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What is Prize Insurance?

Prize Indemnity insurance protects the risk associated with offering prizes via with competitions, promotions and sponsorships. Insurance can be for a few high value prizes or ten’s, hundreds or thousands of prizes of varying value. Essentially we calculate the risk to determine the chance of your prize(s) being won. In return for an insurance premium, usually a fraction of cost the overall prize(s) we agree to pay for any winners. Underwritten at Lloyd's, the world's oldest and largest insurance market enables WorldWide Special Risks to deal with all sizes of promotion, from a £1,000 to a £10,000,000 prize!

Also known as promotional insurance, contest mechanics can vary greatly from probability based games like lotteries, dice rolls, safe cracks and sports predictions to skill based formats such as hole-in-one, football target kicks, basketball throws and more. Direct mail, scratch card and on-pack promotions can also be insured based on response levels where insurance covers prizes won due to a higher than expect response or over redemption.

Contractual Bonus or Player & Team Bonus insurance is also available where a party, often a sports club or their sponsors have a liability to pay bonus payments based on performance. For example the sponsor of a football team may contract to pay a bonus for winning the league or cup. The sponsor can protect the risk of paying this bonus with insurance.

All of the above prize indemnity insurance covers are available from WorldWide Special Risks. Please take a look at the relevant sections of our website or contact us for more information on +44 1727 843686.