Prize Indemnity

Prize Indemnity

Promotions and prize offerings can be a valuable way to attract customers to your business. Our prize indemnity policy covers a wide range of prize competitions including competitions, sports skill contests, contractual bonuses, predictor games, conditional rebates, mathematical games, online and land based casino games, lottery jackpots and more. This means you can run these types of promotions without the fear of being seriously out of pocket if someone gets lucky.

Who is it for?

  • Consumer goods industry
  • Event organisers
  • Golf days
  • Lotteries
  • Online and land based casinos
  • Retailers
  • Sponsorship providers
  • Sports teams and venues
  • Trade shows

What does it cover?

  • Contractual bonus liability
  • Lottery jackpots
  • Mathematical games
  • Sports prediction games
  • Sports skill prizes

Limits, deductibles and premiums:

  • Maximum limits (non-subscription risks): €30m
  • Maximum limits (subscription risks): €15m
  • Minimum deductible: Nil
  • Minimum premium: €150.00

Prize indemnity case studies:

  • Mirror lotteries: A website offers its customers the chance to play various state lotteries such as the German lottery, Eurojackpot, Irish Lotto and French Lottery. Rather than purchasing tickets for its customers, the lottery site insures itself against awarding the equivalent jackpot offered by the state lottery using the numbers of the actual lottery as the prize determination. The premium is determined by the value of the jackpots and the number of entries received.
  • Fantasy league jackpot games: A fantasy league operator wants to offer their client a high value jackpot if a client achieves a long term winning streak or an exceptionally high points score on a given week. Using the provider’s stats, we can work on the probability assessment of the event occurring and insure the jackpot prize.
  • Instant win social gaming apps: A free-to-play social gaming app offers its players the chance to win a high value jackpot instantly using a chance-to-win mechanism when playing one of its games or accessing a particular area of content. Insurance is used to protect the value of the prize with the premium based on the number of players expected.
  • Sports predictor games: An online bookmaker, casino or other business offers its customers the chance to win a jackpot prize by predicting the outcome of multiple sporting events, e.g. one full weekend of Premier League or NFL games. We can calculate the likelihood of being able to predict these outcomes and offer your client options for coverage with premiums based on the value of the prize and the number of entrants.
  • Online casino slots jackpot prizes: An online casino offers its customers the chance to win a major jackpot prize by using its existing probability-based slots game in order to encourage additional plays. We can insure the jackpot by assessing the odds of the game and offering a premium based on these odds and the expected number of players.

We are always happy to discuss your insurance query or to provide a no obligation insurance quotation. Please call us on 1890-399-399, e-mail info@martininsurance.ie or complete our online enquiry form.

 

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