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Prize Indemnity Insurance is an insurance contract for a specific prize at a contest promotion
of skill or otherwise where contestants are offered the chance to win a grand prize or prizes.
Instead of self-insuring the contest prize and jeopardize the events bottom-line, risking a huge
monetary loss in covering the potential expense of these large "buzz creating" contest prizes,
the event promoter pays a fee to a 3rd party insurance company like Hole-in-WON.com, which then
reimburses the organizer or pays the winning contestant directly,
should they be successful in completing the task of the contest.
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