Offer the life-changing prize. Let the underwriter carry the odds.
Big prizes without the big balance-sheet risk
Prize Indemnity insurance — often known as hole-in-one insurance — allows a business, sponsor, or organizer to promote a large prize for a difficult feat while transferring the payout risk to an insurer. If a participant wins, the insurer funds the prize.
It turns an unpredictable, potentially large liability into a fixed, budgetable premium — so you can offer a memorable prize without gambling on the outcome.
What Prize Indemnity Covers
Prize Indemnity coverage is commonly used for:
Hole-in-One Contests — golf tournament prizes for an ace on a designated hole.
Sports & Halftime Promotions — half-court shots, field-goal kicks, and similar challenges.
Grand-Prize Giveaways — cash, vehicles, or high-value prizes tied to a contest or lucky outcome.
Marketing Promotions — scratch-card, lucky-number, and chance-based campaigns.
Who Needs Prize Indemnity
Prize Indemnity is used by:
Golf tournaments and charity events
Sports teams and venues
Dealerships, retailers, and brands running promotions
Marketing agencies and event organizers
How It's Priced
Premium is based on the odds of the feat, the number of participants, the prize value, and the contest rules — often with a modest independent-verification requirement. We structure the contest terms and coverage together so the prize is real, the promotion is credible, and the payout is fully backed.
Our Approach
At Cory Washington & Co., Prize Indemnity coverage is never a checkbox. We evaluate how your business actually operates, review your contracts and exposures, and structure coverage to perform in the real world — not just to satisfy a minimum. Licensed in all 50 states, we place Prize Indemnity coverage through admitted carriers and specialty markets that compete for your account, then explain the trade-offs in plain English so you can decide with confidence.
Related event coverage: Event Cancellation · Weather · Special Event.
All insurance descriptions on this website are provided by Cory Washington & Co. LLC strictly for general informational purposes. They are not intended to be, and should not be relied upon as, legal, financial, or insurance advice. The information presented is general in nature and does not guarantee the availability, terms, conditions, or scope of any insurance coverage. Actual coverage is determined solely by the specific policy language issued by the insurer and remains subject to underwriting approval. Nothing on this website creates or implies an agent-client relationship, binds coverage, or alters any existing policy. Cory Washington & Co. LLC expressly disclaims any liability for actions taken, or not taken, based on the content provided here. For advice regarding your particular situation, please consult directly with a licensed insurance professional at Cory Washington & Co. LLC or another qualified insurance professional, and always review your policy documents in full.
Frequently Asked Questions
How do I get prize indemnity & hole-in-one insurance through Cory Washington & Co.?
Request a quote or contact our team. We start with a short conversation about your operations, analyze your exposures, then negotiate prize indemnity & hole-in-one insurance across multiple carriers that compete for your account and present options with the trade-offs explained. Cory Washington & Co. LLC is licensed in all 50 states.
What drives the cost of prize indemnity & hole-in-one insurance?
It depends on your exposure. Prize indemnity & hole-in-one insurance is priced on factors like your industry, size, prior claims, and the limits and deductibles you select — so two businesses rarely pay the same. We shop your account across competing carriers and present the trade-offs in plain English.
Do I need prize indemnity & hole-in-one insurance?
Requirements vary. Prize indemnity & hole-in-one insurance may be mandated by statute, or required under your contracts, leases, or loan agreements — and in many cases it is simply prudent given the risks involved. We look at your specific obligations and exposures, then recommend the coverage and limits that fit.
What if another agency has already declined or non-renewed my coverage?
Difficult, specialty, and previously-declined placements are a core part of our work. We access excess & surplus (E&S) and specialty markets that many generalist agencies cannot, and we explain the trade-offs clearly so you can decide with confidence.
Available in all 50 states. See how requirements differ in California, Texas, Florida, New York, or choose your state.