This coming April 2018, Queanbeyan Golf Club is hosting their annual Guns ‘n’ Hoses Queanbeyan Pro-Am Tournament. As with all Professional Golf tournaments, there is a winners cheque to the successful Professional shooting the lowest score, however the big incentive of the day is a $20,000 cash prize for a hole-in-one on the 8th hole, open to everyone in the field – both the Professionals and Amateurs playing.

Mitchell Insurance Management are proud to be sponsoring the insurance for this hole-in-one insurance and have extended this to an unlimited amount of winners on the day, not just a one-off player achieving the ‘ace’.

One of most common forms of prize indemnity insurance is hole-in-one insurance. Hole-in-one insurance reimburses the policy owner for the cost of awarding a hole-in-one prize in the event a tournament participant who successfully hits a hole-in-one during the tournament.

Prize indemnity insurance can be offered for other types of contests as well. For instance, most television game shows pay for prize indemnity insurance for million-dollar prizes.

Many businesses, fundraisers or event organisers like to have a major prize to promote their business or event. Insurance is a great way to make the prize affordable should a lucky winner beat the odds.

Encouraging participation in your event by offering an incentive such as a cash prize or a new car can prove a successful method of promotion, however what happens if someone achieves that one in a million shot, or guesses that lucky number, can you actually afford to pay out for the prize that has been offered?

Prize Indemnity ensures clients are not at a loss should they hold, take part in, or organise a prize give away. The insurance policy provides a solution against the risk that the prize will be won, with the insurance premium calculated based on the prize value and likelihood of a win.

Whilst a very popular prize indemnity offering is Hole-in-One insurance, there are countless solutions for many different games/events/contests. It is possible to have prize indemnity insurance for any game in which a mathematical probability can be devised.

If you would like to talk through how we can provide prize indemnity insurance for your next promotion, and how it will work together in relation to your business activities, feel free to call Mitchell Insurance Management on 02 6113 0478 or contact us. We would enjoy the opportunity to talk through your potential business risks and propose appropriate solutions that fit and could support your business going forth.

The information contained in this blog provides only a general overview of subjects covered. It is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Insureds should consult Mitchell Insurance Management regarding specific coverage issues. All insurance coverage is subject to the terms, conditions, and exclusions of the applicable individual policies. Mitchell Insurance Management cannot provide any assurance that insurance can be obtained for any particular client or for any particular risk.