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Competition Insurance

While Competition Insurance may not be one of the better known areas of the insurance industry it is a one which can often save the policy holder a fortune!

We have all been through those shopping malls where they are offering a car for a pound if you can throw six sixes on a dice, but how do these competitions actually work?

The insurance industry will give you cover for anything where the odds can be calculated or estimated, and the premium will be dependent upon the chance of the event happening and the potential cost. This is how Competition Insurance premiums are calculated, using our example above it would be calculated using the cost of the car, the income from the tickets and the chances of someone actually throwing six sixes (highly unlikely, but using probability it would happen at some stage).

By taking out an insurance against someone throwing six sixes before enough tickets have been sold to recoup the cost of the competition, the organisers would ensure a no lose situation at the very worst. If they sold more tickets than the cost of the competition then they would not be able to claim against the policy – having made a profit naturally.

This is just one example where seemingly risky competitions can be covered using Competition Insurance, and the laws of probability!

For a COMPETITION INSURANCE QUOTE click here! COMPETITION INSURANCE QUOTE

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