Prize Indemnity

Firm Presentation

In Cooperation with

Prize Indemnity/Promotional Insurance

Numerous 'free to enter' competitions and promotions are run nowadays for similar reasons;

To boost the public awareness of an event, company or its product
Increase attendance, sales or revenue and capture valuable consumer data

What is prize indemnity?

A prize indemnity policy allows the promoter or sponsor of a competition to insure the cost of supplying major prizes to any winner. By way of the budgeted premium, the balance sheet is protected from any unnecessary liability.

What types of competition can be covered?

The types of competition that can be covered are limitless but can include:

Audience participation where a prize is offered if a randomly selected spectator can fulfil a specified goal:

A progressive sequence, such as kicking three consecutive conversions from different positions on a rugby pitch
Scoring a basket from the halfway line of a basketball court
Kicking a football through a hole in a board covering the goal

Achievement promotions, where prizes are offered to an individual for a certain feat:

A hole-in-one at a specified hole during a golf competition
Achieving a 147 break in snooker
A perfect 300 game at 10-pin bowling

Lottery style and publications’ promotions, where the main prize is insured and the minor prizes are funded from advertising or entry fee revenue.

Event fulfilment where prizes are offered if a specified event or occurrence takes place, for example, refund to purchasers of goods if your country wins the World Cup or if snow falls on Christmas Day at an agreed location.

Attendance increasing competitions, offering the chance to win a prize to all those attending which can also be used for data collection by asking for details prior to entry:

Open the digital safe and win a prize
Roll seven sixes or roll lettered die to spell an appropriate brand name
Win a prize if the last six digits of your telephone number match the digits shown in the retail location
Selecting one container from many which holds a main prize

Related insurance covers available

Contractual Bonus

Contractual bonus insurance can be arranged to cover the bonus payments due under an individual or team contract, should that individual or team meet their contractual bonus objectives. See Contractual Bonus for more information.