Is Declared Value Insurance?
Declared Value
Do you collect a signature automatically if declared value is over a certain value?
How differently would UPS handle a package with a $50,000 declared value?
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So I'm confused, is "Declared Value" insurance or not? This page states:
Declared value is not insurance. The declared value of your shipment indicates UPS's maximum liability for a package that is lost or damaged. UPS's liability is limited to US$100.00 (or local currency equivalent) on packages with no declared value. You can choose to declare a higher value for your shipment up to the maximum allowed in your country or territory, by entering a declared value in the shipping system used and paying an additional charge. When you declare a value in excess of $100 (or local currency equivalent), you do not receive any form of insurance. Shippers desiring cargo insurance, all risk insurance, or another form of insurance should purchase such insurance from a third party*.
What is the point of a declared value, which charges you more money, if it's not insurance? I just want to insure a $1200 graphics card I'm about to ship out.
So what does Declared value actually do? For example if someone ships a 4200 dollar watch, what does me entering its value do? A lot of customers say they “want the insurance” on it. I’ve been told that declared value isn’t insurance, but I don’t know what it IS.
Simply put, when I ask “what’s the value of the item you’re shipping?” and they ask “why?,” what should I say?