Prize insurance is a simple product you can purchase for almost any sporting event to increase attention to your event. The first prize insurance created was the hole in one insurance policy. Where a golfer is usually rewarded a cash amount or car for a successful hole in one on a par three. After the popularity of the hole in one contest, event coordinators started promoting half court shots at local basketball contests and field goal kicks at football games. One lucky fan at a Chicago Bulls game was chosen at half time to take a shot for a million dollars and guess what he made it. This successful promotion got the attention of many sports promoters and sponsors looking for an affordable way to offer a large prize without being on the hook for the total cost.
Now you can purchase prize insurance for any type of athletic event. The Super Bowl usually runs a throwing contest at halftime and people always wonder how the sponsor can offer a large prize like a new home. The answer is pretty simple; they buy prize insurance from prize insurance companies. The World Series also run a prize insurance contest. In the past year they had a contest throw a certain number of strikes and the lucky fan won a huge prize.
Large organizations like Major League Baseball are not the only companies that can afford prize insurance. College and high school events are now purchasing prize insurance to increase attendance.