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Full Value Protection (FVP)
An added valuation can be sold to the customer at a cost in order to offer better coverage should loss or damage take place. This coverage can be provided to the customer for an additional cost or as agreed mutually by the mover and customer. This type of coverage should not be confused with insurance but rather it is simply valuation as previously explained only at a higher rate. Meaning that instead of the minimal .60 cents per pound valuation a greater amount per pound would take place. Industry standards are anywhere from $6.00 per pound to $16.00 per pound. It is up to the mover to define the valuation program they intend to make available to the customer including coverage per pound, deductible amount, and the cost of this coverage to the customer. As in the previous example if we use that same T.V. that cost $3000.00 with the same 120lb weight the same rules apply. Let’s consider that the agreed or termed valuation amount is $8.00 per pound then the adjusted claim would read as follows, 120lb t.v. X $8.00 per pound = $960 adjusted claim. As before the actual cost or value of the t.v. is not taken into account.
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