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Prize Indemnity Insurance Products

Compare 9 products offered for Prize Indemnity Insurance from 9 companies including PartnerRe, Hamilton Underwriting Ltd, and White Oak Underwriting Agency 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

Products 1 to 9 of 9
Product name Max Coverage Min Premium Exclusions
Prize Indemnity by Validus Holdings Ltd Max Coverage N/A Min Premium N/A


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Sport and Leisure by AXA XL Max Coverage N/A Min Premium N/A


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Contingency by Pardus Underwriting Ltd Max Coverage US$8M Min Premium N/A


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Contingency by Brit Max Coverage US$30M Min Premium N/A


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Contingency by White Oak Underwriting Agency Ltd Max Coverage N/A Min Premium N/A


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Property - International Facilities by AXIS | Novae Max Coverage N/A Min Premium N/A


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Contingency by Hamilton Underwriting Ltd Max Coverage N/A Min Premium N/A


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Sports, Leisure and Entertainment by PartnerRe Max Coverage N/A Min Premium N/A


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Contingency by Liberty Specialty Markets Max Coverage US$15M Min Premium N/A


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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.