Insurance, Risk Management and Wealth Management Services
Business Insurance

Contest & Prize Insurance

Contest/Prize Insurance is an opportunity for business owners to transfer to an insurance carrier the financial liability associated with prizes offered in competitions. Using this risk transfer mechanism, business owners can enhance the value derived from promotions, games and contests. These competitions, while obtaining the maximum impact afforded by offering larger prizes, can still be cost effective and within a given budget.

Actuaries compute the statistical odds of the prize being won and then use these probabilities to calculate the cost of coverage. We have designed programs that offer large prizes for a fraction of their cost. We apply insurance coverage to eliminate the risk of paying out the prize if there is a winner. The results are secure, high impact programs that deliver on your specific objectives.

Sample risks that may be covered:

Sports and skill-based events:

  • Hole-in-one
  • Basketball Shots
  • Soccer Kicks
  • Football Kicks

Consumer sales promotions:

  • Online promotions
  • Scratch & win games
  • Collect & Win games
  • If X happens, we will give away X

The application of prize indemnity is infinite and the benefits can be vast. Contact a Corporate Risk Specialist today at info@underwritingpros.com .