Ad Valorem Declared Value Clause Samples

Ad Valorem Declared Value. Higher compensation than the limits provided for elsewhere in this Bill of Lading shall not be claimed unless, with ▇▇▇▇▇▇▇'s consent, Merchant has (i) declared the value of the Goods prior to commencement of the Carriage, (ii) stipulated such declared value on the front hereof, and (iii) paid such additional charges as required by Carrier. The Ad Valorem rate, specifically provided against the item, shall be five (5%) percent of the value declared in excess of the said bill of lading limit of value and is in addition to the base rate. In that case the amount of the declared value will be substituted for the Carrier's limits of liability laid down elsewhere in this Bill of Lading and any partial loss or damage shall be adjusted pro rate on the basis of such declared value.