What is Prize Indemnity Insurance?
If you are organising an event and want to offer competitions with generous prizes, then having prize indemnity insurance will give you peace of mind that your risk of a big win is minimised. For example, if you are organising a golf event, you could offer a fabulous prize, such as a car, for anyone who hits a hole-in-one on a selected hole. For a surprisingly cost-effective premium, the insurance company can provide the car, publicity materials and even additional prizes on other holes.
At first glance, this can look too good to be true. Still, over thousands of games, the insurance company has calculated the statistical probability of a player winning and can, therefore, make a calculated decision on the risk.
Similar insurance can be taken for other games of skill or chance, making your event fantastically exciting for participants and spectators.
Therefore, if you are organising a golf day with a hole-in-one competition, a fundraiser with a roll-a-dice competition, or any other event where you want people to be thrilled by the prospect of a big prize, then get in touch to discuss prize indemnity insurance.
What insurance do I need to consider?
Every club, organisation, and race is unique, so no ‘one size fits all’ insurance plan or solution exists. Aside from prize indemnity insurance, there are some other recommended insurance options for your club, such as:
Public Liability
Personal Accident
Cyber Insurance
Legal Expenses
Kit & equipment
Employers Liability
Event Cancellation
Sports travel insurance
Read related articles
Travel insurance for sports teams and clubs
If your team or club is travelling for a tour or competition you need to ensure you have travel insurance that will cover you for medical emergencies, repatriation, cancellation, disruption, lost baggage, etc.
Why are insurance premiums going up for sport & leisure? And how can you keep your premiums down?
For almost 20 years insurance premiums in the sport & leisure sectors have been stable or even getting cheaper. However, in recent months the market has hardened to the extent that some policyholders are seeing their premiums double, treble or even almost impossible to obtain cover.
Interested in Mann Broadbent’s Prize Indemnity Insurance?
Get in touch with us and see how we can assist your prize indemnity insurance needs.
What would you like to do?
Request a quote
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