This is an indemnification insurance that is being used for promotions that will let participant or attendees are being offered to win a prize. This is being utilised for the purpose of keeping cash reserves in the event that a participant or attendee win the biggest bonus prize. Instead of using cash reserves, the insurance will be the one to cover paying huge amount of prizes to be given out, provided that you close a deal with the insurance company providing prize indemnity insurance.
What good will it gives?
When you run an event, where one will get a huge amount of prize for a certain activity they need to complete, instead of making use of your own money, the prize indemnity insurance will make the payment for you.
All you need to do is drop by their office before the actual event, set up insurance contract, let them know your terms, the event and then they will assess how much premium do you need to cover for them to pay the major prize you are about to give out. This is highly ideal as well especially if you are doing the event for a cause. This will give you better chances of collecting more funds to share to those people who are in need.
Not needing to worry and think of, “what if they got it?”, “what if the participant becomes successful?”, questions that would make you feel uneasy. By getting assistance from insurance provider, all you want to make sure is that the fun is maximized and everyone will get a fair share of excitement and fun.
Who can provide prize indemnity insurance?
The most typical or something that is more popular is the hole in one insurance, the arrangement for this type of insurance, covers the game of golf. There are some who gets insurance for motorcycle racing.
On the other hand, the activity they can cover is not limited to that, they can as well including half court shots in the game of basketball, home runs in the game of baseball, field goal kicks in the fame of football and a lot of available games that may include one to get huge amount of prize. It is highly recommended that you seek help from a prize indemnity insurance that can cover different possible activities.