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(KRQE News)   "Buy a TV for $799+ and get a full refund if a Super Bowl kickoff is returned for a touchdown"   (krqe.com) divider line 52
    More: Amusing, Super Bowl, Bruce Baillio  
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14377 clicks; posted to Main » on 05 Feb 2013 at 7:29 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-02-05 07:31:00 AM  
heh
 
2013-02-05 07:32:26 AM  
sophosnews.files.wordpress.com
 
2013-02-05 07:33:39 AM  
$1000 47 inch???
 
2013-02-05 07:37:37 AM  
Does this $100,000 get added to the total bet on the Super Bowl?
 
2013-02-05 07:37:44 AM  

buntz: $1000 47 inch???


That's what I was wondering.  My general rule for TVs is 10x the size should be around the price of the TV (doesn't work for TVs bigger than 50" usually).
 
2013-02-05 07:37:49 AM  

buntz: $1000 47 inch???


At those prices it was a worthwhile gamble. They must be only out about $30k in actual merchandise value. They made money off the insurance?
 
hej
2013-02-05 07:40:11 AM  
Considering peoples willingness to buy a big TV before the Superbowl only to return it immediately afterwards, this seems like a poorly conceived promotion.
 
2013-02-05 07:41:24 AM  

buntz: $1000 47 inch???


Mine was about $1,000, four years ago.  Didn't realize prices had dropped so drastically!

/time for an upgrade
 
2013-02-05 07:41:57 AM  
There's a furniture store that gave away all furniture purchased between Thursday and the start of the big game if a kickoff was returned for a touchdown. They wound up giving away over $600k in furniture. It's cool though, they had the deal insured by Lloyd's.

Ah, here it is... Gardiner's Furniture.

/ wish I had something worth going to Lloyd's to insure
 
2013-02-05 07:42:13 AM  
Insurance?

Jordan's Furniture in the Boston area did a variation of this for the 2007 Red Sox - buy furniture up to a certain date, and get it free if the Sox win the Series.
 
2013-02-05 07:44:37 AM  

buntz: $1000 47 inch???


Smart TV?
 
2013-02-05 07:44:53 AM  
Those kind of thing are usually insured. The last time I heard of it, was at the last soccer world cup. Free TV if France won it. Yeah, not a lot of people took them on this deal.
 
2013-02-05 07:50:57 AM  

padraig: Those kind of thing are usually insured. The last time I heard of it, was at the last soccer world cup. Free TV if France won it. Yeah, not a lot of people took them on this deal.


FTA:  Baillio's is thankful for the insurance coverage that's paying for the refunds.

Insurance underwriters know how to play the odds.  They lost this time.  But overall, they don't.
 
2013-02-05 07:53:35 AM  
The good will that store is generating for itself will more than make up for the insurance costs to cover that promotion. That should show up as a pretty smart move for them.
 
2013-02-05 07:56:40 AM  

Akabander: There's a furniture store that gave away all furniture purchased between Thursday and the start of the big game if a kickoff was returned for a touchdown. They wound up giving away over $600k in furniture. It's cool though, they had the deal insured by Lloyd's.

Ah, here it is... Gardiner's Furniture.

/ wish I had something worth going to Lloyd's to insure


Came to post this, you did it better.
 
2013-02-05 07:58:33 AM  
That type of insurance policy is called a "hole in one" policy. Good on 'em.

http://en.wikipedia.org/wiki/Prize_indemnity_insurance
 
2013-02-05 07:59:09 AM  

Guuberre: The good will that store is generating for itself will more than make up for the insurance costs to cover that promotion. That should show up as a pretty smart move for them.


That, and while I'm sure they figured it was a reasonably safe bet, they're rolling well with the fact that they lost.

FTFA:
Baillio's offered a deal most customers thought was too good to be true. Now, the store's paying out more than $100,000 in refunds.

"We're pretty excited about it. It's fun to see people win."

Baillio's president Rob Kujath admits the store went out on a limb, offering up full refunds on certain TVs and bedding if a first or second half kickoff was returned for a touchdown in last night's Super Bowl.
Now, 76 lucky customers are getting their money back because it happened.
 
2013-02-05 08:05:34 AM  
"spiffy" tag?
 
2013-02-05 08:08:29 AM  
Big props for them following up graciously on their offer... so often it seems we hear about a business making a seemingly outlandish offer, then squealing like stuck pigs when someone claims it.  Good show, Baillio's.
 
2013-02-05 08:18:55 AM  
Did they have enough corndogs for everyone?
 
2013-02-05 08:26:42 AM  

one0nine: Big props for them following up graciously on their offer... so often it seems we hear about a business making a seemingly outlandish offer, then squealing like stuck pigs when someone claims it.  Good show, Baillio's.


"Graciously?" They bought insurance for this specific purpose. If anything, they are happier to be paying out. They get all the extra good publicity for no additional expense.

Only companies that were too stupid to buy an easily-available and affordable indemnity policy end up complaining.
 
2013-02-05 08:27:17 AM  
<i> if a first or second half kickoff was returned </i>

I missed the third half apparently.
 
2013-02-05 08:35:16 AM  

sulco: <i> if a first or second half kickoff was returned </i>

I missed the third half apparently.


...as opposed to the kick-off after a score, presumably.

But that does remind me of the first time I went to a hockey game and couldn't figure out why everybody was so excited towards the end of the third quarter. CSB.
 
2013-02-05 08:36:43 AM  

Mr. Right: padraig: Those kind of thing are usually insured. The last time I heard of it, was at the last soccer world cup. Free TV if France won it. Yeah, not a lot of people took them on this deal.

FTA:  Baillio's is thankful for the insurance coverage that's paying for the refunds.

Insurance underwriters know how to play the odds.  They lost this time.  But overall, they don't.


And that is why I hate insurance.  It's gambling, and the insurance company is the house.
 
2013-02-05 08:37:07 AM  

buntz: $1000 47 inch???


Well yeah, if you buy a good one, not some cheap vizio set Frankensteined together with parts from various manufacturers.

Entry level sony 46 inch  is around $800. High end 46 inch is around $1500-1600
 
2013-02-05 08:52:57 AM  

GBmanNC: buntz: $1000 47 inch???

Well yeah, if you buy a good one, not some cheap vizio set Frankensteined together with parts from various manufacturers.

Entry level sony 46 inch  is around $800. High end 46 inch is around $1500-1600


So high end that your eye can't tell the difference usually.
 
2013-02-05 09:14:04 AM  
Bought an LG 42 inch last month at Fry's to use as a media monitor, mounted it above the computer desk. TV cost: $400.  No frills except for the passive 3D.
 
2013-02-05 09:23:08 AM  
So people were "bedding" on the Super Bowl?
 
2013-02-05 09:23:21 AM  
Can this be written off as a gambling loss?  Seriously?
 
2013-02-05 09:29:56 AM  
Man, you can't buy that kind of publicity!
Oh, wait... they just did.

By doing that.
 
2013-02-05 09:35:37 AM  

StrangeQ: And that is why I hate insurance.  It's gambling, and the insurance company is the house.


Incidently, couldn't it be argued that the customers are engaged in a form of gambling ?
 
2013-02-05 09:36:58 AM  

StrangeQ: Mr. Right: padraig: Those kind of thing are usually insured. The last time I heard of it, was at the last soccer world cup. Free TV if France won it. Yeah, not a lot of people took them on this deal.

FTA:  Baillio's is thankful for the insurance coverage that's paying for the refunds.

Insurance underwriters know how to play the odds.  They lost this time.  But overall, they don't.

And that is why I hate insurance.  It's gambling, and the insurance company is the house.


It does tend to be cheaper than paying $115,000 by yourself though. There's a real purpose for insurance and a good philosophy behind the concept. It's the execution of it that leaves something (a lot) to be desired.
 
2013-02-05 09:37:01 AM  
Is this even legal? What's to stop them from running constant promotions where the profit margin exceeds the insurance cost?
if I owned a business I would have this promotion going year round for the local sports teams. Then adjust the price of the item based on the cost to insure it for each game.
Imagine how successful that would be if your business were a bar. Buy 1-2 kegs of a locally made beer and insure it. Since beer has a very high profit margin you always win, no matter the outcome of the game. And you become the most popular bar on any game day.
 
2013-02-05 09:37:55 AM  
When I was a teenager, a jewellry store had a deal that if u bought something from them & it snowed a certain amt on Xmas day, u would get the $ back (I think the promo ran about 2 months b4 xmas up til xmas eve). Well it did snow that amt on Xmas & they were out thousands

//never ran that promo again
//csb
 
2013-02-05 09:39:21 AM  

vastcat: Is this even legal? What's to stop them from running constant promotions where the profit margin exceeds the insurance cost?
if I owned a business I would have this promotion going year round for the local sports teams. Then adjust the price of the item based on the cost to insure it for each game.
Imagine how successful that would be if your business were a bar. Buy 1-2 kegs of a locally made beer and insure it. Since beer has a very high profit margin you always win, no matter the outcome of the game. And you become the most popular bar on any game day.


Well the insurance company will most likely raise your rates to the point of it not being profitable.
 
2013-02-05 09:42:01 AM  

rhondajeremy: When I was a teenager, a jewellry store had a deal that if u bought something from them & it snowed a certain amt on Xmas day, u would get the $ back (I think the promo ran about 2 months b4 xmas up til xmas eve). Well it did snow that amt on Xmas & they were out thousands

//never ran that promo again
//csb


A couple years ago I was looking into engagement rings and had a saleswoman pitch me the same deal. I didn't take up their offer but events conspired the same as in your story and their store and showcase were vacant by March.
 
2013-02-05 10:03:57 AM  

TNel: vastcat: Is this even legal? What's to stop them from running constant promotions where the profit margin exceeds the insurance cost?
if I owned a business I would have this promotion going year round for the local sports teams. Then adjust the price of the item based on the cost to insure it for each game.
Imagine how successful that would be if your business were a bar. Buy 1-2 kegs of a locally made beer and insure it. Since beer has a very high profit margin you always win, no matter the outcome of the game. And you become the most popular bar on any game day.

Well the insurance company will most likely raise your rates to the point of it not being profitable.


Exactly, the insurance company knew the odds as well, and stay in business just like the casinos do: It's not gambling if the odds are always in your favor and you can limit the size of the bets to something you can always afford to cover.
 
2013-02-05 10:24:11 AM  
Vizio has a 60" smart TV for $800.  It must of been a Sony "smart" TV.
 
2013-02-05 10:34:06 AM  
Plasma vs. LED = big price difference
 
2013-02-05 10:34:21 AM  
Add in the nationwide good publicity at what amounts to no cost....
 
2013-02-05 10:54:27 AM  
Years ago, our bank offered a $2,000 cash prize if the person drawn at half-time at the local hockey game could slap-shot the puck from the center line into the net, blocked by a piece of plywood (with our ad on it, of course).  The opening was about 1 inch higher and taller than the puck.  We paid our insurance agent a small premium, $150 as I recall, and that covered the entire hockey season, until someone actually did it.

Half-time came at the first game of the season, and a ticket number was announced over the PA system, it belonged to an old guy who clearly had no ability to do the task. A kid sitting behind him offered to do it, on the condition they split the money.  So, out goes the kid to the center line, the ref puts the puck down, the kid took aim, swung the stick, and the puck went right through the opening into the net.

The crowd went wild.  The next morning, the old fellow and his new young friend were in my office, picking up $1,000 each.  The insurance company hesitated to renew the policy, and that was the end of the promotion.
 
2013-02-05 11:19:00 AM  
I knew I should've made that left turn at Alberquerque.
 
2013-02-05 11:53:38 AM  
Our local furniture store specified the opening kickoff
 
2013-02-05 12:06:37 PM  
I bet the warehouse workers were relieved that they didn't have to process all of those returns.
 
2013-02-05 12:13:29 PM  
Next year the fine print will include "Kickoff must be returned more than 108 yards".
 
2013-02-05 12:14:03 PM  

czetie: sulco: <i> if a first or second half kickoff was returned </i>

I missed the third half apparently.

...as opposed to the kick-off after a score, presumably.

But that does remind me of the first time I went to a hockey game and couldn't figure out why everybody was so excited towards the end of the third quarter. CSB.


That's why they are called periods in hockey, not quarters.
 
2013-02-05 12:22:47 PM  

Mr Guy: TNel: vastcat: Is this even legal? What's to stop them from running constant promotions where the profit margin exceeds the insurance cost?
if I owned a business I would have this promotion going year round for the local sports teams. Then adjust the price of the item based on the cost to insure it for each game.
Imagine how successful that would be if your business were a bar. Buy 1-2 kegs of a locally made beer and insure it. Since beer has a very high profit margin you always win, no matter the outcome of the game. And you become the most popular bar on any game day.

Well the insurance company will most likely raise your rates to the point of it not being profitable.

Exactly, the insurance company knew the odds as well, and stay in business just like the casinos do: It's not gambling if the odds are always in your favor and you can limit the size of the bets to something you can always afford to cover.


Even if they raise the rates, the profit margin on beer is crazy.  Say you fill a Keg for $30, insure it for $20.  If you limit it to 2 kegs, worst case scenerio you lose $40, but you'll more than make it up in food and other beverage sales.  Best case you make $250 per keg and have all the other benefits of increased traffic.
 
2013-02-05 12:56:52 PM  
That's the store where Jesse Pinkman got his TV and stereo.
 
2013-02-05 01:04:32 PM  
vastcat:

Even if they raise the rates, the profit margin on beer is crazy.  Say you fill a Keg for $30, insure it for $20.  If you limit it to 2 kegs, worst case scenerio you lose $40, but you'll more than make it up in food and other beverage sales.  Best case you make $250 per keg and have all the other benefits of increased traffic.

Do you think insurance companies are in the business to loose money?  It would work one time and then they will drop you like a bad habit.  Also if the outcome would be 50/50 the cost of that $20 insurance would be pretty darn high since it's not just one payout you are paying out to a ton of people.  This isn't like the article where the odds were pretty low of it happening.  Either way it wouldn't happen insurer would drop you after first payout and not insure any of your future promotions.
 
2013-02-05 02:36:24 PM  

The.anti-Larry: Next year the fine print will include "Kickoff must be returned more than 108 yards".


By a stampede of wild elephants between 3:55 and 4 PM on the Fourth of July, during a hailstorm.

/and one baby zebra
 
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