BUA, LLC of Portsmouth, N.H., has launched Prize & Promotion Insurance Services (PPI). PPI will be led by 25-year industry veteran, Jack Woodbury.
PPI will focus on three main promotion insurance product lines:
- Prize Indemnity Insurance covers prizes that are offered as part of many consumer promotions, including:
- Skill contests (i.e. basketball shots, field goal kicks, etc.)
- Games of chance (i.e. lotteries)
- Prediction contests (i.e. bracket challenges, fantasy sports games, etc)
- Over Redemption Insurance provides financial protection for a brand in the event that a promotion is more successful than originally anticipated and/or budgeted for.
- Contractual Bonus Insurance protects a brand that has an endorsement contracts with an athlete in the event that the athlete meets certain contingent performance incentives that are often included those endorsement contracts.
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