The Online Asset Exchange Becomes First Secondary Asset Provider Ever to Offer Buyers a Limited Warranty
8 January 2001
The Online Asset Exchange Becomes First Secondary Asset Provider Ever to Offer Buyers a Limited Warranty
SAN DIEGO and HARTFORD, Conn.--Jan. 8, 2001--The Online Asset Exchange, the leading global B2B marketplace for industrial assets, today announced that it had selected The Hartford Steam Boiler Inspection and Insurance Company, the world's leading equipment breakdown insurer, to provide exchange customers with a limited warranty for secondary equipment purchased through the company's web site, www.onlineassetexchange.com.
This arrangement makes The Online Asset Exchange the first industrial asset marketplace on the Internet ever to offer this type of warranty(1) on secondary industrial equipment.
"Equipment that is listed on The Online Asset Exchange is automatically evaluated by Hartford Steam Boiler to determine whether it is eligible for the warranty program," stated Norm Bastin, The Online Asset Exchange's Executive Vice President and co-founder. "This is a free benefit for our customers and the first time something of this caliber and scope has been applied online. This service will give customers the same comfort as if they were buying new equipment."
The warranty will be provided free of charge to buyers on eligible equipment ensuring that in the event of a mechanical or electrical breakdown, the buyer is reimbursed for the reasonable cost of repair or replacement of covered equipment. This warranty covers mechanical and electrical breakdowns for 90 days after the buyer has paid in full and taken possession of the equipment. Large and complex equipment may require a technical assessment as part of the evaluation.
"We want to assure our customers that equipment purchased on our web site is reliable and dependable," said Debbie Brockway, Vice President of Online Asset Exchange and creator of the warranty program, "and we can now back it with warranties which are underwritten by Hartford Steam Boiler. We think this will revolutionize the industrial asset industry."
Hartford Steam Boiler will combine its technical experience, industry perspective, information systems and financial strength to back The Online Asset Exchange as it offers warranties to its customers - protecting them from equipment breakdown.
"With over half of our staff comprised of engineers, inspectors and technicians, Hartford Steam Boiler possesses a wealth of technical knowledge and experience, stated Chuck Bittner, Hartford Steam Boiler's Program Director. If we warranty an object, it is a good indicator it will operate reliably." Hartford Steam Boiler's online equipment warranty covers all types of industrial production, surface mount and medical equipment from breakdowns due to electrical arcing, mechanical breakdown and centrifugal force.
"We are extremely optimistic about the prospects that the used industrial equipment industry offers," stated Bittner. "We are even more impressed with the size of The Online Asset Exchange's marketplace. We feel our warranty program will add octane to their fuel and help propel them to success."
(1) For a complete list of benefits and qualifications for warranties, please log on to www.onlineassetexchange.com.
Online Asset Exchange
Founded in 1999 and headquartered in San Diego, The Online Asset Exchange (www.onlineassetexchange.com) is the leading online B2B global marketplace for the sale of corporate assets. The exchange features more than 200,000 assets, including metalworking, forming and processing equipment, valued at more than $14 billion. The exchange has recently expanded its marketplaces to include surface-mount technology, medical, construction, agriculture, aviation, transportation, power generation, chemical and food processing, rolling stock and printing equipment.
The Online Asset Exchange combines cutting-edge exchange technology with traditional methods of asset disposition, like auctions and brokerages, to provide total asset remarketing services for sellers from small businesses to Fortune 1000 corporations and provides buyers the largest selection of equipment available anywhere in the world. The Online Asset Exchange is a one-stop shop for potential buyers offering a myriad of ancillary services which include shipping, rigging, appraisals, loans and financing as well as aftermarket services such as machinery manuals, tooling, MRO and raw materials.
The Hartford Steam Boiler Inspection and Insurance Company
The Hartford Steam Boiler Inspection and Insurance Company, the world's leading equipment breakdown insurer, is a global provider of specialty insurance products, inspection services and engineering consulting. Hartford Steam Boiler was founded in 1866 to provide loss prevention service and insurance to businesses, industries and institutions. For more information about Hartford Steam Boiler, visit its web site at www.hsb.com