How to Become Insured and Compliant with Amazon's TOS
In this video I show you exactly how to purchase an insurance policy that is compliant with Amazon's terms of service (TOS). This is absolutely necessary for any seller anticipating to do more than $10k in sales in any given month.
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As an Amazon seller who exceeds $10,000 in sales in a given month, you are required to hold an insurance policy that meets certain standards. Recently Amazon sent out an e-mail to every seller who is currently not compliant with their insurance requirement. Sellers who are not compliant have 30 days to upload a valid certificate of insurance which meets all of the below requirements:
1. The policy limit must be at least $1 million per occurrence and in aggregate and cover:
a. liabilities caused by or occurring in conjunction with your business operations
b. including products
c. products/completed operations
d. bodily injury
2. The insurance policy type can be either commercial general, umbrella, or excess liability and be occurrence based;
3. Your insurance provider must have global claim handling capability and a financial rating of S&P A- and/or AM Best A- or better (if S&P or AM best is not valid or used in the country where you are required to obtain insurance, a local equivalent is allowed)
4. Your insurance provider must give Amazon at least 30 days’ notice of cancellation, modification or nonrenewal
5. The policy must name "Amazon.com Services LLC and its affiliates and assignees" as additional insureds
6. The deductible for any policy(ies) must not be greater than $10,000 and any deductible amount must be listed on the certificate(s) of insurance
7. The policy must cover all sales from products you have listed on the Amazon website
8. Your insured name must match the “legal entity” name you provided to Amazon (view your legal entity name)
9. The policy must be completed in its entirety and signed; and
10. The policy must be valid for at least 60 days from the date of submission.