Beginning in 1989, Mr. Elia was a co-owner of an insurance agency specializing in surety bonds….mainly performance and payment bonds for contractors, but also all types of license, permit, statutory and financial guarantee bonds. One day in 1996, a graphic designer came into Mr. Elia’s office and wanted to know if Mr. Elia could provide a bond for direct mail promotions, that he was designing for automobile retailers. Mr. Elia told him that he could. The graphic designer informed Mr. Elia that he was not just looking for the statutory bond, but was also looking for a contract to pay off the prize if someone won the direct mail prize being offered. Mr. Elia told him that he would do some research and let him know. Mr. Elia began to research “Prize Indemnity” and found out that this particular form of coverage was underwritten within the “Entertainment” division of a large US carrier. Mr. Elia contacted the VP and AVP in charge of this specialty for the company. Mr. Elia explained the need of his client and they came to an agreement that they could supply the coverage. After approximately six months, Mr. Elia was licensed with this “Entertainment” division, and he issued his first prize indemnity contract. Mr. Elia’s current agency at the time was named SURETEK. Mr. Elia was looking for a similar sounding name for his new venture, and he came up with SUREBET….SUREBET Prize Indemnity.
Since then, the idea of “risk management” intrigued Mr. Elia, as he has excelled within the “numbers” business industry for over 30 years. Eventually, the company expanded its Prize Indemnity offerings to include the coverage for various casino and gaming type contests. As these types of contests are typically mathematically and statistically driven, SUREBET has both the knowledge and expertise to determine the odds and probability of an occurrence, as well as, the financial underwriting strength of an A rated carrier backing its coverage.