Insurance, betting, and the Super Bowl

Insuring the Super Bowl is a big deal, a really, really big deal.  The 2016 Super Bowl (Broncos/Panthers) had to insure an estimated $100 MILLION dollars worth of assets and their premiums totaled close to $25 MILLION.  When you consider all of the things that need insuring that $100 million starts to look like a bargain.  VIPS, equipment (recording/electronics), the vendors, the employees, the teams themselves….  it’s exhausting to think about.

Insurance plays another role when it comes to the Super Bowl, and that role comes in the form of a policy known as a “hole in one”.   Think back to Super Bowl 47 (Ravens/49ers), a young man named Jacoby Jones ran 109 yards off a kick return and made a touchdown.  That particular touchdown was problematic for one furniture store in Baltimore.  It seems that they made a bet with their customers, a bet that said if any player, at the start of the game or after half-time, had a kick return that resulted in a touchdown, they would give away $60,000 worth of furniture.  Mr. Jones did just that and the furniture store did indeed make good on the bet, they were quite happy to actually.  You see, that $60,000 did not come out of their pocket, it came out of the pocket of the insurance company that insured the bet.

“Hole in one” coverage was created for special events and is usually used to raise funds for a charity.  A golf tournament where everyone donates to a particular charity and whomever actually sinks a hole in one wins the pot.  No one usually wins those things, sinking a hole in one is difficult for any golf pro and even harder for an amateur.  The companies that write this type of insurance are hedging their bets that no one will be able to make that shot, so they are relatively sure that they won’t have to pay out.

Insurance probably does not play any part in the bet made by the mayors of Philadelphia and Brockton have made.  If the Eagles win, and Eagle jersey will be placed on the Rocky Marciano statue in Massachusettes.  If the Patriots win, a Patriot jersey will be placed on the Rocky (the movie) statue.

Enjoy Sunday’s game Hudson Valley, and may the best team win! Remember, without insurance, there would be no Super Bowl.   If you ever find yourself in the market for “Hole in one” insurance, give us a call.  Oh, hey NFL, if you guys ever need a hand insuring the Super Bowl, we would be happy to give it a try!

#superbowl52  #insurance   #holeinoneinsurance  #insurelocal

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