn.Increasing traffic & RTA issuing increasing fines shows the criticalsituation people facing on road. Any time property is handled or moved,something can happen. Even the most professional, qualified movers encounterInsurance claims for loss and damaged items.
So what I want to say is more information that you gatherboth technically and non-technically will help you through the claims process,should you have to file. Even if your Home Insurance will pay a claim when youmove, you will have to present evidence. Evidence can be Picture, Video or youron Movers & Packaging Co. It is strong evidence if you employ thirdparties, such as associated movers and other specialists. Home Owners mustdetermine the actual cost to replace for everything you own and are shipping.If the majority of your property is destroyed in a vehicle accident, a trucktheft, or a fire, could you replace it for the cost that we calculated earlier?
"NO WAY!" even if you would your Wife won't.
So, why risk your sentimental values for a toss?
I once again stress some points that your Movers & Packaging Companiesliability is limited to certain percent only. Insurance safeguards the companyfor limited liability only. It's your duty to have Home Insurance of your ownor get one immediately before moving. It won't cost you much & would alsogive you peace of mind. The other alternative is to ask Movers & Packers toget one for you; they could help with anything to get your business going.
Ideally Insurance plays a vital role for both Movers& also Home Owners. But getting it right for each one is very important.Get in touch with experts to help & guide you. You would definitely notlose anything.