Leader Team Broker, a key player in the niche insurance market in Europe, has updated Amazon insurance in line with the new requirements of the US retailer, keeping the same insurance premiums for renewed policies.
Online retailer Amazon has announced that as of June 27, all sellers selling through the platform and with revenues of less than $1 million will be required to purchase commercial general liability insurance with no deductible.
Amazon has recently tightened the requirements that those who sell their products through the online platform must meet. So, while until now, sellers could purchase a contractual liability insurance with a deductible of up to $10,000, as of August 1, those who make sales of less than $1 million on Amazon may lose this deductible. As a result, eliminating the deductible will make the policy more expensive.
Leader Team Broker, which last year launched the first-ever Amazon insurance, which can be purchased by both Romanian and EU companies, is coming to the aid of sellers registered on the platform so that the new conditions imposed by the online platform do not significantly affect them. The brokerage company has updated the product dedicated to sellers on Amazon, thus meeting the new requirements of the American retailer. The partners Leader Team works with on this product will keep the same insurance premiums, and for renewed policies there will be no premium increases if the client has the same sales volume and product structure, despite Amazon’s recent decision.
“Leader Team was the first insurance broker in Romania to launch this insurance product imposed by Amazon on sellers on the domestic and European market last year. Now, we are once again coming to the support of our customers and, in the context of the new requirements imposed by the American company, we help them to continue to conclude advantageous policies at prices close to those currently in force. Our insurance product, designed with LLOYD’S marketplace partners, is accepted by Amazon, has coverage anywhere in the world, including the US and Canada, and covers claims up to $1 million for potential damage caused to customers by goods sold by third parties through the platform. Amazon’s policy is one of our best-selling products in Europe over the past year and we want to assure our customers that we will continue to stand by them with great offers, even as the US retailer tightens its terms,” said Alexandra Elena Durbaca, CEO, Leader Team Insurance Broker.
“Amazon Contractual Liability Insurance” – Amazon Seller (FBA) Insurance is a policy specially designed for companies selling products through the well-known retail platform, a product that Leader Team Broker created last year to cover the contractual obligation introduced by the online retail giant in the commercial relationship with all sellers.
The policy can be obtained quickly, with a simple phone call to Leader Team Broker consultants, who can provide a quote within 48 hours.
More than half of the goods traded on Amazon are sold by third parties without the online retailer checking them. The online retail giant has updated its commercial policy, requiring sellers to take out special insurance, after it was sued last year by the US Consumer Product Safety Commission, which sought to force Amazon to take responsibility for hundreds of thousands of defective or health-threatening products sold by third parties through the platform.