[0] The Online Asset Exchange Becomes First Secondary Asset Provider Ever to Offer Buyers a Limited Warranty.Business Editors SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. and HARTFORD, Conn.--(BUSINESS WIRE)--Jan. 8, 2001 The Hartford Steam Boiler Inspection and Insurance Company underwrites B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business online warranty for purchasers of surplus industrial assets 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 Limited warranty A warranty with certain conditions and limitations on the parts covered, type of damage covered, and/or time period for which the agreement is good. 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 Electrical breakdown A large, usually abrupt rise in electric current in the presence of a small increase in electric voltage. Breakdown may be intentional and controlled or it may be accidental. Lightning is the most familiar example of 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 centrifugal force Fictitious force, peculiar to circular motion, that is equal but opposite to the centripetal force that keeps a particle on a circular path (see centripetal acceleration). . "We are extremely optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op 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 oc·tane n. 1. Any of various isomeric paraffin hydrocarbons with the formula C8H18, found in petroleum and used as a fuel and solvent. 2. An octane number. 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 Surface mount technology (SMT) is a method for constructing electronic circuits in which the components (SMC, or Surface Mounted Components) are mounted directly onto the surface of printed circuit boards (PCBs). , medical, construction, agriculture, aviation, transportation, power generation, chemical and food processing Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. The food processing industry utilises these processes. , rolling stock rolling stock Any of various readily movable transportation equipment such as automobiles, locomotives, railroad cars, and trucks. Rolling stock generally makes good collateral for loans because the equipment is standardized and easily transportable among 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 One-Stop Shop A company or a location that offers a multitude of services to a client or a customer. The idea is to provide convenient and efficient service and also to create the opportunity for the company to sell more products to clients and customers. for potential buyers offering a myriad of ancillary services which include shipping, rigging, appraisals, loans and financing as well as aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. services such as machinery manuals, tooling, MRO MRO In currencies, this is the abbreviation for the Mauritanian Ouguiya. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 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 |
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