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njpanther

Member Since 05 Dec 2008
Offline Last Active Feb 21 2013 08:08 PM
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Posts I've Made

In Topic: Great moments in bad ideas

06 February 2013 - 08:15 PM

Yep. Is similar to what happens when companies donate items for a contest.

For instance....many charity golf tournaments have a hole where a hole in one wins a car. We did this all the time when I worked for Rick Hendrick. We purchased an insurance policy to cover the price of the car int he event of a win. The policy is quite inexpensive because the chance of paying off is very low. Policy like this on a $30k car was about $500k.



$500k for a $30k car seems a bit expensive.

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