Just because contest insurance is commonly referred to as “golf tournament insurance” doesn’t mean non-golf competitions couldn’t benefit from it. In fact, every competition that can take out contest insurance would be wise to do so.
Don’t believe it? Here are a few of the most zany challenges from around the country and how they could be improved with a contest insurance policy.
The Stockton Asparagus Festival.
The Stockton Asparagus Festival features an eating contest that invites participants to consume as many deep-fried asparagus as possible. This year’s first prize is a cool $1,500. With the way the competition is currently set up, it couldn’t take out contest insurance, but it’d be another story if it were to challenge participants to eat over 11 pounds of the deep-fried vegetable. Should anyone be able to do it, the contest insurance would cover whatever fabulous prize the Festival’s organizers wanted to offer.
World Kimichi Eating Championship.
Kimchi, a mixture of radishes, napa cabbage, scallions, cucumbers, and other vegetables, is the national dish of Korea. Chicago’s Korean Festival offers a contest to see just who exactly can eat the most kimchi in just eight minutes. In this case, Korean Festival’s organizers could stipulate that if someone ate X dishes of kimchi in four minutes–by half time–then they could win a new car in addition to their prize money. With contest insurance, the organizers wouldn’t have to worry about footing the bill.
Stuffed Quahog Eating Contest.
Similar to the Kimchi Eating Competition, the Stuffed Quahog Eating Contest invites competitors to devour as many of the titular food as they can in 90 seconds. The contest’s organizers could take out contest insurance if they included a rule stipulating that there’d be an extra prize for anyone who ate X amount of quahogs more than the person in second place by the end of the competition.
Although hole in one insurance companies mainly cater to golf tournament contests, a wide variety of different competitions could benefit from such insurance policies. Eating challenges in particular could benefit tremendously by taking out contest insurance, since most only offer victors a place on the respective restaurant’s wall of fame instead of a material prize. Find more.