Insurance premiums doubled to tens of thousands? Sellers protested in unison, Amazon updated its insurance regulations!

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In recent years, Amazon's risk control measures have become increasingly strict. In order to avoid falling into the panic of account suspension again, cross-border sellers not only strictly abide by the compliance operation guidelines, but also pay close attention to the new regulations introduced by Amazon.

Last year, Amazon updated its insurance regulations, stating that starting from September 1, 2021, sellers with monthly sales of $10,000 (previously three consecutive months) must purchase product liability insurance, otherwise they will face the risk of being banned from selling. As soon as the policy was released, many sellers took action.

However, the road for Amazon sellers to purchase insurance is full of twists and turns. Some sellers have been banned due to fake insurance scams, and some sellers have lost premiums due to invalid POE policies. It is now the peak renewal period, and it is understood that sellers are worried about the doubling of platform premiums.

Mandatory no-deductible insurance? Sellers' premiums doubled!

It is learned that in June this year, Amazon US issued an announcement regarding a commercial liability insurance plan.

The announcement stated that starting from June 27, 2022, Amazon will update the U.S. Commercial Liability Insurance Program policy. If the seller's total revenue from sales of goods on the Amazon store in the past 12 months exceeds US$1 million and the deductible is listed on the insurance certificate, the policy can include the deductible.

It can be seen from the announcement that for sellers with annual sales of less than 1 million US dollars, Amazon stipulates that they cannot buy insurance with deductibles when purchasing commercial insurance, otherwise they will face the risk of the policy being rejected or even affecting the normal operation of the store.

It is the peak renewal period, and sellers are already annoyed by the rising insurance costs of Amazon. Amazon's new regulations are undoubtedly another boulder thrown into the already turbulent lake, which has once again triggered a heated discussion in the cross-border circle:

"This year's Amazon insurance premiums are already almost double the premiums in August last year. According to this policy, sellers with sales of less than $1,000,000 in 12 months must choose insurance with no deductible, and the premiums will double again."

"Last year, we bought insurance for more than 3,000 yuan. If we follow this year's policy requirements, the premium will have to be 12,000 yuan. The difference is too big."

"It's really hard to sell small businesses right now. The profits are not much, and the various expenses are still rising."

According to market conditions, the premium for a plan without a deductible is higher than that for a plan with a deductible. Therefore, for small sellers on Amazon and new sellers, Amazon's insurance requirement is more like a notice of "cost increase" .

Fortunately, after receiving protest signals from sellers, Amazon finally chose to cancel this mandatory no-deductible insurance policy.

The new insurance regulations have been updated again, and the mandatory no deductible has been cancelled!

It is learned that on August 2, Amazon US once again issued an announcement on new insurance regulations.

The announcement stated that after Amazon updated its insurance policy requiring sellers to provide zero-deductible insurance on June 13, 2022, some sellers reported challenges in procuring zero-deductible policies. Therefore, Amazon US decided to continue to allow sellers to purchase policies with deductibles and revert to previous policy requirements.

When this news came out, although some sellers were dissatisfied with the previous higher prices of no-deductible insurance, more sellers were happy because the mandatory no-deductible insurance policy was cancelled and the premiums dropped.

Some sellers also said that some sellers who have already purchased no-deductible insurance can also contact the insurance company directly to make changes and refund part of the premium: the insurance company will provide feedback on the premium adjustment amount after receiving it, and make formal revisions after confirmation. The revised information will be updated to Amazon in the background.

As we all know, the compliance operation of the Amazon platform has become an inevitable trend. As for insurance purchase, Amazon has also set relevant regulations: if the corresponding commercial liability insurance is not provided, Amazon will restrict the sale of goods in specific categories, or even suspend the account until the seller provides proof of insurance.

It is not difficult to see that Amazon attaches great importance to commercial liability insurance from its efforts to pay attention to seller feedback and frequently update insurance policy requirements.

Therefore, with the inevitable trend of Amazon platform compliance, purchasing compliant commercial insurance is unstoppable.

In view of the fact that sellers have been banned for purchasing fake insurance and POE insurance has been exposed, we would like to remind all sellers that when purchasing insurance products, they must identify formal channels, minimize premium costs, and ensure that the insurance policies purchased meet Amazon's insurance requirements.

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