Members are referred to the last paragraph of P&I Rule 4 Section 1 concerning ad valorem bills of
lading, which states the following:

Where the value of any cargo is declared in the bill of lading, waybill or other
document containing or evidencing the contract of carriage, the liability of the
Association is limited to the amount per unit of such cargo which follows from
regulations issued by the Association.

Members are hereby advised that when carriage under an ad valorem bill of lading or other document of title, waybill or other contract of carriage in which a value of more than USD 2,500 (or the equivalent in any other currency) is declared and/or inserted by reference to a unit, piece, package or otherwise, and where the effect of such a declaration/insertion is to deprive the carrier of any right or rights of limitation to which he would otherwise have been entitled and cause him to incur a greater liability than he would have done but for such declaration/insertion, then liabilities exceeding USD 2,500 (or the equivalent in local currency) in respect of any such unit piece or package are excluded from cover.