What is Prize Indemnity?
Prize Indemnity makes it easier for corporate sponsors to afford high valued prizes to entice new customers, build customer loyalty, and increase awareness of the sponsor's brand.
Prize Indemnity enables you to cover a promotion for a lower value than the amount of the set winning. If the prize is won, the indemnity caters for the total value. If nobody wins, you will not have bought a prize that goes unused instead your brand will gain publicity from the headline-grabbing promotion/competition.
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Get in touch with one of our representatives today and we will get you started.
- Insured’s failure to act with reasonable care and diligence to an extent that has increased the risk that a single entry will be a winning entry under this Insurance beyond that previously declared to and agreed by Insurers.
- Any contractual breach or dispute by the Insured or any party contracted to the Insured;
- Any misrepresentation or concealment by the Insured.
- Fraud, infidelity or dishonesty by or collusion with, the Insured or any other party contracted by the insured.
- Alterations to or variance in the conditions of the Risk Covered without the prior approval of Insurers;
- Erroneous printing or duplication by the insured
Once the competition comes to an end and a winner is selected, notify us as soon as possible. We will handle the rest.
It is imperative to update the policy with any changes that may affect the cover. Should you need to make changes kindly reach out to us and our representatives will assist you.