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In this case the prize is won by a participant, the insurance company that has been collecting small premiums will reimburse the company the amount that was given out in prize money. For instance, if you are having a prize drawing like a raffle and the prize is five thousand dollars, rather than keeping five thousand dollars on hand you can simply file with the insurance agency and get the money to give to your prize winner. This type of insurance is especially important for companies that are running long term prize drawings or a number of different contests at once. Having this type of insurance makes keeping large sums of money, which is difficult and dangerous, unnecessary. Rather than having to find a secure location for prize money or worrying about where that large sum of money will come from, companies can simply pay out the prize money and be reimbursed by the insurance company.

There are hundreds of different companies that offer this type of insurance and you can get a free quote above. Best Event Insurance offers a variety of different insurance policies that can cover you for just about any event that you can imagine. With low premiums you can be sure that your contest goes off without any problems and that the money that you prize winner is promised is there when they come to collect. The site offers several different types of quotes for things like golf- Hole-in-One and Putting Contests, football- field goal kick and football toss contests, Basketball – Half Court Shot and Parlay Contests, hockey – Red Line and Blue Line Slot Shots.

Having this type of insurance helps you to assure participants that they will get the money that they are deserving of and that you will be able to continue to have contests and drawings. Having a policy also takes away the stress and worry that comes with having to find and keep secure large sums of money at one time. By offering an extensive variety of quotes you can be sure that your contest is insured and that you are getting the best offer possible. Being able to have your price quoted prior to purchasing an insurance policy makes it easy to find the policy that is right for you no matter what. You can also talk to representatives online that can help talk you through the purchase and upkeep of a prize indemnity insurance policy.