Singaporean insurer NTUC Income has partnered with online marketplace Qoo10 Singapore to introduce Purchase Guard, an insurance product for online purchases that protects against defective electronic goods.
According to NTUC Income, it is the first insurer in Singapore to provide Qoo10’s customers with three- or six-month e-commerce insurance cover from defective or malfunctioning electronics worth at least SGD100.
Annie Chua, Income’s Head of Personal Lines, said: “As more consumers shop and purchase online, the introduction of Purchase Guard is timely. Such a policy not only gives protection to consumers who make purchases online but also provides a leg up for online retailers who may not be able to offer an international manufacturer’s warranty. Purchase Guard, thus, levels the playing field for online retailers as the insurance cover gives consumers a greater sense of confidence about their purchases.”
The cover is available for products under two categories of Qoo10’s catalogue: home electronics and TV/camera/audio.
In case the customer’s purchased electronic item becomes defective or fails to function because of unforeseen electrical or mechanical defects, the customer can lodge a claim with Purchase Guard if they do not receive compensation from the seller and are not covered by the product warranty.
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