bowtiefifty
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posted on April 8, 2008 07:40:08 AM new
With the feeBay war on sellers and BayPal's indiscriminate charge-back and 21 day hold policies, I've started requiring insurance on all shipments - no longer offered at buyer's option.
Now, I'm wondering if I could self-insure? Over the course of a month, I'll be paying close to $200.00 to the USPS for insurance - which then means if there is a lost or damaged package I must wait 30 days to file a claim. If I self insure and the package is never delivered or damaged, I could settle up with the buyer much more quickly from the funds I've collected for that purpose.
Would this work?
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pixiamom
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posted on April 8, 2008 07:47:56 AM new
You can self-insure, but can't charge your customers for it.
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neglus
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posted on April 8, 2008 08:07:39 AM new
From eBay:
Insurance: Sellers offering insurance may only charge the actual fee for insurance. No additional amount may be added, such as “self-insurance”. Sellers who do not use a licensed 3rd party insurance company may not require buyers to purchase insurance. This is a violation of state law.
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http://stores.ebay.com/Moody-Mommys-Marvelous-Postcards?refid=store
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rhpepsi
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posted on April 8, 2008 01:21:39 PM new
so how can all those chinese musical auctions stay on...charging $1000 for INS with free shipping?
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neglus
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posted on April 8, 2008 01:37:38 PM new
I wondered if they required insurance on $1000 merchandise not that it cost $1000?
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http://stores.ebay.com/Moody-Mommys-Marvelous-Postcards?refid=store
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gasolineguys
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posted on April 8, 2008 01:51:17 PM new
So if a buyer pays for there item and wants insurance, on a low cost item. Say $50.00 or less and pays for it. You keep the insurance fee and send the item, if it gets lost then you pay the buyer. Where is the harm in that?? Yes I guess that would technically be "self insured" but no one gets burned and you the seller pick up a few bucks !
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tomwiii
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posted on April 8, 2008 02:22:32 PM new
"Where is the harm in that??"
The problem ain't "harm" so much as it is one of REGULATION...Insurance is heavily regulated by every STATE...
So-called self-insurance ain't worth the hassle for a few pennies...
Tom & Ralphie
GRAND OPENING of RALPHIE'S EMPORIUM of EARTHLY DELIGHTS~All Vd'ers get 50% DISCOUNT!(except electronics)
JUST IN: Stunning IMMITATION handbag from BURBERRY of LONDON!
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gasolineguys
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posted on April 8, 2008 02:26:47 PM new
tomwiii, it it so heavily regulated how come some of the larger Corp.. are self insured??
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tomwiii
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posted on April 8, 2008 02:43:24 PM new
"how come some of the larger Corp.. are self insured?"
I imagine they all have oodles of lawyers to take care of them...
GRAND OPENING of RALPHIE'S EMPORIUM of EARTHLY DELIGHTS~All Vd'ers get 50% DISCOUNT!(except electronics)
JUST IN: Stunning IMMITATION handbag from BURBERRY of LONDON!
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agitprop
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posted on April 8, 2008 03:27:34 PM new
To get around the US ban on "Self insurance" you simply deposit the premiums in the cookie jar at your friend/relative's place. We self insure all our eBay and online sales since we have additional stock of everything we sell.
If you want to go whole hog, you set up an arm's length subsidiary i.e. D.B.A. that provides your insurance.
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deichen
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posted on April 8, 2008 04:01:39 PM new
agitprop,
Do you charge for insurance, then or build that into the handling?
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agitprop
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posted on April 8, 2008 10:15:35 PM new
Built into our reasonably-priced S&H... Mind you self-insurance is permitted here and in many other locales outside the USA
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deichen
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posted on April 9, 2008 08:12:21 AM new
agitprop,
Sorry, I didn't realize you weren't in the US!
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