icollector to Launch Insurance Coverage for Transactions
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Online auction service icollector says it will launch the industry's highest insurance coverage for e-commerce transactions on November 22.
Called iGuarantee, the new insurance policy arranged by e-business consultants SafeOnLine will cover items that people purchase on icollector, up to a value of $50,000. icollector says the amount "significantly exceeds" the coverage offered by its competitors.
The scheme is designed specifically to protect icollector's customers.
"iGuarantee Insurance gives a level of security unprecedented on the web, offering what we believe to be the highest policy cover for e-commerce transactions," said Juan Plata, icollector's global communications director.
Users of icollector take part in auctions for art, antiques and collectibles, the lots being provided by leading auction houses, dealers and galleries from around the world. All the items offered for sale are authenticated by industry professionals.
The iGuarantee policy is backed by underwriters at Lloyd's of London. Chris Cotterell, a director of SafeOnLine, called it "an imperative move in the rapidly developing e-commerce arena."