$1,000,000 Hole In One
Golf tournament organizers often use high-value hole-in-one contests to boost participation and excitement at their events. A common approach is to partner with a local business or sponsor, such as an auto dealer, to offer a grand prize-sometimes as much as $1,000,000-for a hole-in-one. Rather than shouldering the financial risk themselves, sponsors typically purchase an insurance policy that covers the prize if a participant aces the “target” (aka designated) hole.
With hole-in-one insurance, the sponsor pays a set premium to a specialized provider, who then assumes responsibility for the payout should a player make the shot. Hole-in-one insurance companies, like Hole In One International, often include promotional signage for the contest and may offer additional prizes for other par-three holes to keep the event engaging for all participants.
If you’re considering adding a major hole-in-one contest to your tournament or sponsoring such an event, it’s important to choose a reputable insurance provider. Before finalizing a policy, ask about the insurer’s A.M. Best rating, their history in the industry, who underwrites their policies, and how many claims they’ve paid. This due diligence ensures that when you have a winner, the prize will be awarded without issue.
For instance, Hole In One International has provided coverage for million-dollar hole-in-one contests since 1991, has paid out over $45 million in prizes and is A-rated by by AM Best.
