Prize Indemnity Policy Feature Checklist
What to confirm in a prize indemnity policy — what's standard, what's often limited, and what to add if needed — plus the gap most often missed.
Pull out your current prize indemnity policy and check the box next to each feature you can confirm it includes — anything unchecked is worth a quick conversation with your advisor.
Tick each feature you can confirm your policy includes — anything left unticked is a good question for your next policy review.
| Confirm? | Policy feature | What to confirm | Priority |
|---|---|---|---|
| Bound Before the Contest Starts | Coverage bought after a winner appears won't pay. | Standard | |
| Contest Terms Match How It's Run | Distances, targets, and dates must match the policy exactly. | Standard | |
| Witness & Affidavit Requirements | Know how many witnesses are required and which forms they sign. | Standard | |
| Eligibility Conditions | Amateur, age, and attempt limits in the policy must be enforced on the day. | Standard | |
| Multiple Winners | Confirm whether the policy pays more than one winner. | Often limited | |
| Prize Value & Fulfillment | Confirm the insured value matches the prize and how it will be delivered. | Often limited | |
| Legal Compliance | Sweepstakes registration and bonding are the sponsor's duty — not covered by the policy. | If needed |
The gap most often missed in this coverage
The most commonly missed gap in this coverage is running the contest differently than insured. Prize policies pay only if every condition is met — a 2015 PGA event lost coverage for two aces because the hole played 137 yards instead of the required 170. Sponsors should measure distances on the day, staff the required witnesses, and report any change before the contest.
Send us the checklist and we'll review your prize indemnity coverage line by line, then market it across multiple carriers that compete for your account.
Related: Prize Indemnity Insurance · Prize Indemnity Supplemental (apply) · All coverage checklists
Frequently asked questions
What should a prize indemnity policy include?
Standard features to confirm in a prize indemnity policy include Bound Before the Contest Starts, Contest Terms Match How It's Run, Witness & Affidavit Requirements, Eligibility Conditions. This checklist also flags the features that are often limited or sublimited and the ones to add if needed, with a plain-English note on each.
Is this checklist insurance advice?
No. It is a free educational tool to help you have a more informed conversation with a licensed professional. It affords no coverage and is not insurance, legal, or financial advice — only your actual policy language governs what is and isn't covered.
Can Cory Washington & Co. review my prize indemnity coverage?
Yes. Share your checklist and we'll review your program line by line, market your account across multiple carriers, and explain the trade-offs in plain English. Cory Washington & Co. LLC is licensed in all 50 states.
This checklist is a free educational tool from Cory Washington & Co. to help you review your own coverage and have a more informed conversation with a licensed insurance professional. It is general information only — not insurance, legal, or financial advice, and not a recommendation to buy, change, or cancel any policy. Coverage terms, availability, limits, and requirements vary by policy, carrier, and state, and only the language in your actual policy governs what is and isn’t covered. Checking or leaving blank any item above does not indicate that you are adequately insured or under-insured. Using this checklist does not create a client, agency, or fiduciary relationship. Always consult a licensed professional about your specific situation.