10
1-May-2006
When tariff item specifies an Ad Valorem Charge in addition to the base rate or an Ad Valorem charge only, such Ad Valorem charge must be assessed whether or not shipper elects to show the value on the Bill of Lading.
On commodities for which the rate is Ad Valorem, the market value at place and time of shipment declared on the Commercial Invoice shall be used.
In respect of all other cargo, where the shippers desire to be covered for a valuation in excess of the carrier's liability and/or elect to show value of the goods on the Bills of Lading, Ad Valorem charge shall be assessed.
The Ad Valorem charge, shall be 5 (five) percent of the value declared in excess of the said bill of lading limit or value and is in addition to the base rate.