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I find it interesting that people conflate the value stated on the customs declaration with the insured value. They are not necessarily the same (even if they perhaps should be in most cases).
The insured value is what you state to the insurer, be it the postal service or a third party. The value on the customs declaration is... the value on the customs declaration.
When I send stuff by Royal Mail Airsure, for example, I state the required compensation/insurance value to the Post Office clerk. What I write on the customs declaration can be entirely different. No one cares that they are different. No one checks. I recognise that the policies of other national postal services may be different: Some national postal services may ensure that the customs declaration value matches the stated insurance amount, but there can be no general expectation of this. Furthermore, if you obtain third party insurance (e.g. ParcelPro) then there is no way whatsoever for anyone to know that the value on the customs declaration might not match the insured value.
In short, the value on the customs declaration says nothing in general about what can be claimed in the event of loss or damage of the package. Indeed, if the package is lost then whatever is written on the customs declaration is moot!