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Problem with getting Product Liability Insurance for New Vape Website

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  • 31-01-2018 7:21pm
    #1
    robbie.dub
    Registered Users Posts: 53 ✭✭


    Hi,
    I'm about to launch a new online business venture in the Vaporizer Industry, but experiencing a bit of a problem getting product liability here in Ireland.

    I was told by a few that I would need to get an Irish broker and go through the UK market, but still no luck.

    Would there be anyone out there that would be able to offer me any advice on this or point me to a broker in Ireland that has experience with this.

    I appreciate any help anyone can offer in this!

    Regards

    Robert
    Tagged:


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    #2
    sysprogrammer
    Registered Users Posts: 224 ✭✭sysprogrammer


    Can you ask an existing store who their broker is ?
    Google threw back a number of results of online and shop based retailers.

    https://theecigstore.ie/contact-page/


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    #3
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    Why would anyone help a business adversary to compete?

    We are talking about an on-line start-up in an already crowded sector. So what will the start-up's t/o amount to? Would it even cover the probable premium? Where is the product coming from? China? (If you are looking for insurance you know the risk, and so do the underwriters, they are not idiots!)

    A busy, highly qualified executive has to examine a proposal, then probably revert to the proposer to obtain additional or clarify information, communicate with several underwriters in London, phone-calls, etc., check out suppliers & product, and negotiate a premium. A percentage – probably about 20% would be the broker’s commission. Even if the premium were €1,000 the broker would not even cover its costs. (And at 1k the proposer possibly would faint!)

    Look at this another way – a car salesman has two potential customers, customer No1 for a BMW on which he will make a few thousand and probably a repeat sale to the buyer’s wife/son/company. Customer two has all day to haggle over a 07DL Toyota and expects a deal. Who do you think gets attention?

    If you believe in the business model create a LTD co to mitigate your personal exposure. If it works then you can move to the next stage of investigating insurance.


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    #4
    Kuva
    Closed Accounts Posts: 870 ✭✭✭Kuva


    https://touch.boards.ie/forum/1765

    Insurance forum


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    #5
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    Kuva wrote: »
    https://touch.boards.ie/forum/1765

    Insurance forum
    That forum is for motor.


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    #6
    Kuva
    Closed Accounts Posts: 870 ✭✭✭Kuva


    pedroeibar1 wrote: »
    That forum is for motor.

    Insurance - Aircraft, Maritime & Motor

    They couldn't go listing everything.


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    #7
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    Kuva wrote: »
    Insurance - Aircraft, Maritime & Motor

    They couldn't go listing everything.
    You for real?
    Product liability claims cover personal injury or property damage arising from product use (or product failure). The OP is dealing in vapes. Have you any idea of the stance of the insurance industry on tobacco and associated products?


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    #8
    Axwell
    Moderators, Business & Finance Moderators, Computer Games Moderators Posts: 10,462 Mod ✭✭✭✭Axwell


    Kuva wrote: »
    Insurance - Aircraft, Maritime & Motor

    They couldn't go listing everything.

    That forum is a child forum of Motoring and Transport - any insurance information is related to those and only those...


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    #9
    sysprogrammer
    Registered Users Posts: 224 ✭✭sysprogrammer


    pedroeibar1 wrote: »
    Why would anyone help a business adversary to compete?

    .

    I would say that business owners quite like to talk about their operation, depending on who is asking.

    I chose that URL as they have no shops in Dublin. and One could ask a question like "do you carry liability insurance" , it is a good measure of a shops belief in their product.

    When I was starting our tour company I rang many other tour providers and asked my questions , I did make sure that they weren't in my catchment area and the advice I received was invaluable.

    I rang a number of private coach operators on the west coast of Ireland and compared my insurance quotes with them , more recently a local coach company put me on to their AXA account manager for an even better deal.

    I think people will help , if you ask in the right way , and are of little competition to them ( be it geographically or otherwise).

    The drivers in Paddywagon tours helped me chose my last two vehicles (they all smoke in the cul-de-sac across from the HQ) and steered my away from unreliable models and saved me thousands (thanks again btw).

    tl/dr : ring around and ask , people are inherently good (imho) and you may get your answer.

    It will be interesting to see the results of a few phone calls.

    hth,
    SysProg


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