Insuring household goods
Insuring household goods during shipment protects your belongings and gives you peace of mind. There is always the risk of accident, human error, or natural disaster during shipping and transporting, so insurance is an essential protection.
The insured amount must cover the replacement value of your belongings at the destination. A valued inventory will support a potential claim. Packimpex Ltd. can provide comprehensive insurance coverage for household goods.
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Consider the following points:
How to determine the insurance value
The sum insured or replacement value is equivalent to the value of your household goods at the place and time of commencement of the insurance cover including the removal costs up to the place of destination.
Recommendation for the insurance value
To avoid ‘under insurance', the easiest way to determine the insurance value is to use the insurance declaration supplied by Packimpex. We suggest comparing the final amount of your insurance declaration with your existing household-insurance. The average value of household goods per cubic meter is estimated at CHF 4000. This may help with comparing the total of your insurance declaration and avoiding insurance gaps or under insurance. Should you include a car, boat, motorbike, etc., this would be added separately.
Under insurance and insurance gaps
Should you declare an insurance value lower than the replacement value at origin, the insurance cover is limited to that declared value. In case of partial damage, the coverage is limited to the ratio ‘insured value vs. replacement value'. Under-insurance is negative in the case of a claim and may prejudice the claim settlement.
Motor vehicle insurance: alternative costs and current market value
Motor vehicles can be insured as part of the removal. A motor vehicle condition report must be issued before transport. Packimpex Ltd. can prepare the report. Motor vehicles transported on their own axle wheels are not covered. Vehicles older than three years can only be insured for their depreciated value, not their new or sale value.
Paid out amounts in case of claims
The replacement value will be settled in case of a claim without a deduction for depreciation, unless the insured goods are a computer older than three years, computer spare parts, entertainment electronics and equipment, motor vehicles older than five years and over ten years for all other goods. For goods older than the above, depreciation will be applied according to market value.
Scope of insurance
The insurance covers ‘all-risks' as per Art. 4 of the General Conditions of Marine Insurance on Goods (GCMI). Damages from chipping, scratching, grazing or chafing are included, provided that this occurred during the insured transit period (evidence must be supplied). Therefore, packing, stowing or loading should be carried out by Packimpex Ltd. or its agents. Pre-existing damages are not covered. Despite the ‘all-risks' insurance title, note that full cover cannot be granted if you choose to pack the goods yourself.
The most important exclusions
Non-insured damages include:
- pre-existing damages
- damages due to chipping, scratching, marking, friction, denting etc. are only covered if packing and loading is undertaken by Packimpex or its agents
- atmospheric humidity and influence of temperature
Uninsured goods
- plants and animals
- jewellery and gemstones
- coins, stamps and collections of all kinds
- money and titles
- documents
Storage in transit
Storage in transit is covered up to 120 days. It is the customer's responsibility to request an extension of insurance cover with Packimpex Ltd. if required. An additional premium of 0,2% per month is applicable.
General conditions
The insurance package is based on the General Conditions of Marine Insurance (ABTV, 1988, edition 2006). Packimpex will supply the latest available edition on request.
Extended coverage
Temporary housing insurance at destination covers up to 90 days, and includes fire, water and burglary according to the general conditions. Extended coverage can be requested on completion and signature of the applicable form. The premium amounts to 0.3% of the insured amount for coverage up to 90 days.
In case of loss or damage please inform your Packimpex Move Manager immediately or up to 5 days after the arrival of the goods.
