Declared Value Policy
Submitters to NGC UK are required to list a declared value for each collectible in their submission. By submitting a collectible and listing a declared value, the submitter agrees that the declared value represents the current fair market value (FMV) of the submitted collectible. The declared value must represent the FMV of a genuine collectible of that same issue and variety in the same approximate condition.
If you do not know the collectible’s current fair market value, you can assign a declared value based on the price you paid for the collectible (if purchased recently), a value you found in a price guide, the price a dealer offered to pay you for the collectible or other reasonable determining method.
NGC UK does not assign values to collectibles. If NGC UK determines that a collectible is undervalued and does not qualify for the tier or services selected, it may adjust the tier and charge the appropriate difference in CCS services, CGC grading and/or CGC services fees based on its determination of the collectible’s current Fair Market Value. (Note: NGC UK will adjust the tier even if the collectible is later determined to be not genuine, altered or otherwise ungradable.) NGC UK will not, however, change the declared value originally assigned by the submitter.
The declared value is used to insure a collectible while it is at NGC UK’s facility and, for collectibles that are shipped by NGC UK to CGC in the US for grading, to insure a collectible while it is in transit. In addition, in the extremely rare event that a collectible is lost or damaged while at NGC UK’s facility, the submitter will be compensated based on the collectible’s current Fair Market Value (as defined below) in the condition in which it was received by NGC UK; provided that in no event will the compensation exceed the declared value listed by the submitter on the NGC UK Submission Form. It is therefore very important that the declared value listed by the submitter represent the collectible’s current fair market value.
Fair Market Value: For the purposes of this Policy, the “current Fair Market Value” is the value of the collectible if it were to be sold, as determined by NGC UK in its sole reasonably exercised discretion. NGC UK will determine the current Fair Market Value of a collectible based upon what NGC UK believes, in its sole reasonably exercised opinion, to be reliable current market information. NGC UK may use actual pricing and sales information available to it, including prices in the actual transaction history of the collectible in question. However, due to the volatile nature of the collectible market and Internet auctions/sales as well as the differences in buying habits of different individuals, such information may not necessarily represent the accurate current Fair Market Value of any particular collectible, which again, will be determined by NGC UK in its sole reasonably exercised discretion. NGC UK reserves the right to use the declared value listed by the submitter on the NGC UK Submission Form as the current Fair Market Value, and in no event will NGC UK’s determination of current Fair Market Value exceed the declared value listed by the submitter on the NGC UK Submission Form. NGC UK’s determination of the current Fair Market Value will be absolute and binding on all parties.