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Posted By: Matt

Here is CIA's response. Basically, they don't cover buyers in such scenarios. They do have something to cover sellers up to $250:

"There is a coverage on our dealers policy called Internet Default, but
there is only $250 coverage. We do not pay for fraud. Internet payment
default means the default of payment of bank checks, credit cards or
electronic payments that you accepted in good faith in exchange for the
sale of covered property transacted over the internet.

In order to make the claim you would need such documentation as the
receipt of sale and whatever documentation you held showing the type of
default. The claim would then be reviewed by the insurance carrier."