Who has risk of loss in Internet auctions?

[tasha1]

I was wondering who holds the risk of loss in an Internet auction if the item is lost or damaged in shipping? Can a seller state that the risk is with the buyer? With the buyer unless the buyer purchases insurance?

Does it matter whether the seller is a hobby seller or a full time merchant? Also, if there is no mention of risk of loss in the auction, what is the default?

Thanks for any info on this,

tasha