eBay

hold.your.own.media · ‎08-27-2023

Hey guys,

So my gf saw this news article & an eyebrow was raised since TD Insurance denied their claim: https://www.insurancebusinessmag.com/ca/news/breaking-news/calgary-fire-leaves-family-homeless-due-t...

We have TD as our insurance provider, so we opted to reach out to see if we would have a similar issue. My eBay business is not incorporated, though I do have a BN & GST number. I resell mostly used DVDs and Blu-rays. My entire inventory (~70 boxes; 3000-4000 items) was stored on our lower level. We have zero visitors, everything is shipped out. TD took a month to get back to us, and indicated that yes, our insurance policy is invalid so long as the inventory is at home. They have given us 30 days to rectify.

I called TD about 10 days ago to see what options we had. I was hoping that I could keep the inventory at home, and we could have a separate policy for just the sole proprietorship of mine. They asked a bunch of basic questions, but had to halt when they asked how much of my sales were from the US. My answer was about 60%. They claimed that they cannot insure the inventory so long as I have over 50% of sales outside of Canada... Super weird. I may have gotten a different answer from a commercial broker, but felt I could still have an issue down the line.

Today, I filled up a storage unit off-site (I work in the storage business for my 9 to 5 job, so was able to get a deal). I also setup a PO Box to aim to get my home address removed from the business side.

The questions I have now:

1) How many are aware of this, and have had a similar issue?

2) With CRA's My Business Acct, I could only add the PO Box as a mailing address, so how can I remove my home address from being associated with the business with the gvmt?

3) eBay also lists my home address, and will not accept the PO Box one as a primary (only mailing). Any way to have the home address removed?

What I'd like to do is completely remove my home address from being associated with the business. I'd hate to have some form of issue down the line if ever we had to put in an insurance claim.

Thanks!

reallynicestamps · ‎08-27-2023

Hugh Wood International is worth a look.

They cater for collectors and dealers in.. um.. collectibles and are aware that inventory can vary day to day.

Contracts are year long, not one off.

And they will also cover you at shows/flea markets/in transit, including once when our car was broken into and a valuable but unfencable item was stolen while we were at a show.

https://hwinternational.com/ca/

flipistics · ‎08-27-2023

I contacted the insurance company with these questions before I started selling. Ours allowed it within certain limits for my area. It's definitely something that's important to do. I don't think removing your information will matter though. I'm sure the insurance companies can figure it out regardless. You'd probably be better off searching for a new insurance company.

BTW, it's the same with car insurance.

reallynicestamps · ‎08-28-2023

@flipistics

When I was in the woodstove business, the best argument I had to encourage getting a building permit and inspection was that the insurance company would demand it.
We had one customer whose flooded basement was not covered when the insurance guy noticed he had installed a woodstove (Vermont Casting Defiant of course) without a permit and without informing them.