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  • #998552
    Cindy G
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    Hi All,

    I just sealed the deal to be sole distributor of a Korean skincare brand but i am having problems getting product and public liability insurance. The item is manufactured in Korea, and i will be importing the product as is to be distributed in Australia. Any recommendation?

    #1214716
    alliedib
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    Have you spoken to an insurance broker? I can think of a couple of insurers / underwriters off the top of my head who could be suitable but they all deal through insurance brokers (not direct to the public).

    #1214717
    Cindy G
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    alliedib, post: 258635, member: 37857 wrote:
    Have you spoken to an insurance broker? I can think of a couple of insurers / underwriters off the top of my head who could be suitable but they all deal through insurance brokers (not direct to the public).
    Yes. I have had many who says they don’t cover the scope of my business at all. Found a broker for over 30 underwriters and she says only 1 might want to accept me …. might?!! Sigh. Of all the obstacles I’m prepared to encounter this is definitely not one of them. I am hoping to get a second quote for comparison. We have hundreds of imported skincare in this country. Surely more than 1 underwriter provides product liability insurance in this scenario.
    #1214718
    bb1
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    Cindy G, post: 258636, member: 52969 wrote:
    Yes. I have had many who says they don’t cover the scope of my business at all. Found a broker for over 30 underwriters and she says only 1 might want to accept me …. might?!! Sigh. Of all the obstacles I’m prepared to encounter this is definitely not one of them. I am hoping to get a second quote for comparison. We have hundreds of imported skincare in this country. Surely more than 1 underwriter provides product liability insurance in this scenario.

    Cindy, Could I suggest trying a broker who gives a lot of good advise on this forum. [USER=37857]@alliedib[/USER] is his ID.

    #1214719
    alliedib
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    Cindy G, post: 258636, member: 52969 wrote:
    Yes. I have had many who says they don’t cover the scope of my business at all. Found a broker for over 30 underwriters and she says only 1 might want to accept me …. might?!! Sigh. Of all the obstacles I’m prepared to encounter this is definitely not one of them. I am hoping to get a second quote for comparison. We have hundreds of imported skincare in this country. Surely more than 1 underwriter provides product liability insurance in this scenario.

    Might? They either do or they don’t. If they have provided you with a firm quotation with no subjectivities (ie no conditions subject to the quotation being valid) that means you can bind cover with them.

    As for underwriter numbers, think of it this way:
    – I deal with 120 or so.
    – Approximately half don’t do General Liability cover.
    – A large percentage don’t cover beauty Products.
    Then it comes down to the terms of the underwriters themselves. A number of ‘hard to place’ facilities Have minimum terms – Can you afford a $5,000 minimum premium (which is what a lot of underwriting agencies charge)? A $10m Turnover has no issue with these figures, but for a $100,000 turnover it’s not feasible.
    I am not saying that this is usual but the market is getting harder than it was 12 months ago. Also your mainstream insurers aren’t wanting to cover these items.
    As I said earlier, for the SME market I can think of 3 that may assist – then it would be a matter of properly researching others / alternatives.

    #1214720
    Cindy G
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    alliedib, post: 258655, member: 37857 wrote:
    Might? They either do or they don’t. If they have provided you with a firm quotation with no subjectivities (ie no conditions subject to the quotation being valid) that means you can bind cover with them.

    As for underwriter numbers, think of it this way:
    – I deal with 120 or so.
    – Approximately half don’t do General Liability cover.
    – A large percentage don’t cover beauty Products.
    Then it comes down to the terms of the underwriters themselves. A number of ‘hard to place’ facilities Have minimum terms – Can you afford a $5,000 minimum premium (which is what a lot of underwriting agencies charge)? A $10m Turnover has no issue with these figures, but for a $100,000 turnover it’s not feasible.
    I am not saying that this is usual but the market is getting harder than it was 12 months ago. Also your mainstream insurers aren’t wanting to cover these items.
    As I said earlier, for the SME market I can think of 3 that may assist – then it would be a matter of properly researching others / alternatives.

    alliedib, post: 258655, member: 37857 wrote:
    Might? They either do or they don’t. If they have provided you with a firm quotation with no subjectivities (ie no conditions subject to the quotation being valid) that means you can bind cover with them.

    As for underwriter numbers, think of it this way:
    – I deal with 120 or so.
    – Approximately half don’t do General Liability cover.
    – A large percentage don’t cover beauty Products.
    Then it comes down to the terms of the underwriters themselves. A number of ‘hard to place’ facilities Have minimum terms – Can you afford a $5,000 minimum premium (which is what a lot of underwriting agencies charge)? A $10m Turnover has no issue with these figures, but for a $100,000 turnover it’s not feasible.
    I am not saying that this is usual but the market is getting harder than it was 12 months ago. Also your mainstream insurers aren’t wanting to cover these items.
    As I said earlier, for the SME market I can think of 3 that may assist – then it would be a matter of properly researching others / alternatives.
    Thanks for your response. May I contact you directly for a quote?

    #1214721
    alliedib
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    Hi Cindy,

    By all means you can contact our office if you like – I currently don’t have any openings personally but one of our staff can assist you.

    Regards,

    Mark

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