Prize indemnity can be defined as an indemnification insurance for a promotion in which participants are offered the chance to win a prize. Instead of keeping cash reserves to cover a large prize, the promoter pays a premium to an insurance company, which then reimburses the insured should a prize be given away.
Prizes to be won can be anything from luxury cars, art pieces, vacation getaways or cash prizes.
This is an exciting way to advertise your company. It can even be used internally to uplift the company morale or increase sales. Any company can use this to promote their company by custom making their own competitions
The competitions that can be insured are those that have statistical odds attached to them. So... what are the chances that someone could win the prize?
Some examples that can be covered include:
Equipment All Risk covers the physical loss or damage to owned film and photographic drones or music equipment used in the film and entertainment business.
This policy can also cater for Exhibition All Risk over a short period of time for items such as marquees, stages, and goods used at an exhibition.
The product offers comprehensive cover to your owned equipment and can include:
Your equipment can be insured either annually or on a per event basis.
At KEU, we have a clear understanding that every event is unique. Our policy provides the cover required to protect event organisers against their financial loss if an event is cancelled, abandoned or postponed due to circumstances beyond the organiser’s control.
Cover A - Insures event cancellation as a result of any reason that lies beyond the control of the Insured, excluding the noted exclusions.
In addition the following extensions can be included:
KEU offers event liability cover that meets your needs. We have worked out the important areas because we have focused on insurance underwriting management for your industry since our inception. This gives KEU the ability to anticipate any potential liability and ensure that you are covered.
Event liability will cover damages for which the event organiser becomes legally liable to pay to third parties following death or bodily injury or illness of any third party. The cover also extends to provide cover for loss or damage to their property.
The following extensions can be included under Event Liability Policy:
At KEU, we offer Film and Commercial Producers' Indemnity that encompasses all the important elements and risks so that you can focus squarely on your production. We have developed our products over many years of focusing exclusively on your needs and we are constantly updating them.
The policy can include the following cover:
For a description of these sections, please visit our website or contact our offices.