Declared Value Coverage
Definition of Declared Value Coverage
Declared value coverage refers to a shipper's ability to specify the monetary value of the goods being transported.
By declaring a value, the shipper effectively raises the standard liability provided by the carrier. The shipper must pay an additional premium to cover the declared value.
However, it’s important to note that declared value coverage is not the same as all-risk cargo insurance. It doesn’t cover all types of loss or damage. Rather, it only increases the compensation payable to the shipper if the carrier is found liable.
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