Insurance on COST, not RETAIL price
When insuring a package, we want to be able to insure just the COST of the product if damaged or went missing, not the RETAIL VALUE. Currently your software takes the full retail value and uses that to determine the insurance amount. This doesn't make sense as shipping carriers will only reimburse you on the cost, not the retail value.This is a fault, as no system is set up like this.If I lose a $1000 item, but it only cost me $100, Fedex will only credit me $100.So why am I paying insurance on $1000 if Iêd never get refunded that?Iêd be spending like $10 extra on insurance, for an item Iêd never even get credited for.Lets update this right away. It's not feasible to manually change the insurance on every order for a bigger company.Thank you
Thanks for your input, everyone!
Could you provide us where you gathered the information regarding what value the carriers will reimburse you with when you file a claim? We would be interested to know the policy for the popular carriers that you frequently use.
We would also like to hear more about your workflow – how are you currently insuring your shipments?
We will also be reaching out to our partners for more information regarding cost vs. retail price vs. insured amount.
Any additional information that you can provide for us would be appreciated! Please be sure to comment back here so other users can collaborate as well.
Mark Spruell Ann's Fabulous Finds commented
An automation rule (with math!) would be very helpful for us. We currently use a "deductible" with our shipping, so we don't insure anything below a certain threshold and we also deduct that from the total sales price of packages above the threshold. We insure monthly with U-Pic, so we have other ways of doing it, but it would be great if this could be done in Shipstation as the product ships.
Street Guardian USA commented
I need every order I ship via USPS Priority Mail to be set to $100 for insurance regardless of what the order total is. I don't see a way to setup filters and automation rules to set insurance to $100 automatically. I have to manually type $100 into the insurance flied for every order. Please add filter rule options to set insurance for $100 since that amount is free and covers most of the cost.
Dee Greenhalgh texas dentco l.l.c. commented
Glad to see this is an issue for other folks! I don't want to insure the retail price, just the cost. Personally I use the presets a fair amount. It would be nice if it was added to the presets just like weight or dimensions where you could specify a set insurance amount.
To carry it one step further, it would also be nice if when adding rules to products they system gave you the option to select your presets instead of each individual variable like weight, dimensions, shipping location, ect. Pretty pretty please add this. I love shipstation but it's a little painful always manually making these insurance changes. thanks!
Ted Tieken Long Run LLC commented
What we need is a rule to set it to the carrier included amount. We've done the math and we don't loose enough packages to pay full insurance.
Not sure of all carriers, but here is a document from UPS: http://www.ups.com/media/en/terms_service_us.pdf
They state in regards to claims... actual cost or replacement cost of the property
If you're a consumer that is shipping a friend an ipad, then the replacement cost is the $400 you paid for it. But if you're a shipper, then they know the replacement cost is say $50 for example.
If I have an item that cost me $10 to make but I sell it for $1000, they aren't going to get in the business of buying my products at full price. I've dealt with them for 11 years and sometimes a rep who doens't know what they are doing will give you a credit for retail, but often its cost.
Also, I don't want to have to pay insurance on $1000, if only one goes missing every so often and my real cost is $10. I'd be/am paying thousands of dollars a year too much for insurance that way.
Currently my workflow is Magento sends the retail value to shipstation for the products, and then Shipstation takes that retail amount and puts it in the insurance box. The only way to change it is to add up the cost individually for each product and manually change the amount in the insurance box.
See the trouble there?
Mike Maberry The Forever Rose commented
When processing orders, where it says "Insure Amount". It would be nice if it used the "product total" instead of the "order total". So that we are only paying for insurance on the merchandise and not the shipping/taxes, etc.. Right now I have to keep manually adjusting that Insurance Field.
Nothing yet Ian, and its a pretty big issues. I've used all my votes for it.
Status on this? Any response from ShipStation?
I just emailed Bryon Wier about this.
I'm not sure why this is constantly looked over, when I see tons of small changes made that aren't nearly as important.
Come on Shipstation, what gives here? I lose $1-2 per order because of the wrong cost in the insurance field. That's is unexceptable. You can't manually change them all and expect us to grow too!
Please implement this asap. It seems like this is a way for ShipStation to make more money or pass-through higher rates to its shipping partners or insurance partners.
I tried setting this per product in the Customs area, but it doesn't reflect in the default insurance amount calculation when making labels. Still needs a solution I think...
Mike Maberry The Forever Rose commented
Why would I want the shipping costs included in the insurance total? I have to keep removing that and it is so annoying. The insurance value should be pulled from the ORDER TOTAL!
Wholesale Broker/Extreme Liquidation commented
Yes we have a similar issue.
Help us vote up our idea here.
It outlines the problem and our proposed solution.
The solution would bet to create a new Product Defaults feature in ShipStation that would apply a specific insured amount for a specific item SKU upon import.