Stock insurance for items made by traders

For traders and related people to share

Moderator: Moderators

Post Reply
User avatar
Black Letter
Posts: 14
Joined: Mon Oct 30, 2006 8:37 pm
Location: Worcester
Contact:

Stock insurance for items made by traders

Post by Black Letter »

I'm having difficulty getting good stock cover, this would need to cover stock in the home, in transit and at events.

We have rang round the usual insurers, e.g NMTF, etc. and the conversations go well until they ask the type of stock. As soon as you mention that you are selling something you have made, they get cagey about the valuation of that stock, which makes us reluctant to pay out a large premium!

Have others experienced this problem? I know that we have talked about insurances before but if anyone can recommend someone that deals with this problem specifically we would be very grateful

Thank you for any help :D

Phil and Tam
Black Letter
Calligraphy - Design - Illumination - Illustration
www.black-letter.co.uk

User avatar
Annie the Pedlar
Posts: 383
Joined: Sat Aug 20, 2005 9:05 am
Location: In a close of bluebells in the hamlet of Hors
Contact:

Post by Annie the Pedlar »

Oh! I'm with the NMTF. I make half my stock. I never told them. They never asked.
I am very annoyed that they only cover £3,000's worth. I do have my stuff stashed in 3 different places covered by three different policies (but all with Marketline) so I'm praying all three places don't burn down or get burgled at the same time and if they do my stuff is split into 3 so would be covered.

A message to all potential burglers - I've sold all the expensive stuff now so don't bother calling. I'm down to soap balls and moth bags :lol:

Annie

User avatar
Pete the Pong
Posts: 375
Joined: Tue Aug 16, 2005 3:27 pm
Location: An old market town in Norfolk
Contact:

Post by Pete the Pong »

There are a lot of potential problems here.
The NMTF insurance is fine for "product liability" if you have made it yourself. We've tested that one.
But there could potentially be a problem with the resale value of stock that you have made yourself. In the case of loss you could cetainly claim the value of materials used (provided that you have the receipts).
But there might be a problem in reclaiming the value of the time and expertise involved in making the item. Unless you were employing a paid outworker.
Is ther anyone out there who could give us a bit more advice? (By pm if necessary)
Pete
Image
Yes -I firmly believe in the healing power of herbal remedies.
So much so that I insist on taking at least three or more pints of the Sacred Malted Medicine each and every night.

Post Reply