What is Declared Values?
Let’s talk about “Declared Values” this month.
First, we need to know the differences between Declared Values and Insurance. The coverage of Declared Values is smaller than Insurance.
When we use UPS or FedEx to ship our packages, if we did not pay declared value charges, UPS or FedEx will define the package’s declared value as $100. So if we think our items’ value is higher and we want to list a higher declared value, we will need to pay extra declared value charges. For example, when we pay $4 for declared value charges, our package’s declared value will be $400.
When our packages are missing or damaged, we can provide Proof of Value (POV) and tracking number to file a claim. After UPS’ or FedEx’s investigation in the case, they will compensate us according to the declared value.
However, not every case will be compensated. For example, if you send a check and it is lost or if you send a package with bad packaging and it got damaged, they will not be compensated.
For further information about Declared Values coverage, please check FedEx Service Guide and/or UPS service Guide.