Putting contest insurance allows golf tournament sponsors and organizers to give participants the opportunity to win amazing prizes such as golf carts, jewelry, new cars, even $1,000,000 if someone sinks a putt before, during or after a golf tournament.
How Does Putting Contest Insurance Work?
To understand how putting contest insurance works, it is important to know that there are two kinds of putting contests: a single or one-putt contest and a combination or 3-putt contest.
In a single putt contest, a predetermined number of finalists get the chance to make one putt for your prize. In a combination putting contest, everyone in the tournament gets a chance to win, by successfully sinking all three putts in a row � a 10-foot putt, a 30-foot putt and finally, a 50-foot putt.
Regardless of the putting contest format, putting contest coverage works the same way. Prior to the putting contest, the tournament director or the putting contest sponsor will purchase putting contest coverage � a form or prize indemnification insurance, from a putting contest insurance provider such as Hole In One International. The contest organizer pays the golf event insurance company a small fee � the premium � based on the type of putting contest that is being run, the number of participants, the length of the putt, and value of the prize that is being given away. If someone makes the grand prize winning putt, the putting contest coverage kicks in and the insurance company writes a check to the contest sponsor or organizer to pay for the prize.
For example, following their annual outing, ABC Charity holds a putting contest. Everyone in the tournament who makes a $25 donation gets a raffle ticket for a chance to participate in the putting contest which is sponsored by XYZ Auto Dealer. At the end of the tournament, 5 golfers names are randomly drawn and each person gets a chance to putt for a brand new car. As it turns out, Mr. Putter successfully makes a 50-foot putt and wins the car, so the insurance company writes XYZ AutoDealer a check to reimburse him for the cost of the car.
Want to learn more about running a successful putting contest? Hole In One International can help. Call 800-827-2249 for assistance.
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