What is the declaration of value?
A formal statement of the total replacement value of all goods being shipped, signed by the customer for insurance and customs purposes. Used to: determine the level of insurance cover required and the premium payable; establish the maximum amount claimable in the event of loss or damage; and, in some countries, inform customs authorities of the value of imported goods. The declared value should represent the full current replacement cost — what it would cost to buy equivalent items new today.
Also known as: Declared value, insured value, valuation
PSS Tip: Work through your home room by room and estimate the replacement cost of every item being shipped. The total is almost always higher than people expect — a typical three-bedroom house may have replacement contents valued at £40,000–£80,000 or more.
