Steve Lehto on YouTube posted about this three days ago and he's is a lawyer, now I think many will find the things he talks about very interesting.again, I don't think there even EXISTS the kind of insurance you all are talking about.
This would be insurance against the other person winning the contest--which is essentially insurance for GAMBLING.
Which--as far as I know--DOES NOT EXIST.
The only insurance I found for gaming establishments and casinos is to cover them from losses incurred from people STEALING money or chips--not from their WINNING against the casino.
(Remember that in insurance parlance, a "risk" means whatever or whoever the insurance company is insuring; a "loss" does NOT mean the insured person or entity lost money but that the INSURANCE company had a "loss"--a CLAIM that they had to pay. They do NOT insure against a "monetary" loss that did not occur as the result of theft or catastrophe, like a fire burned it up or tornado blew it away---they are NOT the "FDIC" for casinos--nor are they for this dealership).
Here's a link you can check out:
Casino Insurance | Gaming Insurance - Fidelity / Crime - Great American Insurance
In the gaming industry, vast amounts of money and chips pass through the hands of employees and guests. Learn how Great American's casino and gaming insurance can add another layer of security.www.greatamericaninsurancegroup.com
SCAM Arkansas man files lawsuit after golf club withdraws hole-in-one prize: 'They said we're out of luck'
- Thread starter Macgyver
- Start date
vessie
Has No Life - Lives on TB
I’ve never heard of that but we have “trick and device” on our insurance for the business. V
223shootersc
Veteran Member
It is not exactly insurance. It is really a bet against having to payout. Lloyd's of London does this on all types of weird give away stuff.
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Countrymouse
Country exile in the city
It is "indemnity"--which is not the same as "insurance."
EITHER WAY---neither the club nor the dealership gets a "get out of jail free" card simply because they were too stupid to cover their a$$.
They made the promise -- they owe the customer the fulfillment of it.
Anything less is fraud.
Pat Hogen
Contributing Member
It is not that brilliant, a round of 84, minus 22 handicap = a 62 card.
BE your own lawyer and man up.
Arkansas man files lawsuit after golf club withdraws hole-in-one prize: 'They said we're out of luck'
Austin Clagett and his attorney join "America's Newsroom" to discuss their lawsuit against a country club and car dealership for denying his Ford F-150 hole-in-one prize.www.foxnews.com
Arkansas man files lawsuit after golf club withdraws hole-in-one prize: 'They said we're out of luck'
Elizabeth Heckman
An Arkansas man is suing a country club and car dealership for not being awarded a prize that was offered for sinking hole-in-one on the course's 10th tee.
Austin Clagett and his attorney Andrew Norwood joined "America's Newsroom" Monday to discuss the lawsuit after he was denied the keys to a new truck as advertised.
"The truck was parked next to the hole, and there was a woman sitting on the tee box with a pair of binoculars that said, ‘This is the hole, if you do it you win it,’" Clagett told co-hosts Bill Hemmer and Dana Perino.
Morrilton Country Club, one of the oldest golf facilities in Central Arkansas, located in Morrilton, said anyone who got a hole-in-one on the 10th hole would receive the keys to a 2022 F-150 thanks to a local dealership, Jay Hodge Ford. The competition was billed as the "Tournament of the Century."
Austin Clagett poses with his hole-in-one ball and what he thought would be his prize (Faulkner County Circuit Clerk Records)
Clagett, who never hit a hole-in-one before, said he was in disbelief when he heard, "You made it, you made it!" after hitting the ball.
But when Clagett went to collect his prize, the dealership said he was "out of luck."
According to Jay Hodge Ford, the club promoted the truck as a prize without their knowledge and they didn’t have the proper time required to get insurance for the vehicle.
"Without our knowledge, Morrilton Country Club promoted that this new truck would be available as a winning prize at the event despite our agreement that it would be for display purposes only," the company said. "Jay Hodge Ford of Morrilton would like to extend its sincerest apologies to the community for this misunderstanding and we look forward to serving everyone in the future."
Clagett's attorney Andrew Norwood argued the truck should be his according to the tournament rules.
"They made an offer that said anybody that pays your entry fee and comes here and hits this hole-in-one will win the offer," Norwood said. "Austen accepted that offer when he paid his $375… He showed up per their request and on their hole that they put out there, they designated he hit a hole in one."
Morrilton County Club didn’t immediately respond to Fox News Digital’s request for comment.
The lawsuit seeks damages valued at the truck’s sticker price — about $53,000 — as well as the cost in legal fees.
Fox News' Ryan Gaydos contributed to this report.
Elizabeth Heckman is a digital production assistant with Fox News.
Go after them, the ones that stole your prize money and thrible it ?
Txkstew
Veteran Member
For the last few years, Mattress Mac, the huge furniture dealer in Houston, has had a contest he runs. The deal is, if you buy a nice bed set over a certain price during the contest period, you are entered to get your money back if the Houston Astros go all the way and win the World Series.
He covers his possible loss, by going to a Biloxi, Mississippi Sports Book Casino, and betting one million dollars that the Astros win. If he wins, the wager covers the payout to the costumers. If he loses, he sells a million dollars worth of cheap bed sets. Win win for him, plus the advertising. Supposed to be the largest sports bet ever. This is the third year for the contest. I think you have to buy the bed set at the beginning of the season.
He covers his possible loss, by going to a Biloxi, Mississippi Sports Book Casino, and betting one million dollars that the Astros win. If he wins, the wager covers the payout to the costumers. If he loses, he sells a million dollars worth of cheap bed sets. Win win for him, plus the advertising. Supposed to be the largest sports bet ever. This is the third year for the contest. I think you have to buy the bed set at the beginning of the season.
night driver
ESFP adrift in INTJ sea
The problem with the insurance argument is that as SOON AS the title changes hands, the NEW OWNER has to insure the truck. Which is a 5-10 minute phone call, ANY TIME DAY OR NIGHT, to any number of national insurance companies.
Countrymouse
Country exile in the city
Ok--talked to the guys here who are the experts (agents) & they said--
It's a HYBRID---part "insurance policy"--but a very unique one in that it's for a "named risk" that is just ONE possible risk--that someone wins the contest--but it's NOT an insurance policy in that it doesn't cover for liability but only INDEMNITY--it pays the cost "if" that one defined risk does happen (iow, someone wins).
WHICH it is ("insurance" or "indemnity") depends on who PAYS.
If the Country Club pays, and they report it as a "claim" to the company, then it's being treated as an "insurance" policy.
If the organization giving the Indemnity pays, then it's an Indemnity Policy (not insurance).
It's also not like any other insurance policy in that if the entity (in this case, the Country Club) hires them, THEY essentially put on the event--they advertise for it, provide opportunities for other paid advertising at the event, other promotions, etc.
It is also different from an insurance policy in that, unlike other insurance policies, the more people who participate in the event, the HIGHER the risk. (because there's more of a chance one of them will win). Normally, the more people or items, the less is the risk because it is more "spread out" (as some above mentioned) over the whole.
However, bottom line---having insurance, or not having it, does not release the Country Club or the Dealership from contractual liability if they advertised or stated, anywhere, verbally or in writing, that they would give a vehicle to the person who got a hole-in-one.
It will be interesting to see how this works out.
It's a HYBRID---part "insurance policy"--but a very unique one in that it's for a "named risk" that is just ONE possible risk--that someone wins the contest--but it's NOT an insurance policy in that it doesn't cover for liability but only INDEMNITY--it pays the cost "if" that one defined risk does happen (iow, someone wins).
WHICH it is ("insurance" or "indemnity") depends on who PAYS.
If the Country Club pays, and they report it as a "claim" to the company, then it's being treated as an "insurance" policy.
If the organization giving the Indemnity pays, then it's an Indemnity Policy (not insurance).
It's also not like any other insurance policy in that if the entity (in this case, the Country Club) hires them, THEY essentially put on the event--they advertise for it, provide opportunities for other paid advertising at the event, other promotions, etc.
It is also different from an insurance policy in that, unlike other insurance policies, the more people who participate in the event, the HIGHER the risk. (because there's more of a chance one of them will win). Normally, the more people or items, the less is the risk because it is more "spread out" (as some above mentioned) over the whole.
However, bottom line---having insurance, or not having it, does not release the Country Club or the Dealership from contractual liability if they advertised or stated, anywhere, verbally or in writing, that they would give a vehicle to the person who got a hole-in-one.
It will be interesting to see how this works out.
Countrymouse
Country exile in the city
The insurance (again) does not matter.
What matters is the implied contractual liability the ones who put on the event put on themselves when they promised the truck.
223shootersc
Veteran Member
Bottom line..., somebody is coughing up a new truck or the dude's lawyer is going to get fat and he still gets a truck!
night driver
ESFP adrift in INTJ sea
We effectively said the same thing. "Insurance" as an out is a red herring.
