What are Declared Values?

The value of a shipment, as declared by the shipper, is used as a basis for determining liability in case of loss or damage. The Declared Value determines the amount of reimbursement the shipper can receive from the carrier in the event of a loss or damage to the shipment.

The declared value is usually based on the cost of the goods, freight charges, and insurance costs. The shipper must provide an accurate declared value to the carrier, as the carrier’s liability will be limited to the declared value if the shipment is lost or damaged. It is important to note that the declared value does not represent the actual value of the goods but serves as a basis for the carrier’s liability.