Amazon announced last week to introduce new Product Liability Insurance Requirements for Amazon Sellers and expanded A-to-Z Guarantee to protect both customers and sellers in the unlikely event a defective product sold through Amazon.com causes property damage or personal injury.
Online Seller Insurance. Product Liability Insurance protects suppliers and manufacturers from lawsuits if a product is damaged or if a concept or property is damaged.
This type of insurance is most commonly used to cover product-related incidents. This quote states that a product must be physically fit for its intended purpose when it is sold or given away. If you are a supplier or manufacturer and you supply faulty products to consumers, then you are responsible. Even if the product was not manufactured by you, but you supplied it, you can still be sued by your claimants and have to pay for it.
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Amazon, known for its vast marketplace, is rapidly becoming the preferred online store worldwide. With 66% of users searching on Amazon for products, listing your products on the marketplace is a guaranteed way to increase sales and exposure. Amazon introduced new Product Liability Insurance requirements for Amazon Sellers 2021. Amazon announced last week to introduce new Product Liability Insurance Requirements for Amazon Sellers and expanded A-to-Z Guarantee to protect both customers and sellers in the unlikely event a defective product sold through Amazon.com causes property damage or personal injury.
Starting September 1, 2021, Amazon will: Offer an efficient process for both parties to resolve such claims.Pay valid claims less than $1,000 and not seek reimbursement from sellers who have valid insurance.Make it easier for sellers to buy insurance at competitive rates through Amazon Insurance Accelerator. Amazon said that it will pay for A to Z Guarantee claims seeking compensation for personal injury and/or product damage under $1000 and will not seek compensation from sellers who hold valid insurance. Finally, Amazon also announced the launching of the Insurance Accelerator program.