All About Hole In One Insurance
Are you or your company planning a golfing event and want to kick things up a notch by offering a large prize if a participant makes a hole in one? If so, a hole in one insurance provider is what you need! You pay a small premium and the insurance provider covers the prize if an ace is made on the selected hole.
What is hole in one insurance?
Hole in one insurance is a type of indemnification insurance, meaning they alleviate you or your company from any financial responsibility if a hole in one is hit during your event. The insurance provider assumes all the risk, leaving you to enjoy the company of your guests! The prizes can be anything from cash, vehicles, trips, golf packages, cruises, and more! You set the criteria up with the hole in one insurance provider before the tournament and then relax knowing everything is covered.
How does it work?
You or your company will contact the hole in one insurance provider before the tournament and let them know what type and/or value of prize you would like to offer to your participants. The insurance provider will often want to know the number and skill level of the participants and the length of the par 3 “prize hole” as well. Once the criteria is set, the hole in one insurance provider will quote you a premium to pay for that particular package. Once the premium is paid, the insurance provider does the rest. It’s also common for the hole in one insurance provider to include other items, such as contest signs, tee markers, participation prizes, and more! If a hole in one is hit on the par 3 “prize hole” the insurance provider covers the cost of the prize and all you paid out of pocket was the premium. The only risk you take is the cost of the premium. If no one aces the prize hole during your event, the hole in one insurance provider keeps your premium and you try again next time!
How much does it cost?
The insurance cost varies depending on the value of the offered prize, the number and skill level of the participants, and the difficulty of the prize hole. Typical prices for hole in one insurance providers is given below, but you should contact your own insurance provider for specific costs and to inquire about what is included.
$10,000 cash – min 165 yd hole – 100 amateur participants - $225 premium
$25,000 cash – min 165 yd hole – 100 amateur participants - $500 premium
$50,000 cash – min 165 yd hole – 100 amateur participants - $950 premium
Keep in mind, prices vary amongst hole in one insurance providers, so shop around for the best price and best value! Also, make sure your insurance provider delivers full payout to each individual if multiple participants ace the prize hole.
More by this Author
Frogmore stew is a down home, stick to your ribs, seafood meal that always brings good friends and family together. Unlike the name implies, there are no frogs involved in the recipe. It actually originates from a small...