Declared Value Coverage
Declared value coverage is not insurance, it raises the carrier's financial liability. See below for more details, and for the advantages of cargo insurance vs. declared value coverage.
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What is declared value coverage?
Declared value coverage is a type of insurance coverage that allows the insured party to specify the value of their goods being shipped or transported. This type of coverage is typically used when the value of the goods being shipped exceeds the limits of standard insurance coverage, or when the insured party wants to ensure that they are adequately compensated in the event of loss or damage to the goods.
With declared value coverage, the insured party declares the value of their goods and pays an additional premium to cover the declared value. In the event of loss or damage to the goods, the insurer will compensate the insured party up to the declared value, subject to the terms and conditions of the insurance policy. Declared value coverage is often used in conjunction with standard insurance coverage, and may be required by the insurer in order to provide adequate coverage for high-value goods.
Related Glossary Terms
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FOB (Free on Board)
FCA (Free Carrier)
EXW (Ex Works)