Compare Prize Indemnity Insurance | Insurance Business UK

Compare 9 products offered for Prize Indemnity Insurance from 9 companies including Pardus Underwriting Ltd, Liberty Specialty Markets, and Validus Holdings Ltd.

Our Insurance Comparison Tool allows you to pick the policy that's right for you by comparing every Prize Indemnity plan offered by Canada's leading insurance providers. Stuck? Our Frequently Asked Questions can answer questions on this coverage area

Compare Prize Indemnity Insurance Policies

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Products 1 to 9 of 9

Product name	Max Coverage	Min Premium
Prize Indemnity by Validus Holdings Ltd	Max Coverage N/A	Min Premium N/A	more details
Sport and Leisure by AXA XL	Max Coverage N/A	Min Premium N/A	more details
Contingency by Pardus Underwriting Ltd	Max Coverage US$8M	Min Premium N/A	more details
Contingency by Brit	Max Coverage US$30M	Min Premium N/A	more details
Contingency by White Oak Underwriting Agency Ltd	Max Coverage N/A	Min Premium N/A	more details
Property - International Facilities by AXIS \| Novae	Max Coverage N/A	Min Premium N/A	more details
Contingency by Hamilton Underwriting Ltd	Max Coverage N/A	Min Premium N/A	more details
Sports, Leisure and Entertainment by PartnerRe	Max Coverage N/A	Min Premium N/A	more details
Contingency by Liberty Specialty Markets	Max Coverage US$15M	Min Premium N/A	more details

Frequently Asked Questions

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What Is Prize Indemnity Insurance?

Prize Indemnity insurance is financial protection for a company that offers prizes to participants of competitions or special events.

Also known as ‘Hole In One’ insurance, Prize Indemnity is a type of indemnification insurance that allows such companies to hold promotional events without needing cash reserves when prizes are awarded.

By paying insurance premiums, companies are reimbursed the value of the prize offered.

Who Needs Prize Indemnity Insurance?

Prizes and competitions are organized by many types of business as a way of enticing new customers as well as encouraging loyalty from existing customers.

Promotions are a way of generating consumer excitement while simultaneously raising brand awareness. Competitions with relevant and enticing prizes can be good exposure for a brand.

Whether it’s a sports club encouraging spectators to guess a score or a promotional draw from a magazine, Prize Indemnity insurance can cover many different types of incentive.

What Does Prize Indemnity Insurance Cover?

The types of competition or event that can be covered by Prize Indemnity insurance include:

golf tournaments / hole-in-one golf contests
motor racing
half-court basketball shot contests
hockey scoro
football field goal contests
casino giveaways
car dealership contests
bingo games
customer rebates or rewards
mens’ / ladies nights
weather promotions
envelope / number draws
curling contests
crack the code

What Is Not Included In Prize Indemnity Insurance?

While types of prize are not generally excluded, there are ways in which prizes are awarded that may be excluded from a Prize Indemnity claim, including:

lack of inadequate receipts
variations in exchange rates or instability of currency
insolvency of company awarding the prize
misrepresentation of prize
fraudulent or dishonest claims
alterations to competition rules
erroneous printing or duplications

How Much Does Prize Indemnity Insurance Cost?

A prize indemnity insurance policy's premium is based on the prize’s value and the statistical odds that someone will actually win the prize. Prize indemnity insurance also protects the prize winner by ensuring that they will actually receive the promised prize because the insurer has committed to pay for it. The policy’s coverage limit equals the insured’s potential loss, which is the value of the prize.

The typical premium for prize indemnity insurance is 3-15% the prize value.

We spoke to Derrick Leue, President at PROLINK, about who should be interested in Prize Indemnity insurance.

Prize Indemnity Insurance Products