Prize Indemnity (Hole-In-One, etc.)
Prize Indemnification allows the sponsor the ability to leverage a minimum expenditure into a major promotion. Large cash or luxurious awards made possible by prize indemnification help gain media and consumer attention for the sponsor, add an innovative lay of excitement to the event and can enhance fan loyalty for a sponsor's product.
This type of exotic coverage was originally made popular by golf hole-in-one and putting contests. Over the recent past however, the concept of prize indemnification has expanded to include any type of event with a risk that involves an element of chance or skill. Specific events include shooting a basketball from half-court; returning an opening kickoff for a touchdown; predicting the score of a game or the winner of a race; bowling a 300 game; hitting a grand slam home run in a predetermined game or inning; target throws; sweepstakes; match or win promotions; direct mail contests; predicting the winner of the World series, Super bowl or the NCAA Final Four... Etc., Etc., Etc.