It is my understanding that declaration of value is for more than just what they should charge you for grading, but in fact if the card is lost in the mail or damaged that is the replacement value for what they will give you, at least this is the case for PSA.
Also, PSA has stated that based on the grade that your card is assigned if there is ever an issue with that card that they will buy it back for what you paid for it. For example PSA has offered to buy the PSA 8 Honus Wagner from Kendrick for the $2.8mm he paid due to the controversy surrounding the card being trimmed, but he did not want to get his money back because he wanted to keep the card.
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