Quick Summary
Parcel value, or declared value, is the estimated monetary worth of a shipment's contents provided by the sender. It is used by customs to calculate duties and taxes, and determines the maximum compensation coverage in cases of loss or damage during transit. This value usually includes the item's purchase price and shipping costs.
Parcel value otherwise refers to the estimated value of your parcels content. The value is important as it will determine the amount of claim that can be obtained in cases where the parcel is lost or damaged during transit. The parcels value is normally determined by the sender where it may include cost of the item being shipped, any taxies or duties that may arise and its shipping costs.
When booking your parcel, you are required to fill up your parcel's value as shown below: