Careful Itemizing and Valuation Could Save You
- Community
- Current Aramco Employees
Author: Schuyler and Phillis Stuckey
Released 24 November 2004
Moving Day
Photograph Contributed by Aramco ExPats
Schuyler and Phyllis Stuckey returned safely to Texas. Over half of their personal effects shipping from Saudi Arabia, however, were not as fortunate.
Upon reaching the destination shipping company in Dallas, over half of the Stuckey's shipment was stolen. Resolving the matter with the insurance company has left the Stuckeys feeling robbed again. The true value of what they lost is in dispute, and the Stuckeys have learned in hindsight what they would have done differently when establishing estimated value. Now as the insurance company reviews the list of stolen goods line item by line item, the Stuckeys recognize that replacement costs were grossly underestimated. To avoid finding yourself in a similar situation, Schuyler and Phyllis want to urge you to carefully itemize and value your possessions when you move.
- Perform a careful inventory of each item being moved. It may be time consuming, but well worth the trouble when it comes to filing a claim.
- Do not group items together in a line item unless they are of equal value. In the event of lost or damaged property, the insurance company will take the total value of a line item and divide it by the number of items listed to establish the claim price of each item.
The Stuckeys wished they had listed every item separately. For convenience, the Stuckeys grouped many items together. Some of the expensive items they lost were grouped with less expensive items. As a result, they are unable to recover the cost of the more costly items. They encourage you to take the time and "list every item separately if possible, and if you do group things be sure they are all in the same price range".
- Establish a precise valuation of each item. In the event of a claim, any settlement is limited to the valuation you declare.
- Consider the cost to replace the item in the destination country.
- Consider items of extraordinary value such as antiques and collectibles, items that are irreplaceable, and items of sentimental value, and establish a replacement cost that is compensatory.
- Stick to the replacement cost when listing values of items. Although you are advised to depreciate the value of your goods, the price you list will be used to establish replacement costs. For instance, replacing your television will cost you more than the depreciated value of your current television in the event it is lost or damaged, so list the replacement cost.
- When establishing replacement costs, consider including the cost to you of moving the item.
- You will also want to consider including the cost of having any foreign items shipped to you in the event you need to replace them.
Following instructions, the Stuckeys depreciated their goods and now realize that they will only be compensated for the amount they listed and not the actual replacement cost. They recommend that you "put as high a price as you can on your goods so you are covered in case of loss or damage"..."We are not saying to lie about the cost of an item, just be sure you put down the amount it would take to replace that item."
The Stuckeys also lost photographs and other sentimental and irreplaceable items. They urge you to "put down enough to compensate you in case of loss." They suggest that for items bought in foreign countries, consider what it would cost you to replace them in the destination country or what it would cost to have it shipped from the foreign country and include that in the replacement value.
It is impossible to guarantee that all of your property will arrive at its final destination in the same condition it started out, and as in the Stuckey's unfortunate situation, that it will arrive at all. While their loss has been tragic, the Stuckeys hope that their knowledge gained through experience will help others avoid a similar situation.