Valuation refers to the amount of liability that GIRS assumes, and, therefore, the amount you may receive if an item is lost or damaged while in the care of your GIRS representative. Before you agree to a valuation option, take the time to understand the pros and cons of available choices.
Minimum Released Value
This is the most economical option, offering minimum protection at no additional cost. Claims for loss or damage are based on weight multiplied by 60 cents per pound ($1.32 per kilogram). For example, if GIRS would lose or damage a 30-pound (4.54-kilogram) television valued at $1,000, your settlement would not exceed $18.00. Think carefully before agreeing to the Released Value option. If you choose it, you will be asked to sign an agreement on the order for service.
Full Value Protection
Unless you specifically agree to other arrangements, GIRS assumes liability for your shipment based upon your purchase of Full Value Protection. Under this option, GIRS will repair or replace lost or damaged items at its option, or settle in cash at the current market replacement value, up to the total declared value of your shipment. The minimum declared value of a shipment for Full Value Protection is $10,000 or $5.00 times the total weight of the shipment in pounds, whichever is greater.
Example of Full Value Protection
The approximate cost for Full Value Protection varies depending on the size of deductible. For a shipment weighing 4,000 pounds (1,814.4 kilograms) the minimum declared value would be $20,000 (4,000 pounds x $5.00/pound) and the cost of Full Value Protection with no deductible would be $205.
Value Protection vs. Insurance
These valuation options are not governed by state insurance laws, but instead are authorized under Released Rates Orders of the Surface Transportation Board of the U.S. Department of Transportation. Valuation is NOT insurance.
