How do you calculate declared value?
If you are a regular customer with JustShip, you should know by now that we are an international courier service Singapore, and we offer the cheapest shipping from Singapore to USA. Other than shipping charges being paid to your courier, declared value can also significantly influence the final amount you pay on your shipping.
Why is it important to declare value correctly?The declared value of a parcel is the amount that the sender says the parcel’s goods cost. Declaring your parcel correctly does two things.
(i) Declaring value correctly reduces the risk of customs clearance delaysThe declared value is used to calculate how much import tax or duty should be levied on the parcel. So, it’s important to get this right to avoid paying too much (or getting in trouble making a false declaration!). US typically begins to charge taxes and duties once the declared value of your shipment exceeds 800USD.
You need to be accurate while declaring this value especially in the case of international shipping. If customs suspect that the parcel is not declared properly, then it will be held. The regional customs officer will require your proof of purchase to get your parcel moving again. JustShip offers fast shipping from Singapore to USA which typically takes 2-4 days, so such delays can feel disproportionately significant when put against our typical timelines.
(ii) Declaring value correctly helps you get the correct compensation if your shipment is lost or damaged in transit
The declared value indicates the highest amount you can recover if your parcel is lost or damaged in transit. JustShip ships with FedEx and our “insurance” option is essentially opting for “FedEx declared value” meaning you are charged 2.4% on the value you declare, and FedEx’s liability for loss and damage of your parcel is limited to that declared value.
Other things to note
The maximum value you can declare is $50,000. If your package contains furs, precious stones and metals, art, antiques, stocks, cash letters, or bonds, the maximum value will be $1000.
FedEx does not cover loss in profit or income as a result of delay or damage during shipping. FedEx’s liability for loss or damage to the package is either the repair cost, depreciated value, or replacement cost, whichever is less, no matter the value you declare.
JustShip can be your partner in this process. We offer quick shipping from Singapore to USA. Curious to find out more about our prices? See Quick Shipping from Singapore to USA prices.