Insurance

One of the most common questions from a home owner to a mover is,“are you insured?”

It is VERY IMPORTANT that homeowners ask potential elevation/relocation contractors:

  1. Do you have general liability insurance? If yes, how much? 
  2. Do you carry an all-risk cargo insurance policy? A cargo policy essentially replaces the homeowner’s policy, because once the home is elevated off of it’s foundation, general liability insurance no longer covers damage to the home.
  3. Do you carry workers’ compensation?

Expert House Movers has workers’ compensation and carries general liability and an all-risk cargo insurance policy that covers any damage to a structure.The unique cargo coverage pays for direct physical loss or damage to covered property including buildings, houses, or structures. This includes the contents that you own, or that are property of others in your care, custody and control during the process of the move.

Whether using EHM or not, be sure the mover covers all items under its care, custody and control – including vandalism and acts of God.

 

 

 

  1. General Liability – General Liability pays for bodily injury and property damage incurred by a third party for which the insured is negligent.  Within the general liability policy there is an exclusion for damage to property in the care, custody, control of the insured and for the part of the real property on which the insured (or any subcontractor under the insurers care) are performing operations.  Thus any damage done to a house while the insured is lifting, moving, or setting the house down would be excluded. Furthermore, unlike the broad structural mover’s cargo policy, the general liability policy does not cover damage caused by acts of god including windstorm, lightening, vandalism, etc.  It covers negligent acts of the insured.
  2. Riggers liability – Designed to cover an insured’s liability arising out of the moving of property and equipment belonging to others, such as with a crane. This coverage can be attached to a general liability policy and sometimes will modify or delete the exclusion for damage to property in the insured’s “care, custody or control,”  However similar to the general liability policy, does not cover damage caused by acts of god including windstorm, lightening, vandalism, etc.  It covers negligent acts of the insured.   
  3. Structural Movers Cargo – The cargo insurance provided by Travelers through the Maguire Agency is a unique policy designed for contractors who engage in Structural Moving, lifting, and raising of all sorts.  The policy will pay for direct physical loss or damage to covered property.  Covered property includes buildings, houses, or structures, including the contents that you own, or that are property of others in your care custody and control during the process of the move.  Coverage begins with your first act required to prepare for the move, and ends on the completion of the last act required to finish the move, or 90 days, whichever comes first.  

Insurance is a contract of indemnity.  It is intended to make you whole; to put you back in the financial place you were in prior to the loss (subject to the deductible).  You cannot profit by the insurance loss.

There are two different valuation scenarios.

  1. A structure purchased within the last 12 months will be insured for the least of the purchase price, the cost to restore or replace that property to its condition prior to the loss, the cost of replacing that property with substantially identical property, or the actual cash value of that property.
  2. The value of all other property will be the least of the cost to restore or replace that property to its condition prior to the loss, the cost of replacing that property with substantially identical property, or the actual cash value of that property.

We also include any moving costs that have been incurred.  Moving costs include materials, labor, and other expenses relating to the move that you have incurred as of the time of loss.

The actual cash value of the structure will be determined at the time of loss.  Actual cash value is defined as replacement cost less depreciation.  The depreciation of a house is usually limited to those items that suffer wear and tear and need to be replaced from time to time.  Some examples of items that depreciate are roofs, windows, and siding.  Generally speaking, if cared for, a house depreciates at a very slow rate.

If you have questions about the actual cash value of your house, you can hire an appraiser to do a cost based appraisal.  In a cost based appraisal the appraiser will take depreciation into consideration.

Coverage is extended under the cargo policy to include the financial interest of the owner of the structure being moved.

This insurance includes a deductible.