Frequently Asked Questions
Q. I have something in mind for a Custom Contest or Event can you insure it?
A: We have Insured Unique Custom Events of every size, from smaller events, up to large Casino, and Professional Sports Promotions. Whether you are planning a School Fundraiser or huge Brand Promotion we can help. Let our more than 20 years of experience offering Prize Indemnity Insurance work for you!
Let our more than 20 years of experience offering Prize Indemnity Insurance work for you!
Q: Are your Products a type of Insurance?
A: Yes. We only offer Insurance Products, which offer all the protections to the Consumer available under their various Provincial Regulatory Insurance bodies.
Q: As a consumer, can I Purchase this Insurance Directly from Prize Indemnity?
A: At this time, we do not sell Insurance directly to the Public. We would be happy to discuss any details with you directly of course, but it is necessary for you to coordinate the purchase of this Insurance with your local Insurance Broker. Any Licenced Insurance Broker in any Province can help you with this.
Q: I am an Insurance Broker. Are there any Commissions Included?
A: In any Standard Contest there is 15% Commission included, up to a $100,000 Policy Limit. There are some cases with certain Insurers in which we cannot include commission, so in those cases you would add any applicable fee to the Policy premium. The Quote we send to you will always give commission details.
Q: What about taxes?
A: As our Policies are sold in all Provinces, and there are different requirements, we do not include taxes on the Premiums. Any Applicable Provincial or other Taxes must be added to the Premium, collected from the Client, and submitted by you in your jurisdiction as you normally would with any other type of Insurance.
Q: Are there hidden charges, extras or “Fees” with your contests, in addition to the Premium?
A: There are absolutely no hidden extras. In some cases there will be unavoidable minor charges, for example, charges for equipment and shipping which are payable by the Client. In “High End” Contests with very large Policy limits the Insurer may request a “Pre Risk Audit” by a Third Party Expert. Those are payable by the Client as well, and on the rare occasion in which this is required it will always be disclosed on your quote.
Q: Do I really need to read the Policy?
A: Absolutely. Everyone who is involved in the planning or operation of the Contest or Event needs to read the Policy thoroughly. Our Policies are written specifically to be as easy to understand as is possible, but should you have any questions please give us a call.
Q: The Policy seems to have a lot of “Rules” associated with it. Do I really have to follow all of them?
A: Yes. Our Policies have been specifically written to protect the interests of the Client, as well as the Insurer, and are fair to all Parties. Although we have some flexibility to alter certain Conditions, in most cases the Warranties, Terms and Conditions cannot be changed. In cases in which a Client has their own written “Contest Rules” we do our best to incorporate them into our Policies, but the Terms and Conditions, and Warranties on the Insurance Policy must be followed. i.e. You cannot circumvent the Policy Warranties, Terms and Conditions by writing your own rules contrary to it.
Q: Someone won the Contest! How long until I get my money?
A: In Order to submit a Claim, we require all of the information requested on each Policy under the “Requirements After Loss”. Once the required information is submitted it will go through the claims Process in which we strive to pay the Winner as soon as Possible. Just for example, in cases in which everything is in order, and all the Terms, Warranties and Conditions on the Policy were followed, the turnaround has been as short as 2 – 3 weeks.
Q: We would like to provide a physical Prize from our Company instead of cash. Can we do that?
A: Of course. It is very common. If there is a Contest winner, the Policy will provide a cash payment as described on the Declarations Page of the Policy. The cash can go directly to the Winner, OR to the Named Insured on the Policy. So, for example, if a Car Dealership wanted to give away a $50,000 Car as a Prize, they would be named on the Policy, and in the event of a winner, would request the $50,000 be paid to them. They would then provide the Vehicle to the Winner in lieu of cash.
Q: Can a Minor compete in your Contests?
A: Absolutely. In the event that a Minor wins Cash in one of our contests, the Cheque will be written as payable to the Minor and their parent or Guardian.
Q: Can the Insured Cancel a Policy?
A: Of Course. Cancellation rules are written into the Policies. We understand that due to unforeseen circumstances, such as lightning near a golf course for example, some Events have to be cancelled due to safety concerns. In those cases the events will be “Flat Cancelled” with no fees or Premium due. Safety is paramount for any event.
Q: We expect rain this weekend, and would like to change the date of our Golf Tournament to next weekend instead, but we already have the Policy. Can we do that?
A: Of Course. Just let us know. We can issue an Endorsement to the Policy to change the date, as long as there are no Material Changes to the rest of the Policy. There is no charge for this.
Q: Do we need to fill out and sign an Application?
A: Yes, please do. The Application provides the details of your contest, and the basis for cover so we can provide an accurate quote. In some cases we will provide a “Ballpark” Price with no Application for you to get an idea of cost, but for a firm Quote we require an Application. A signed Application is also required for us to release a Policy from our system, as in the event of a Claim it must be provided to the Underwriters. The signature on the Application is verification that the information provided is accurate and complete. It does not bind you to purchase the Insurance. Insurance coverage is only bound upon request from an Insurance Broker acting on behalf of the Client.
The exception to this are Policies that are generated by you automatically from our Website. In those cases, no Application is required, and the basis for cover is the information you enter in “Real Time” while generating the Policy.
Q: Do your quotes expire? Does the expiry date matter?
A: Quotes expire in 30 days unless otherwise noted on the Quote. If you receive a quote well ahead of the event, but don’t wish to bind coverage until after the quote expires, you must request an extension before the expiry date. For some Products, such as Weather Insurance for example, if a quote expires, it must be re-quoted, and there are no guarantees that the Premium will remain the same, or the coverage will still be available.
Q: Can you do “Last Minute” Policies?
A: For our Standard contests we can usually do a Policy with 24 hours’ notice. However, in the case of some specialty Products, such as Weather Insurance for example, there will be a “Cut off point” after which coverage is no longer available, sometimes weeks ahead of the event date. Website Generated Policies are generated immediately and sent to your e-mail, and are available 24 hours a day, 7 days a week. Website Policies can be bound up until 11:59 p.m. the day prior to the tournament.
Q: Do you Insure Custom events?
A: Absolutely. Any contest that is legal, and in which we can find verifiable records and/ or statistics to form the Basis of Coverage is most likely Insurable. It is incumbent upon the Insured to make sure their Contest is Legal, and that all necessary permits, permissions etc. are obtained.