PSA Authenticity and Grade Guarantee - Anyone use it and do other companies offer it?

[parkplace33]

I got an email today from PSA highlighting their PSA Authenticity and Grade Guarantee. From their website (https://www.psacard.com/about/financialguarantee) :

The PSA Authenticity and Grade Guarantee (“Guarantee”) is fundamental to PSA's reputation as the leading third-party authentication and grading service. Subject to the exceptions noted below, the Guarantee ensures the accuracy of the grade assigned to each PSA-graded card. The terms and conditions detailed below govern the Guarantee. PSA reserves the right to modify or update the Guarantee at any time.

PSA guarantees that all cards submitted shall be graded in accordance with PSA’s authentication and grading standards.

Upon presentation to PSA by the current owner of a PSA authenticated and graded card (“Card”), if PSA concludes that the Card was erroneously awarded the PSA grade assigned or fails PSA’s authenticity standards, and provided that the Card had an active certification number on the cert lookup feature of the PSA website at the time it was purchased by the person submitting the Guarantee request, then PSA in its sole discretion will either:

Subject to the Maximum Amount, buy the card outright from the current owner at the current market value if the card can no longer receive a numerical grade under PSA's standards, or
Subject to the Maximum Amount, refund the difference in value between the original PSA grade and the current PSA grade if the grade is lowered or deemed to be authentic only. In this case, the card will also be returned to the customer along with the refund for the difference in value.

Believe this service has been around for a while, but I actually haven't heard of this before. I have a few questions for the board:

1. Have you ever utilized this guarantee for your PSA cards, either for counterfeit cards or overgraded cards? If so, how did the process go? How did PSA determine value?

2. Do other grading companies (SGC, Beckett) also have a similar guarantee?