Bill of lading field
What is declared value on a bill of lading?
Declared value is the value you state for the goods when the rate depends on it. The critical point: declaring a value is not the same as insuring the shipment. Carrier liability is normally capped per pound by the tariff, whatever number you write here.
Why it matters
It is the single most misunderstood box on the document. People fill it in believing it buys cover, and it usually buys a higher rate instead.
The mistake that costs money
Writing the full retail value of the goods expecting to be paid that after a loss. Released-value rules mean you may recover a few dollars per pound, while the declared value you wrote pushed the freight charge up. If you want cover, buy shipping insurance separately.
Worth knowing
- Leave it blank unless the rate genuinely depends on the value.
- Carrier liability under a standard tariff is limited per pound, not per shipment.
- Excess-value charges are billed as a percentage of the amount you declare.
- Third-party cargo insurance is the product that actually covers the goods.