What is insurance program?

What is Insurance Program?

The insurance program is a protection plan that assists sellers in selling and helps buyers after-sales, It is divided into the insurance period set by the seller and the platform’s forcible insurance. Insurance can be regarded as a product warranty commitment provided by the seller (or upon Z2U’s request). Choosing an insurance program will help sellers prioritize their products. It is also easier for buyers to get assistance from sellers for order issues during the insurance period.

During the insurance period, the seller's income will be frozen in the order page. When the insurance expires, the income will be released into the available balance.

How to set up insurance?

When creating the product list, the seller can set the preferred insurance duration in the "Insurance" option. During the insurance period, the product will be displayed on the purchase page first.

At the same time, this also means how long the income will be frozen in the order page. If there is a dispute or complaint during the insurance period, Z2U can directly take action to protect buyers.

*Please note that once the insurance is successfully set, it will not be allowed to cancel by editing the listing. If you do not want to set up any insurance, you may need to recreate the list and choose Do not join the insurance.

About platform insurance (forcible insurance)

Z2U will regularly conduct risk assessments of products selling on the website. The assessment criteria include but are not limited to: dispute rate, seller behavior (attitude towards after-sales treatment), product popularity, other risk factors, etc. Once a product is assessed as high risk, Z2U will set up forcible platform insurance to protect buyers. When the risk of the product decreases, Z2U may revoke the platform insurance.
Platform insurance can be regarded as Z2U's mandatory requirement for sellers to provide a warranty period not less than this insurance period (if the seller believes that his warranty commitment is lower than this forcible insurance period, Z2U will consider platform insurance as the minimum warranty period), if there is a dispute about the product during this period, Z2U can review the seller's service according to the platform insurance and resolve the dispute according to the insurance.

*Please note that the platform insurance forces sellers to set an insurance date no less than this length. For some subscription products that last for several months, the platform insurance will release the balance to the seller in installments.

For example:  The seller sells a product with a subscription period of 180 days, and the platform sets insurance that is released in three installments within 180 days. The seller's income will be frozen in installment insurance after the buyer confirms receipt of the goods. The first phase of the insurance will release 30% on the 30th day after the order is completed, the second phase will release 30% on the 90th day after the order is completed, and the third phase will be 40% and released on the 180th day after the order is completed.

Usually, Z2U will set the phase of installment insurance periods based on the seller's sales performance and the risk profile of the related product (the proportion of installment insurance for each product is not the same). If the seller cancels the order before the release is completed, the unreleased insurance amount will also be canceled.