Business | Investment
Moving out without worrying much
Relocating overseas with a family includes several factors that need to be taken in to account while planning the move and can be quite stressful.
- By Michael Walton, Special to Gulf News
- Published: 00:04 August 2, 2008
Question: I finished a short-term contract in the UAE last year and returned to England. However given the current mortgage crisis and other economic factors I have decided to accept a permanent job in the UAE and will be relocating with the family in October. Since this is the first time I am moving on such a large scale I am concerned about possible damage or loss to my goods and valuables during the move. What is the best insurance cover for this situation?
Answer: Relocating overseas with a family includes several factors that need to be taken in to account while planning the move and can be quite stressful. You definitely want to be sure that all your valuables and goods being transported are insured against unexpected loss or damage.
Insurance firms have developed a special policy, 'Relocating Insurance', designed to offer insurance options to protect your goods for any damage, loss or delay of even a single item or against an unexpected disaster that could affect all your personal possessions.
It is important to note that your home and contents insurance policy (if you have one) isn't always applicable when you are transporting your goods with a moving company, so you may need a specific policy.
In addition your moving company does not automatically cover your goods in the move.
Additionally, while your movers may agree to pay a percentage of your costs should there be any damage or loss, this agreement is often ineffective unless you have proper insurance cover.
Some common safety measures people who relocate adopt are 'coverage', 'protection', or any other security label -these are not insurance policies and offer only minimal refund assistance to any damage of goods.
If you have the time, try contacting a financial advisor in the UAE before you move. Securing qualified advice is important in searching for suitable insurance policies in a new market.
Your independent financial advisor can then assist you in selecting relocating insurance cover that is suitable to your requirements. There may be a lot of terms and conditions in relocating insurance covers that list our areas or goods that cannot be covered under the policy.
An independent advisor can list these out for you and help you select a policy that covers what you feel needs insurance.
If you are moving your possessions by sea then certain marine laws add complexity to the shipment - your financial advisor will be able to help you further understand this.
You will be required to maintain a full inventory of the goods to be moved. A useful tip is to keep a file of receipts and invoices - this will help you validate any insurance claim you might have. It is good practice to photograph all your valuables.
This helps you remember what you have so that in the event of a total loss you are guaranteed to claim for all items lost, not just those that you can remember. Remember to keep the receipts file handy.
Insurance will be at full replacement value. This is important because in the event of a total loss the cost of replacement will be materially higher than the current value of your possessions. Insurance is there to protect you - the claim value must be enough to restore you into the position you were in before the loss.
The cost of insurance will vary but will be circa one per cent of the shipment value.
Lastly, relocating always involves expenses, planned or unplanned, and the last problem you need is to shell out more money for your furniture or valuables if they are damaged during your move or if there is an extended delay.
- Michael Walton is director of general insurance at Nexus, a leading financial advisor.
The views are the writer's and do not necessarily reflect the views of Gulf News. If you have any questions, please email advice@gulfnews.com
More from Investment
More from Business
Business Editor's choice
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
-
Banks can increase their share
Longer opening hours, more locations outside cities and lower charges can help
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
