UNDERSTATED - Insurance values
It is foolish to understate the value of contents and effect being moved or stored in order to pay a lower premium.
It is is being penny wise, pound foolish in reality.
If a claim is made on a shipment that is found to be undervalue by the owner, then the practice of "average" kicks in.
This is insurance terminology for calculating what the underwriter will pay out in a claim.
North East Removals
Offering Quality Removal and Storage Services