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What is Prize Insurance?
Promotional Prize
Insurance
 Promotional prize insurance is insurance for a promotion where the participants are offered the
chance to win prizes - in the form of games, contests and competitions. Prize insurance is also known as prize coverage, prize indemnity, contest insurance, game insurance and promotional insurance.
According to numerous research
studies, consumers continue to prefer 'cash' as the number one prize incentive, followed by travel, home entertainment and cars.
Cash prize incentives thus massively increase the attractiveness of consumer promotions and offer a great competitive advantage.
To be able to offer enticing high value prizes up to $1 Million organisations purchase prize indemnity insurance, to protect themselves from having to pay in full for the prize from their own
 funds, in the event of a winner.
Instead of keeping cash reserves to cover large
prize payouts, the promoter (client) pays a fixed fee insurance premium
and OddsOn Promotions puts the contract in place for your promotional prize coverage.
The cost of the insurance premium is only a fraction of the prize value. Since fixed fee promotion insurance
amounts to a small percentage of the actual prize value,
it offers a
great return on your marketing investment!
Promotion Insurance
In Action
The development of prize promotions
is very flexible. The design will be
in line with your business objectives, communication channel
preferences, target audience, duration and style.
In most cases, a contestant is
randomly selected from all participants, at the end of the promotion, for a chance to win the prize.
At this point, the originally
selected promotion mechanics govern the contest execution and
probability of a winner, for example, the prize draw contestant could be
presented with 200 numbered envelopes, of which one envelope contains
the grand cash prize (e.g. $100,000).
The remaining 199 envelopes contain a consolation prize, such as a
small cash amount, a free product or service, a gift card, or similar
supplied at the promoter's discretion.
 So, in the event the prize winner chooses the envelope containing
the grand prize,
OddsOn Promotions provides the payout,
not you the promoter.
and offer customers a more compelling reason to consider your product, service or venue.
For a total promotion prize cost of $10,000,
you can offer a Chance to WIN $100,000 and consolation prizes!
When there is a winner, we provide you with the cash, you present the cheque and take in the glory.
 What a great PR story!
Want to know more about Prize Insurance?
Don't Hesitate to Contact Us!
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