Prize Indemnity insurance
What is Prize Indemnity insurance?
If you are organising an event and want to offer competitions with generous prizes, having prize indemnity insurance will give you peace of mind and minimise your risk of a big win. For example, if you are organising a golf event, you could offer a fabulous prize, such as a car, for anyone who hits a hole-in-one on a selected hole. For a surprisingly cost-effective premium, the insurance company can provide the car, publicity materials, and even additional prizes for other holes.
What should my insurance cover?
Many policies can be extended to include a range of benefits such as:
Payment of fines & penalties
Payment of ransoms & extortion
Cover for lost or disrupted income
Cover for physical injury/damage
The cost of phone hacks
Cost of notifying your contacts
Incidents at your outsourced service providers
Social media risks
At first glance, this can look too good to be true but over thousands of games, the insurance company has calculated the statistical probability of a player winning and can therefore make a calculated decision on the risk.
Similar insurance can be taken for other games of skill or chance, making your event fantastically exciting for participants and spectators.
Therefore, if you are organising a golf day with a hole-in-one competition, a fundraiser with a roll-a-dice competition, or any other event where you want people to be thrilled by the prospect of a big prize, then get in touch to discuss prize indemnity insurance.
