Hole in one insurance makes it possible to award attention-getting prizes, such as brand new cars, or a large amount of cash, if someone makes a hole in one during your golf event.
Hole in one insurance, which is a type of prize indemnification insurance, works a lot like any other kind of insurance policy, except that instead of insuring your property against damage, you are paying a premium to eliminate the risk of having to pay for a prize if someone makes a hole in one during your golf event.
When you use hole in one insurance you pay a hole in one insurance provider a small fee – the premium – which is based on the number of people playing in your golf tournament, the value of the prize you’d like to give away and the length of the golf shot (target hole) you want to insure. If someone aces (gets a hole in one) on the designated target hole, your hole in one coverage kicks in, and your hole in one insurance provider will pay for the prize.
For example, let’s say the ABC Company wants to make the most of their sponsorship at a charity golf tournament. They have decided to give all of the 100 tournament participants the chance to win a $10,000 prize on the 165-yard Hole 7. Before the event, ABC Company contacts a hole in one insurance provider (i.e. Hole In One International), and purchases a hole in one insurance package for $210, which includes their hole in one insurance coverage, complimentary signage, auxiliary prizes and a free tee prize for every tournament participant. When, on the day of the tournament, Mr. Bob Golfer makes an ace on Hole #7, Mr. Golfer will get a check for $10,000 from the hole in one insurance provider, and ABC Company gets to relax and take calls from the press!
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