OAR 740-060-0035
Cargo Insurance and Valuation Declaration

(1)

A carrier is liable for loss or damage to household goods when the property is in its care, custody or control. The required minimum level of cargo insurance coverage is specified in OAR 740-040-0030 (Cargo Insurance). The level of liability assumed by the carrier is altered based on the selection of the valuation protection option chosen by the shipper.

(2)

Prior to beginning any regulated household goods move, a carrier must ensure that the shipper has selected a valuation option. The carrier must provide the shipper with information that clearly explains the different valuation options offered, the charges for each option, and an example comparing the total cost of a move with Full Replacement Cost Protection and with Released Value Protection.

(3)

All household goods carriers must offer at least the following valuation protection options:

(a)

Released Value: When the shipper elects the no-additional-cost Released Value option, claims for damage or loss will be settled based on the weight of the article multiplied by the price per pound. If a shipper fails to state a declared value in writing and the shipment is accepted by the carrier, the shipment will be estimated calculating the weight of the shipment as seven pounds per cubic foot of space utilized;

(b)

Replacement Cost Protection: The shipper must declare a lump sum value of the shipment. Under this option, if any article is lost, destroyed, or damaged while in the carriers custody, the carrier will, at its option, guarantee either replacement of articles lost or damaged, reimbursement for full replacement cost, or satisfactory repairs.

(4)

If for any reason, the carrier fails to obtain the shipper’s written confirmation of valuation option selection on the bill of lading, and the shipment is accepted for transport, the carrier will provide Replacement Cost Protection at the shipper expense.

Source: Rule 740-060-0035 — Cargo Insurance and Valuation Declaration, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=740-060-0035.

Last Updated

Jun. 8, 2021

Rule 740-060-0035’s source at or​.us