What is Prize Indemnity Insurance?
For companies such as pubs, hotels and clubs, holding prize nights can be a great way of creating awareness, increasing patronage and revenue. Prize draws certainly help to promote your business and increase income, however, the impact of the promotion can be restricted by how much you have to invest in a prize. By purchasing a Prize Indemnity policy arranged through Aon you’ll have more creative freedom around the prize and therefore be able to stand out from competitors by offering clientele the chance to win a prize that can give them a really compelling reason to enter.
Prize Indemnity insurance covers* your liability to pay a prize to a third party, allowing you to insure against the risk of the prize your business is promoting at your event, venue or as part of a competition being won. Your premium is calculated based on the prize value and likelihood of a win Apply Online for a quote or contact one of our friendly, experienced brokers for more information.
*Subject to policy terms, limits and exclusions
Why choose Aon for Prize Indemnity Insurance?
Our friendly experienced brokers will work with you to establish a budget you are comfortable with and discuss what combination of prize value and chance of winning you can manage within that budget. As the prize value or the chance of winning goes up, your premium will go up; as the prize value or chance of winning goes down, your premium goes down. You can find the combination that best suits what you are trying to achieve.
- Open the digital safe and win a prize
- Spin the correct combination to win instant cash
- Select the winning envelope from a barrel
- Pick a key to try to open the treasure chest or any game of chance where a mathematical probability can be devised – let us know your game ideas
In some cases a Loss Adjuster will be appointed by the insurer as the supervisor on competition day – in this case the Loss Adjuster will assist in the lodgement of the claim.