What Is Declared Value On My Shipping Forms?
When you're trying to use a San Francisco delivery service to ship something
which is worth an extremely large amount of money, then there is a figure that you always need to inquire about before arranging shipping with them. The number that you want to ask about is the maximum declared value, which has to do with the forms that you fill out for insurance purposes before shipping.
Every time you ship something you will be asked to indicate the declared value of your shipment. This is basically how much you think the goods are worth, either what you or your customer paid for those goods. This indicates to the insurance company the amount of money that you would file a claim for if action of the courier company was to cause damage to those goods.
There are maximum values that you can place in this spot however. These are based on the amount of insurance coverage that the courier company is paying for. Obviously, the higher amounts of coverage that they want, they more they are going to have to pay their insurance company. Just like anyone else in business, the courier company is going to be trying to keep their costs as low as possible, and as such they will be trying to save money on insurance. This can often result in a maximum declared value that is lower than the actual value of some of the goods which you may be trying to ship with the courier company.
When this happens, your company will be faced with a decision about purchasing additional insurance. Usually this decision is based off of how great the differential is between the value of the coverage provided, and the value of the actual shipment. A small difference usually results in people not purchasing additional coverage, as the constant cost would not be enough to compensate for the rare time a claim needed to be made. It is when the difference between the two numbers is vast that a prudent business has to look into ways to increase the coverage on their items while in transit. Your courier may have an additional insurance solution that they can offer you through their insurance provider, or you may have to look into your own insurance company in order to find a way to make sure that your items are protected at a level that your company is comfortable with.
by: Adam Trammel
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