LIBERTY MUTUAL AND buySAFE PARTNER TO SECURE ONLINE SHOPPING
Internet Gift-Buyers Can Shop With Confidence this Holiday Season;
Collaboration Improves, Secures Overall Online Experience
ALEXANDRIA, Va. (Dec. 15, 2004) – Just in time for the holiday Internet shopping rush, Liberty Mutual, one of the largest multi-line insurers in the property and casualty industry, and buySAFE, Inc., the first and only company to use surety bonds to protect consumers in online shopping transactions, today announced a partnership that will enable buySAFE to extend its transaction protection service to an even broader array of online buyers and sellers. Liberty Mutual will provide the surety bond guaranteeing the delivery of products consumers buy online, effective December 20, 2004.
Every year, consumers and businesses alike lose millions of dollars and merchandise through mismanaged online auctions. Online auction fraud is the single largest category of Internet-related complaints. The Federal Trade Commission’s Consumer Sentinel database logged more than 79,000 online auction complaints in 2003, over triple what it was in 2001.
However, consumers can shop with complete confidence when they use a buySAFE merchant. buySAFE’s unique ‘bonded shopping’ guarantees the terms and conditions of purchases made from participating sellers, and promises refunds of up to $25,000, the highest level of financial coverage in the industry.
More comforting to consumers, all participating sellers have passed the comprehensive buySAFE Business Inspection, ensuring that they are established and reliable. Once qualified, these merchants are entitled to display the buySAFE Seal on their listings. The buySAFE Seal, combined with Liberty Mutual’s solid and well-respected reputation, allows buyers to enjoy shopping without the stress and concern associated with buying online from an unknown merchant.
“buySAFE is thrilled to have an innovative surety partner in Liberty Mutual. Liberty Mutual is steeped in experience yet progressive and knowledgeable about the online marketplace – the best of both worlds,” said Jeffrey E. Grass, president and CEO of buySAFE, Inc. “Our collaboration opens the door to extraordinary potential for bonded shopping.”
“Online shoppers can now feel as safe and secure in their purchases as in-store shoppers,” said Dennis Perler, president of Liberty Mutual Surety. “By guaranteeing to Internet buyers the terms and conditions of purchase contracts entered into with companies selling on the Internet, surety bond protection for Internet purchases is the next logical step in buyer security.”
ABOUT LIBERTY MUTUAL (www.libertymutual.com)
Boston-based Liberty Mutual Group is a leading global insurer and sixth largest property and casualty insurer in the U.S. based on 2003 direct written premium. Liberty Mutual Group employs nearly 38,000 people in nearly 900 offices throughout the world.
ABOUT buySAFE (www.buysafe.com)
buySAFE, Inc. creates a safe and stress-free online shopping environment through bonded shopping – the first and only program that uses surety bonds to provide protection for buyers from online transaction risks. buySAFE reduces risks for buyers and increases profit opportunities for sellers by comprehensively qualifying online sellers and providing the buySAFE Seal to approved sellers for display on their auction listings. Online transactions are further protected with surety bonds issued by buySAFE’s trusted financial institution partners. buySAFE is headquartered in Alexandria, Virginia.
Media Contacts:
Southard Davis
southard.davis@widmeyer.com
Widmeyer Communications
(202) 667-0901
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