I have used it twice this year for a 70.3's. IM St George 70.3 when I was injured and IM Santa Cruz 70.3 due to injury sort of...because of my injury in March/April/May I was not able to race Ironman Canada thus I transferred to Ironman Lake Tahoe which is 1 week post IM Santa Cruz 70.3 and thus IM Santa Cruz was not feasible.
So for an investment of $80 I have recouped $580. Well worth it indeed.
The process is simple, download the refund request form, fill it out and provide necessary documentation and email it off. 72 hours after the race takes place you receive a notice like this. The check arrives a few days later.