WHAT DOES THE COMMERCE CODE SAY ABOUT THE DECLARED VALUE OF GOODS?
The Colombian Commercial Code establishes the norms that must be followed in civil matters regarding the land transporter of national cargo, thus contemplating article 1031 of the same, which establishes the parameters regarding the value of the compensation that the transporter should make in case of loss, of all, or part of the merchandise.
In case of total loss, the amount of compensation will be equal to the value declared by the sender, however, in the events in which the declared value of the merchandise is not supplied to the carrier, at the time of delivery, the amount of the compensation will only rise up to 80% of the proven value that the lost merchandise had at the place and date scheduled for delivery to the recipient.
However, in cases of partial loss, where the declared value has been reported, the amount of compensation will be determined according to the proportion of the lost merchandise compared to the total transported merchandise, however, if the value of the merchandise is not declared, only 80% of the value that is proven at the time of delivery of the corresponding merchandise will be paid.
In the same way, the role of declared value is key in the face of loss of profits, whenever in cases where the transporter is informed of the declared value of the merchandise, the payment of an additional 25% may be demanded for concept of loss of profits and in those events in which the declared value is not reported to the carrier, there will be no right to recognition against said item.
In this sense, the declared value of the merchandise plays a key role at the time of a claim since it will determine the amounts on which the sender and/or the recipient may claim from the transport company the damages generated by virtue of the total or partial loss of the merchandise.
If you have any questions about the information regarding the declared value or a claim in progress, remember that at GRILLO CORREA CONSULTORÍAS S.A.S., we are willing to assist you to achieve the objectives and recognition that you and your company deserve.
