The What, Why, How and Win of Insured Prize Promotions

WHAT IT IS
If you’ve played in a fundraising golf event that featured a hole-in-one contest for a brand new car, you’ve probably seen contest and promotions insurance in action. Rather than risk handing over the keys to a new vehicle, car dealers frequently purchase hole-in-one contest insurance. Simply put, they pay a small premium, which is a fraction of the vehicle’s actual cost, and if a player aces the target hole, the contest and promotions-insurance company pays for the prize.