Insurance

People love to participate in contests, and now you can give your fans, customers, and clients the chance to WIN BIG without having to spend big money yourself. Typically, organizers need to offer substantial prizes to attract participants, but the challenge arises when the prize is won.

Hole-in-One or Prize Indemnity Insurance for Your Contest or Sweepstakes

Running a contest can create a highly profitable marketing opportunity for your business. With prize indemnity insurance, you can offer enticing contests and promotions while transferring the financial risk to an experienced and well-capitalized insurer. Instead of maintaining large cash reserves to cover big prizes, the promoter pays a premium to an insurance company, which then reimburses the insured if the prize is claimed.

Hole-in-One Insurance

Hole-in-one contests and sweepstakes are often a key feature of marketing promotions. For instance, in many golf tournaments, a hole-in-one prize is offered to highlight a tournament sponsor. A common example would be a car dealership sponsoring a tournament and offering a new car as the prize for hitting a hole-in-one. Hole-in-one insurance is a type of prize indemnity insurance that functions similarly to other insurance policies, except that instead of protecting against property damage, it covers the cost of a prize if someone successfully makes a hole-in-one during your event. This arrangement typically provides advertising benefits for the sponsor, with the sponsor’s name prominently displayed alongside the prize during the tournament.

Other Examples of Prize Indemnity Insurance:

• Hole-in-One Insurance
• Putting Contests
• Hockey Shots
• Helicopter Ball Drops
• Dice Rolls
• Lotteries
• Envelope Picks

Administration | Rules Writing and Review | Insurance | Bonding and Registration | Winner Selection, Notification & Release | Back to Sweepstakes Compliance

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