Prize/Promotional Indemnity

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Published: 02-Apr- 2007 | Product Category: Other | Comments: 0

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Games of chance where a prize can be awarded to a winner are commonly insured on a prize indemnity form. The policy "pays on behalf of" the named insured if an eligible individual or contestant wins. It can cover basketball shots, holes-in-one, random number games, or any other advertising promotion. The policy limits can range from $2,500 to well over $1,000.000, or the cost to purchase an annuity to pay out the prize over time. Note: Prize indemnity is NOT intended for promotions with a guaranteed winner.

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