Maximum Value Replacement insurance definition?

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Joined: Tue Mar 11, 2014 7:43 am

Maximum Value Replacement insurance definition?

Postby JDP315 » Tue Mar 11, 2014 8:02 am

I have a question about the definition of Maximum Value Replacement insurance. I had a horrible move last summer with North American Van Lines, the details of which I will post at some point. There was a significant amount of damage to most of my furniture and I am currently trying to settle the damage claim. My understanding is that with MVP (no deductible), NAVL is obligated to either repair the damaged item to its condition when they took possession of it, or to replace it. If they want to repair the item and the repair is not satisfactory to me, then they need to then replace it. Is this right? This is how it was explained to me (by the sales agent), and how the contract reads to me. I am asking because their initial response to my claim is far from this agreement. Specific examples:
- I had an Italian glass lamp which I purchased at a deep discount for $600 several years ago. The lamp was completely destroyed; the glass shattered and the pole bent. It is not reparable. To purchase the exact lamp today is $1600. NAVL said they will give me $550.
- I have a silk-covered bed which has a big gouge in the side. On sale, the bed was $2300. The repair estimator did not even submit a cost to repair the bed because it would rival the cost of a new bed. The bed new is $5000. NAVL offered $500.
There are more examples but those are the most egregious. I am going to call them to dispute their numbers but want to make sure I have my facts straight before I do so. Any expertise is greatly appreciated!

Big Dog
Posts: 431
Joined: Tue Apr 24, 2007 6:24 pm
Location: Colorado Mountains

Re: Maximum Value Replacement insurance definition?

Postby Big Dog » Tue Mar 11, 2014 12:08 pm

That's they way I sell "Full Value Replacement Coverage". The van line has the option to repair the item(s) to the condition they were before transportation, or replace the item(s) with like item(s) @ today's value, subject to your deductible. I'm an Allied Agent & I don't understand North American's reasoning regarding your claim. :hmm:
Big Dog
" If you think hiring a professional mover is expensive, try hiring an amateur"

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