Help with product liability insurance

[PaulTotten]

I'm giving this one last push in the hope that someone can help..... PRODUCT LIABILITY INSURANCE.... I am basically selling car wiring accessories that the customer fits themselves, the products (like 80% of stuff these days) are made in China. I have had 3 different brokers look into this but just end up ignoring me as they say they can't do it. I don't understand how this is so much different from any other China made products. Does anyone have experience or able to help please ?

 

[WaveJumper]

Maybe one for @Frank the Insurance guy

 

[FreddyG]

A young gentleman near us who has some sheep was looking for grazing for his sheep and so I offered him one of our fields. He had to put up an electric fence - but managed to get plus and minus muddled up so the jolt of HV was sent to the ground instead of the fence. Within hours, his sheep were wandering all over the countryside.

He also ran a tractor until it was empty because he forgot to look at the fuel gauge and he tried to bale hay when it was wet - and broke the baling machine! i.e. many people are complete idiots when it comes to "toutes les choses pratiques".

Imagine giving that young gentleman your gizmo! He would either end up damaging his car or setting it on fire!

There is a wonderful German saying that translates to "Against stupidity, the gods themselves do battle in vain!"

If the gods cannot protect people from their own stupidity, you really cannot expect a mere humble insurance company to go there where the gods all fear to tread!

 

[fisicx]

It's happening more and more. Brokers have become so risk averse it's almost impossible to get insurance for some policy types especially when:

I am basically selling car wiring accessories that the customer fits themselves...

No matter how simple, someone will get it wrong and their car catches fire.

Are these accessories fully certified in the UK?

 

[Frank the Insurance guy]

Hi @PaulTotten

The issue here is less about the products coming from China, but as much about the types of products.

This is likely to be something that you may only be able to get insurance for in the London Market or Lloyds of London - if so, premiums usually start at a minimum of £5,000 +tax and charges (so looking at least £6K). Factoring in the products go into motor vehicles and made in china, its likely that the premiums will start at over £10K!

Do you have the budget for insurance premiums at this level?

Unfortunately, it is likely the 3 brokers you have spoken to have approached the usual "main stream" insurers, got declined and either do not have access to the London/Lloyds market or assume you do not have the budget to spend?

 

[Frank the Insurance guy]

It's happening more and more. Brokers have become so risk averse it's almost impossible to get insurance for some policy types.

Its not necessarily brokers but the Insurers that are so risk averse.

Anything remotely "risky" nowadays means higher premiums. For small businesses and start-ups it means that the cost of insurance isn't viable.

 

[PaulTotten]

A young gentleman near us who has some sheep was looking for grazing for his sheep and so I offered him one of our fields. He had to put up an electric fence - but managed to get plus and minus muddled up so the jolt of HV was sent to the ground instead of the fence. Within hours, his sheep were wandering all over the countryside.

He also ran a tractor until it was empty because he forgot to look at the fuel gauge and he tried to bale hay when it was wet - and broke the baling machine! i.e. many people are complete idiots when it comes to "toutes les choses pratiques".

Imagine giving that young gentleman your gizmo! He would either end up damaging his car or setting it on fire!

There is a wonderful German saying that translates to "Against stupidity, the gods themselves do battle in vain!"

If the gods cannot protect people from their own stupidity, you really cannot expect a mere humble insurance company to go there where the gods all fear to tread!

It's happening more and more. Brokers have become so risk averse it's almost impossible to get insurance for some policy types especially when:

No matter how simple, someone will get it wrong and their car catches fire.

Are these accessories fully certified in the UK?

The car system is already fused so unless someone puts the incorrect fuse in, that's the only way the car can get damaged. What about spot light wiring, relay wiring looms and all these other looms exactly the same that is already on the market, how do they get the insurance is my gripe? Thank you for the reply

 

[PaulTotten]

Hi @PaulTotten

The issue here is less about the products coming from China, but as much about the types of products.

This is likely to be something that you may only be able to get insurance for in the London Market or Lloyds of London - if so, premiums usually start at a minimum of £5,000 +tax and charges (so looking at least £6K). Factoring in the products go into motor vehicles and made in china, its likely that the premiums will start at over £10K!

Do you have the budget for insurance premiums at this level?

Unfortunately, it is likely the 3 brokers you have spoken to have approached the usual "main stream" insurers, got declined and either do not have access to the London/Lloyds market or assume you do not have the budget to spend?

Holy flip, I am only starting off so wouldn't have a budget like that as it wouldn't be feasible. Thank you for the reply.

 

[PaulTotten]

Its not necessarily brokers but the Insurers that are so risk averse.

Anything remotely "risky" nowadays means higher premiums. For small businesses and start-ups it means that the cost of insurance isn't viable.

Thank you

 

[Frank the Insurance guy]

how do they get the insurance is my gripe?

They pay the appropriate premium for it!

I am only starting off so wouldn't have a budget like that

That's probably why you haven't heard back from the other brokers you have spoken to - although they should be professional enough to pick up the phone and tell you thats the reason rather than just ghosting you!

 

[PaulTotten]

They pay the appropriate premium for it!



That's probably why you haven't heard back from the other brokers you have spoken to - although they should be professional enough to pick up the phone and tell you thats the reason rather than just ghosting you!

I appreciate your help so thank you so much.