Insurance for Large Prizes
This coverage provides reimbursement for prizes (cash or otherwise) that are won off of games of chance or luck.
Hole in one coverage is the most common use of this coverage but many organizations purchase coverage for all types of promotions.
Unlike some other prize indemnity policies available in the market, the policy you purchase through ProtectEvents.com is a true insurance contract. Other markets simple sell a business contract that is void of the financial guarantees and backing of the company writing it. Purchasing through us will allow you to obtain a regulated insurance contract that will provide the highest degree of certainty that you will be reimbursed when you need it.
Prizes can be insured for:
Hole in One
Half Court Shots
The insurance can also be structured to provide “over redemption insurance”. Over redemption occurs when a game or promotion is expected to only result in one winner but has the possibility of resulting in two or more.
Prize Weather Insurance
If you have ever seen a marketing campaign centered around patrons receiving an item free if it (rains/snows/is too warm/is too cold), then you have seen a company that uses prize weather insurance. This type of insurance provides funds to you if on a predetermined day, a predetermined weather event occurs.
This can be caused to increase foot traffic to a store or increase sales of a product. The insurance product can be tailored to meet the value of the giveaway item or percentage discount you are advertising.
Online purchasing is not available at this time, so give one of our licensed broker a call to discuss.