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Amazon 100w insurance issue follow-up

2021-02-22 580
Since the introduction of Amazon’s policy of requiring insurance, basically the entire cross-border circle is publishing this related information
Regarding the channels to buy insurance, I wrote in this article:
What channels can I buy Amazon 100w insurance?
Is it really necessary to pay insurance premiums?
Is it necessary for the seller to pay liability insurance? Judging from the mainstream opinions of most sellers, sellers who have not received emails stay on the sidelines, while sellers who receive emails must pay on time and reply to the platform before March 15th. Product liability insurance seems to be “optional” ", but it has a big impact on the seller's long-term operation.
Insurance premiums have involved multiple categories such as toys, auto parts, 3C, etc.
From the current point of view, the group of sellers who have received insurance premium emails have involved toys, auto parts, 3C, clothing, beauty, pets, home textiles, outdoor sports and many other categories.

According to Amazon's request this time, the seller's liability insurance must meet the following conditions:
1. The total insured limit for each accident is at least US$1 million, which covers the liability caused by the seller’s business operations or other related liabilities, such as personal injury to the buyer caused by the product, etc.
2. The insurance object must cover all products sold through Amazon.com.
3. The insurance policy must designate Amazon and its assignee as the other insured.
4. The name of the policy holder must match the name of the "legal entity" provided to Amazon.
5. The policy must be valid for more than 90 days from the date of submission for verification.

Amazon 100w insurance issue follow-up

It is understood that the materials required for product liability insurance generally include:
1. Provide business license
2. The U.S. provides a tax number (not for Chinese companies)
3. Provide contact person + telephone + address + email address (it is better for US companies to use US email addresses, Chinese companies do not require it)
4. Provide one of the dual currency cards for insurance deduction (VISA card/Master card), the cardholder’s name + birthday + credit card validity
5. Provide stores and products, annual sales
As for the cost, some sellers said that they had purchased insurance, 3000 US dollars per year, and some people only paid a few hundred US dollars. In fact, the premiums of different categories are different. Products with low risk coefficients have relatively lower insurance premiums. Conversely, the higher the risk coefficient, the higher the insurance premiums.
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