Folksy Ltd

Stock insurance for damage and theft (not product liability)

Do any of you have insurance against damage and theft for stock left in shops? If yes, how does it work and who are you with? Is it astronomically expensive?

All the shops I sale or return through are fully insured, but I have been asked to sell through a collective where they request makers insure their own stock.
I spoke to a few of the other makers there and they were uninsured ,they were relying on their products being big and hard to swipe.

Any help gratefully appreciated.
Deborah

I looked into this for similar reasons and the small print of the stock insurance I looked at at the time (Ian Wallace I think) stated that I would only be covered if the stock was with me or my agent. Since I wasn’t sure if the shop would count as my agent or not (it wasn’t a Sasha Garret branded shop so were they working for me or for the shop owner who took the commission if you get my drift) I opted to not stock my stuff there. I had alarm bells ringing about the insurers trying to wriggle out of pay outs and the shop not looking after stuff properly as there was no come back to them if something happened.

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Thanks Sasha, yes that is what I have been told too,and without insurance it is a non starter.

Write into your contract with the collective that they are your agent for the purposes of selling the goods and then you will be covered if you take out insurance. I would want a written contract anyway, and if both parties have signed up to the fact that they are appointed formally as your agent then you will be covered. If the collective won’t give you a written agreement that binds them as agents so you can insure your stock then they are not suitable for gold and silver jewellery makers anyway. I did have an arrangement with an emporium type place a while ago and several items “disappeared” and I sold very little. As the items I had put in to sell were low value I put it down to experience, but in my view you can’t proceed on the basis of “It’s too big to steal” or “The person on the desk will be watchful.”

Sam x

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