Prize competitions are a valuable marketing tool for all manner of businesses, giving the opportunity to sell product, drive traffic to websites, and raise the profile of social media channels.
With the ever-increasing value of lottery prizes however, a winner’s pay-out has the potential to put a big dent in a company`s bottom line. Prize Indemnity insurance provides essential protection for insureds against the contractual liability to pay out in the event of a competition win.
At Safeonline we can deliver statistically-based insurance solutions for Prize Indemnity risks. We have a dedicated panel of insurers with the necessary experience and first-rate security who can offer our clients significant limits of coverage to assist with the larger jackpots and roll overs in the market today.
Prize Indemnity: These coverages are very popular with underwriters due to the ability to statistically calculate the probability of a win. Examples include lottery games, online gambling and hole in one competitions.
Cancellation & Abandonment: When organising an event, there are a number of factors which can lead to necessary cancellation. For example, adverse weather conditions, communicable disease, venue damage, performer cancellation, and even national mourning. Cancellation and abandonment insurance offers the perfect safety net to protect the insured from incurred financial loss.
At Safeonline, we are innovative. Whilst we offer traditional contingency Insurance solutions, we can also offer tailormade solutions to fit with the insureds needs.
To discuss Prize Indemnity or Contingency risks get in touch with Geoff via the email below.
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