Insurance (valor declarado) - a service provided by Correos for certain types of shipments only (Economy, EMS)
1. The amount of insurance must not exceed the amount of the declaration. That is, if you have goods in the parcel worth 100 euros, it makes no sense to insure for the amount of 200. Moreover, it can arouse suspicion among customs officers.
2. The amount of insurance may be less than the amount of the declaration. For example, if the goods in the parcel are worth 500 euros, you can insure for 100 euros.
3. In case of an insured event, if the insurance service was ordered, the amount of insurance is paid + mandatory payment in case of loss of the parcel (approximately the cost of delivery)
4. Insured events are:
a) Lost parcel
b) Damage or theft of the contents of the parcel or part of it.
5. Cost of insurance:
a) For economy shipments: 2.50 € for every 50 €. That is, if the amount of insurance is 100 €, you will pay 5.0 €. If the insurance amount is 101 € - 7.50 €, the same as if insured for 150 €.
b) For EMS shipments: 1% of the amount, but a minimum of 2.05 €. That is, if you insure for 100 €, then the cost of insurance will be 2.05 €, and if the amount of insurance is 210 €, then you will need to pay 2.10 € (1% of 210)