What is Declared Value?
Declared value means two things:
1. Declared value is the value placed on imported goods by the importer. The value of the goods is declared for clearance at the port of entry. and it is used to determine the amount of duty to be paid on the imported goods.
2. Declared value is the amount a shipper stated to the carrier that his shipment is worth. In case of any loss or damage to the shipment during transport, the carrier is liable to compensate the shipper on the basis of the declared value.