Credit Card Fraud Protection
Terms of Service
Qualification Terms
These Terms of Service are effective January 1, 2009.

Virginia Surety Company, Inc.
175 W. Jackson Blvd, Chicago, IL 60604

Buyer Assurance
Credit Card Fraud
Evidence of Coverage

Coverage under this EOC and the attached General Provisions are provided under a Group Policy issued by Virginia Surety Company, Inc. This EOC and the attached General Provisions are governed by the conditions, limitations, and exclusions of the Group Policy.
A. DEFINITIONS
Throughout this document, "You" and "Your" refer to the person who is a member in good standing in Buyer Assurance as defined by the terms and conditions for Buyer Assurance. Membership must not have expired or been canceled by You or Buyer Assurance. "We", "Us", and "VSC" refer to Virginia Surety Company, Inc. In addition, when in bold certain words and phrases are defined as follows:

Administrator means cynoSure Financial, Inc. You may contact the Administrator if You have questions regarding this coverage or would like to make a claim. The Administrator can be reached by email at customerservice@buyerassurance.com.

Coverage Period means the period starting on the Membership Effective Date. Coverage will continue monthly. Coverage will continue concurrently with You being a member in good standing. (Good standing is defined by the terms and conditions for Buyer Assurance.) Coverage will stop on the date You or Buyer Assurance cancel Your membership in Buyer Assurance.

Credit Card Fraud means the act of a third party knowingly using Your debit or credit card, without authorization from You, and is recorded with the financial institution.

Evidence of Coverage (EOC) means this document and the attached General Provisions. They describe the terms, conditions, and exclusions. This EOC and the attached General Provisions are the entire agreement between You and Us. Representations or promises made by anyone that are not contained in this EOC or the attached General Provisions are not a part of Your coverage.

Membership Effective Date means the date You enroll as a member in Buyer Assurance.

Unauthorized Charge(s) means a charge(s) on Your credit and/or debit card made by a third party without Your knowledge or authorization beyond what the card issuer pays or exonerates You from paying.
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B. COVERAGE AGREEMENT
We will reimburse You for Unauthorized Charge(s) You incur as a direct result of Credit Card Fraud that occurs during the Coverage Period.

You must notify the card issuer and each major credit bureau (Experian, Equifax, and TransUnion) and place a fraud alert within forty eight (48) hours of noticing that Your debit or credit card has been lost or stolen. Benefits may not be paid for any additional charges that would not have been charged had You notified the card issuer and credit bureaus within forty eight (48) hours.
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C. EXCLUSIONS
  • An act of fraud, deceit, collusion, dishonesty or criminal act by You or any person(s) acting in concert with You, or by any authorized representative of You , whether acting alone or in collusion with You or others;
  • Authorized charges that have been disputed, or are being disputed based on the quality of goods or services;
  • Authorized account transactions or trades that have been disputed, or are being disputed, based on the execution (or non-execution) of electronic transfers, trades or other verbal or written instructions or directions;
  • Unauthorized Charge(s) not protected by the Truth in Lending Act;
  • Reimbursement when the major credit bureaus have not been notified of the Credit Card Fraud;
  • Reimbursement for unauthorized cash withdrawals.
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D. LIMITATIONS
Coverage is limited to:
  • $50 per credit card;
  • $500 per debit card;
  • $1,000 per any twelve (12) month period.
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E. HOW TO FILE A CLAIM
You can initiate a claim on this site. You must report the claim within ninety (90) days of the loss.

The following required items, must be sent to the Administrator at P.O. Box 7690, St. Clair Shores, MI 48080 and be postmarked within one-hundred and eighty (180) days of loss.
  1. The fully completed claim form.
  2. Proof that a fraud alert was placed with each major credit bureau (Experian, Equifax, and TransUnion,) within forty eight (48) hours of discovery of a lost or stolen card.
  3. Copy of results of any settlement or denial from credit card companies, banks, financial institutions, etc. concerning Your Credit Card Fraud claim.
  4. Any other documentation that may be reasonably requested by the Administrator to validate a claim.
Under Federal law, a consumer can be held liable for up to $50 in unauthorized charges on each credit card. For debit cards, a consumer can be held liable up to $500 on each debit card or, in limited circumstances, up to the full amount in your account(s). For debit and cash machine cards, consumer's liability for fraudulent use of the card is up to $50 if a consumer notifies the card issuer of card loss within 2 days. After that, consumer's liability is up to $500. Or, if a consumer does not notify the card issuer within 60 days of receipt of a monthly statement showing unauthorized charges, then the consumer's liability is up to $50 and the total amount of unauthorized charges that occurred after the 60-day period and before notice, provided that the card issuer establishes that the unauthorized charges would not have occurred if the consumer had notified the card issuer within that time.

General Provisions

The General Provisions apply to the following benefit: Credit Card Fraud Protection

Buyer Assurance benefits are subject to the terms and conditions outlined and include certain restrictions, limitations, and exclusions. In the event of any conflict between the EOC and the Group Policy, the Group Policy will govern. The Group Policy is on file at the offices of the Administrator. The EOC shall be interpreted and enforced according to the laws of the state of Delaware.

Cancellation and Non-Renewal:
  1. Coverage can be cancelled by Us or Our designated representative for the following reasons:
    1. Non payment of premium;
    2. Misrepresentation and Fraud (see below);
    3. The Department of Insurance determines that the EOC would result in a violation of their law. If we cancel coverage, the Participating Organization will send You written notification at least ten (10) days in advance of cancellation for non-payment of premium and at least sixty (60) days in advance of cancellation for any other reason.
  2. Coverage can be cancelled by the Policyholder or Participating Organization at any time. If this happens, the Policyholder or Participating Organization will send You written notification at least sixty (60) days in advance of the expiration of this coverage. Such notices need not be given if substantially similar replacement coverage takes effect without interruption and is provided by VSC. Coverage will continue to be in force for the period for which premium has already been paid to VSC.
  3. Coverage can be non-renewed by Us. The Policyholder or Participating Organization will send You written notification at least thirty (30) days in advance of the expiration of coverage.


Claims: Benefits payable under the EOC for any loss will be paid upon receipt of due proof of loss and all required information necessary to support the claim.

All benefits will be payable to You or, in the case of death, to Your estate. No person or entity other than You shall have any legal or equitable right, remedy or claim of insurance proceeds or damages under or arising out of this coverage.

Dispute Resolution - Arbitration: The EOC requires binding arbitration if there is an unresolved dispute between You and VSC concerning the EOC. Under this Arbitration provision, You give up your right to resolve any dispute arising from the EOC by a judge and/or a jury. You also agree not to participate as a class representative or class member in any class action litigation, any class arbitration or any consolidation of individual arbitrations. In arbitration, a group of three (3) arbitrators (each of whom is an independent, neutral third party) will give a decision after hearing Your and Our positions. The decision of a majority of the arbitrators will determine the outcome of the arbitration and the decision of the arbitrators shall be final and binding and cannot be reviewed or changed by, or appealed to, a court of law.

To start arbitration, either You or VSC must make a written demand to the other party for arbitration. This demand must be made within one (1) year of the earlier of the date the loss occurred or the dispute arose. You and VSC will each separately select an arbitrator. The two arbitrators will select a third arbitrator called an "umpire." Each party will each pay the expense of the arbitrator selected by that party. The expense of the umpire will be shared equally by You and VSC. Unless otherwise agreed to by You and VSC, the arbitration will take place in the county and state in which You live. The arbitration shall be governed by the Federal Arbitration Act (9 U.S.C.A. § 1 et. seq.) and not by any state law concerning arbitration. The rules of the American Arbitration Association (www.adr.org) will apply to any arbitration under the EOC. The laws of the state of Delaware (without giving effect to its conflict of law principles) govern all matters arising out of or relating to the EOC and all transactions contemplated by the EOC, including, without limitation, the validity, interpretation, construction, performance and enforcement of the EOC.

Legal Actions: No action at law or in equity shall be brought to recover under the EOC prior to the expiration of sixty (60) days after proof of loss has been furnished in accordance with the requirements of this coverage.

Misrepresentation and Fraud: Coverage for You may be cancelled if, whether before or after a loss, You have concealed or misrepresented any material fact or circumstance concerning this coverage or the subject thereof, or the interest of You therein. Coverage may also be cancelled if You commit fraud or false swearing in connection with any of the above.

Other Insurance: Coverage is secondary to any other applicable insurance or indemnity available to You. Coverage is limited to only those amounts not covered by any other insurance or indemnity. In no event will this coverage apply as contributing insurance. This Other Insurance clause will take precedence over a similar clause found in other insurance or indemnity language.

Subrogation: If payment is made under the EOC, We are entitled to recover such amounts from other parties or persons. You must transfer to Us Your rights to recovery against any other party or person. You must also do everything necessary to secure these rights and must do nothing that would jeopardize them, or these rights will be recovered from You.

State Amendments

For Montana Residents:
  • The following statement has been added: The provisions of the EOC conform to the minimum requirements of the Montana law and control over any conflicting statutes of any state in which You reside in, on or after the effective date of this coverage.
    The first paragraph of "Dispute Resolution - Arbitration" is replaced with the following: The EOC requires You and VSC to first use binding arbitration if there is an unresolved dispute between You and VSC concerning the cost of, lack of, or actual repair or replacement arising from a loss. Under this Arbitration provision, You give up your right to initially resolve any dispute arising from a loss by a judge and/or a jury. You also agree to first employ arbitration in resolving the dispute between You and VSC prior to Your participating as a class representative or class member in any class action litigation, any class arbitration or any consolidation of individual arbitrations. In arbitration, a group of three (3) arbitrators (each of whom is an independent, neutral third party) will give a decision after hearing Your and Our positions. The decision of a majority of the arbitrators will determine the outcome of the arbitration.
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