Prize indemnity insurance sometimes referred to as Hole-in-One insurance, is an insurance product that allows businesses to run promotions offering high-value prizes that they would not otherwise be able to fund.
Prize insurance allows you to operate within a fixed budget knowing that you will not have to cover any extraordinary prize winnings. Regardless of whether the major prize goes off or not, your liability will be capped at the agreed price of the insurance premium.
Our Prize Insurance cover make it possible for you to up the excitement stakes by offering customers flashy prizes such as a new car, world trips and large cash sums up to $1Million.
How Much Does It Cost?
The premium you pay is directly related to the likelihood of a payout. For example, a “Chance to Win” sweepstakes style promotion with a major prize of $1million would cost you between 2% to 9% of the prize value ($20K– $90K) and is underwritten by Lloyd’s of London.
For a quote tailored to your specific need drop us a line today either by using our enquiry form below. sending an email to [email protected].
Loyalty.com.au Pty Ltd, ABN: 58 100 808 99,1 is a Distributer of Promotiional Insurance Agency Pty Ltd, ABN: 44 089 688 568, who holds an Australian Financial Services Licence no. 246560, trading as Insured Prizes.