A specialty insurance coverage that got its start on the golf course these days has evolved into one that could potentially cover the cost for free tacos for everyone in America, according to participants in the prize indemnification market.
Even a jewelry giveaway on a snowy day in Cleveland is insurable, as is just about any contest marketers can dream up to promote their clients, they say.
One way organizations attract attention to brands and causes is by holding contests or running other promotions, typically offering major prizes like cars or even $1 million. But offering the chance to win isn't the same as actually giving the prize away, and few companies actually want to pay out such significant amounts, turning to prize indemnification, also known as “hole-in-one” coverage after one of the more popular promotions, to cover the cost.
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