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Prize Indemnification Insurance is an insurance contract for 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 award and jeopardize the events bottom-line, risking a
huge monetary loss in covering the expense of these large "buzz creating" 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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