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 million, 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.