Today more innovative promotional contests abound and the prizes are a bit more than a few dollars worth of groceries or self satisfaction. Today, companies are recognizing the benefits of using promotions and contests to attract customers and drive them towards their stores and their products or to get them to attend sporting events. GEICO recently held a contest that promised $10,000 to the winner because it wanted to get people to register for paperless billing. GEICO managed to increase its paperless billing registrants by around 10% to 15%. Another area that is still ripe for specialty E&S underwriters is special events coverage. Eric Taylor, VP of the Richmond, VA-based James River Insurance Co, which specializes in underwriting large risks such as auto shows, concerts and large street festivals, says the market for special events coverage is relatively stable. If the event is being held outdoors, that brings up the issue of weather insurance.
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