Home Forums Selling online Any Insurance Brokers here? Need an advise on imported baby goods

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  • #993287
    Alex77
    Member
    • Total posts: 6

    Hi all,

    I have been working on my importing project for about six months now- researched and found a product that would fit in really well in Australia’s Kids market. I got the sample paid and shipped just to find out that Insurers don’t like to deal with Imported Baby goods, or anything apart from clothing I suppose or whatever doesn’t impose a high risk on their capacity to insure the goods..
    What are my options apart from paying ridiculous amount of money?
    Is being a Sole Trader vs Pty Ltd or Trust plays any role to an Insurer?
    Any tips please

    TIA,

    Alex

    #1190830
    alliedib
    Member
    • Total posts: 453

    Hi Alex,

    You are correct – imported baby goods are not a preferred product for insurers.

    Whatever structure you set up may protect you, however it will not be relevant to the insurer when they decide to take on the risk – they are more concerned about the following:
    – the exact type of product you are importing;
    – where you are importing the product from;
    – the quality controls / quality assurance regarding the product;
    – your turnover (as this will demonstrate a capacity to bear either the premium or the excess); and
    – your expected market (local only / exports etc).

    I have been involved in insuring the liability for numerous imported products (incl. children’s and babies products) and I can tell you that the more information you provide to an insurer, the higher the chance of obtaining favourable terms for your insurance.

    Let me know if you have any more questions or send me a PM if you would like more information specific to your circumstances.

    Regards,

    Mark

    #1190831
    Alex77
    Member
    • Total posts: 6
    alliedib, post: 223980, member: 37857 wrote:
    Hi Alex,

    You are correct – imported baby goods are not a preferred product for insurers.

    Whatever structure you set up may protect you, however it will not be relevant to the insurer when they decide to take on the risk – they are more concerned about the following:
    – the exact type of product you are importing;
    – where you are importing the product from;
    – the quality controls / quality assurance regarding the product;
    – your turnover (as this will demonstrate a capacity to bear either the premium or the excess); and
    – your expected market (local only / exports etc).

    I have been involved in insuring the liability for numerous imported products (incl. children’s and babies products) and I can tell you that the more information you provide to an insurer, the higher the chance of obtaining favourable terms for your insurance.

    Let me know if you have any more questions or send me a PM if you would like more information specific to your circumstances.

    Regards,

    Mark

    HI Mark,

    Thank you so much for your reply. I spoke with a broker on Friday, he’s preparing quotes for me as we speak. See what he comes back with. He’s in Sydney though, not that it matters much, where are you? Anyway, see what he finds and then I might contact you if that’s ok.
    Kind regards,

    Alex

    #1190832
    alliedib
    Member
    • Total posts: 453

    Hi Alex,

    That’s good to hear – hopefully he can come through for you.

    I am in regional NSW (near Canberra) but I have clients all over Australia. Most of my clients are happy to deal via phone/email and then a catchup if/when I am in the area. As you said location doesn’t really matter.

    Let me know what you get and I will see if you need to consider anything else.

    Regards,

    Mark

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