Current through Register Vol. 35, No. 18, September 24, 2024
The HGC is required to assume, at a minimum, liability for
the released value of the shipper's goods.
A.
Released value:
(1) The HGC shall not charge for assuming
liability for the released value of a shipment.
(2) The HGC shall specify in its tariff a
rate per pound for released value liability.
(3) The HGC shall settle loss or damage
claims based on the pound weight of the lost or damaged article multiplied by
the tariffed rate.
(4) The shipper
must declare acceptance of released value liability on the bill of
lading.
B.
Declared value:
(1) The HGC shall
specify in its tariff a rate per thousand dollars, or fraction thereof, for
declared value liability.
(2) The
shipper must declare a specific dollar amount for the declared value of the
shipment.
(3) The HGC shall settle
loss or damage claims based on the declared value of the lost or damaged items
up to the maximum liability for the entire shipment.
(4) The shipper must declare acceptance of
declared value liability on the bill of lading.
C.
Replacement value:
(1) The HGC shall specify in its tariff a
rate per thousand dollars, or fraction thereof, for replacement value
liability.
(2) The shipper must
declare a specific dollar amount for the replacement cost value of the
shipment.
(3) The HGC shall settle
loss or damage claims based on the replacement cost of the lost or damaged
items up to the maximum liability for the entire shipment.
(4) The shipper must declare acceptance of
replacement cost liability on the bill of lading.
D.
Articles of extraordinary
value: The HGC may, but is not required to, assume liability for
documents, currency, jewelry, precious stones, accounts, bills, deeds,
securities, notes, stamp or coin collections, letters, art, or other articles
of peculiar inherent value, if the articles are listed on the bill of lading
with a specific value for each article. If the HGC refuses to assume such
liability, the HGC shall notify the shipper in writing before accepting such
articles for shipment.
