Protect Your Online Sales
Amazon Sellers Suspension Insurance
InsuraTech and its affiliated companies are pleased to introduce the first ever insurance policy for online sellers to pay their loss of income and ongoing expenses in the unfortunate event they are suspended from their normal business activities.
Any person or company selling goods and services online should protect themselves in the unfortunate event your account is suspended.
FOR SLIGHTLY MORE THAN $2 A DAY YOU CAN HAVE THE PIECE OF MIND YOUR INCOME IS PROTECTED.
Step by step guidance and support from our certified insurance agents
What is Covered?
The insurance policy provides loss of income and extra expense coverage for online sellers in the event they are suspended by the online vendor for ANY REASON other than:
- Any losses occurring within the first 120 hours from the inception date of the policy OR where the insured does not exceed either the franchise deductible or the waiting period. The date of such losses shall be determined by the issuance of an inquiry or notice of suspension by the online vendor; and
- An insured event or any circumstance that could give rise to an insured event which is discovered, known by or should reasonably have been known by the insured prior to the inception of the policy period; and
- Intentional breach of the business services agreement; and
- Intentional breach of the prohibited products listing agreement; and
- Misrepresentation and Fraud. This entire policy shall be void if the insured has willfully concealed or misrepresented, in writing or otherwise, any material facts or circumstances concerning this policy or the subject matter thereof, or if the insured shall make any attempt to defraud either before or after a loss; and
- Intentional Acts other than described above; and
- Non United States of America Domicile. Any insured that does not have United States of America domicile, 911 address and from a State within the United States of America.
- This policy will not provide coverage if you are suspended by an online vendor for the same reason more than once in the policy period.
- Counterfeit activities
- Failure to respond in writing to an inquiry, notice or notice of suspension directly to the online vendor within 72 hours of receipt of the inquiry, notice or notice of suspension by “you”; and
Program Details
We offer up to 90 days of protection in a year with limits up to $1,000,000 and a zero-dollar deductible.
Instead of a dollar deductible we utilize a time period to serve as the deductible. This means the period of time shown in the policy must lapse before you will be eligible for coverage.
In the event your online sellers account is suspended, the insurer will pay you up to the per day limit shown in the policy subject to the franchise deductible or waiting period.
Claims Process
If you do not do all of the following your coverage will be void.
- Submit your claim to US by logging into your account (www.onlinesellersinsurance.com) and complete the form found in the claims section of our website.
- Provide US with a copy of the inquiry or notice or notice of suspension from an online vendor within 24 hours of receipt by YOU; and
- If you are already suspended, you must hire a professional expert/consultant within 24 hours of receipt of the suspension notice. These experts/consultants will evaluate your case and attempt to help you get reinstated.
Once we are in receipt of your claims notice, we will assign a claims representative and they will be in contact with you within 24 hours and they assist you every step of the claims process.
Q & A
I am new in business
We understand and you may still be eligible for coverage depending on our underwriting questions.
What if I have had a past inquiry or suspension?
You may still qualify for coverage depending on the answers to the underwriting questions we ask in the application process.
Am I covered for more than one suspension?
Yes, provided you are not suspended for the exact same reason AND you have not exceeded 90 days in the policy period.
How long is coverage valid for?
The policy period is an annual period of time, however, the policy will only pay up to a total of 90 days in the policy period.
How will I know what time period must pass before coverage is available?
Depending on certain underwriting criteria, the policy will either be issued with a franchise deductible or a standard waiting period and the policy will state the specific amount of time that must pass.
What is the difference between a franchise deductible and a standard waiting period?
A franchise deductible states the total number of days your sellers account must suspended. Once that period of time is exceed and there is coverage, then the insurer will pay the per day limit of coverage for the entire period of time your sellers account was suspended up to 90 days.
A waiting period states the total number of days your sellers account is must be suspended. Once that period of time is exceeded and there is coverage, then the insurer will pay the per day limit of coverage only for the number of days the account remained suspended after the time period was exceeded and only up to 90 days.
Can I use my own professional expert/consultant in the event my account is suspended?
Yes and we will also provide recommendations if you are not sure who you should hire.
Can I purchase coverage if I am outside the United States of America?
You must have a USA business entity and appropriate licenses to conduct business in the USA. We will be launching our program in additional countries in the upcoming months.
Who actually is the security of my coverage through and who will pay for my covered claim?
Insurance is secured with a tried and trusted AM Best A rated carrier.
Will you cover the cost for me to hire professional expert/consultant in the event my account is suspended?
For a covered loss, we will pay up to $500.00 directly to the person or company hired.
How will my coverage limit be determined?
The limit of coverage will be determined by us based on the answers to the underwriting questions we ask of you during the application process.
How is the per day limit chosen?
Depending on the overall coverage limit you qualify for, that limit will be divided by 90 days to determine the coverage per day limit.
Is my policy auditable?
Yes, we will ask you for your gross annual sales for three specific categories at the end of each policy period and before you will be eligible to renew your policy. It is imperative to be truthful when informing us of your annual gross sales at the time of application. If you underestimate you will have a balance due to us that must be paid to us within 30 days of expiration of your policy or before we will renew your coverage.
If you overestimate your annual gross sales, then we will refund the appropriate amount of premium back to you within 30 days of the expiration of your policy provided your policy was not issued at our mandatory minimum policy premium.
What if I have more than one online storefront?
If you operate more than one storefront under different names, you will need to purchase a policy for each business entity you operate.
Does this policy provide any other coverages or benefits?
No. The only coverage provided under this policy is your potential loss of business income and extra expense provided your online sellers account is suspended and it is a covered loss.
Please show me an example of a coverage loss and how the policy would pay me
A POLICY ISSUED WITH A FRANCHISE DEDUCTIBLE
You qualify for a policy with an annual policy limit of $1,000,000
You are eligible to receive up to $11,111 for each day you are suspended for a cover loss
The effective date of coverage is March 15, 2017 and expires on March 15, 2018
Your policy is issued with a franchise deductible
The franchise deductible is 120 hours
You have received a suspension notice from the online vendor
Your account is suspended for 15 days
The policy will pay you up to $11,111 for the entire 15 days of your account being suspended or up to a total sum of $166,665.
A POLICY ISSUED WITH A WAITING PERIOD
You qualify for a policy with an annual policy limit of $1,000,000
You are eligible to receive up to $11,111 for each day you are suspended for a cover loss
The effective date of coverage is March 15, 2017 and expires on March 15, 2018
Your policy is issued with a standard waiting period
The waiting period is 120 hours
You have received a suspension notice from the online vendor
Your account is suspended for 15 days
The policy will pay you up to $11,111 for 10 days of your account being suspended or up to a total sum of $111,110.
The policy will not go back to your first day of suspension because the policy was issued with a waiting period. Therefore, the policy will only start to respond after the 120 hour waiting period.
How do I determine what my per day loss is
You need to determine what your net income (net profit or loss before income taxes) that would have been earned or incurred and what your continually normal operating expenses incurred are including payroll.
You will be supplied a worksheet in the event of a claim to help you to determine what your actual loss is.
