If you’ve ever shopped around for hole in one insurance, chances are you’ve come across the terms ‘underwriter’, ‘underwritten’, ‘underwriting’ or some variation thereof. Today we’re going to cover what underwriting actually is, as well as how it directly benefits you: the hole-in-one insurance, Million Dollar Shootout and/or putting contest consumer.
What is Underwriting?
Put simply, underwriting refers to the process that any large financial service provider uses to assess the eligibility of a customer to receive their products (in this case, insurance).
Insurance underwriters assess the clients’ risk and decide how much coverage the client should receive, how much they should pay for it, or whether or not to insure them. Insurance underwriting involves measuring risk exposure and determining the premium that needs to be charged to insure that risk.
In the realm of prize indemnity insurance, it’s extremely important to make sure the company you’re working with is underwritten; otherwise, you as a client/consumer, could risk a winner not being paid out the money for their hole-in-one and/or putt… regardless of the fact that you have paid a premium for the insurance policy.
Unfortunately, this circumstance is a reality and we have seen it happen to winners who participated in a golf tournament insured by hole in one insurance companies who were not underwritten.
How Do I Know If The Company I’m Working With Is Underwritten?
If you’re unsure if the company you’re working with is underwritten, the simplest and most effective way of knowing is to simply call and ask! You can also look for undwriting information on the company’s website. Ours, for example, is located on our FAQ, as well as at the very top of our main homepage.
Who is Hole In One International’s Underwriter and What is Their Rating?
Hole In One International is proudly underwritten by the Praetorian Insurance Company, which is part of QBE® Insurance Group, one of the top 25 insurers/reinsurers worldwide. The Praetorian Insurance Company is rated “A” (Excellent) by A.M. Best: the world’s leading insurance rating agency. This made Praetorian Insurance Company the logical choice to underwrite our hole in one insurance program.
That’s Great … But How Does That Benefit Me?
With A-rated underwriting, you’ll have the peace of mind knowing that your hole-in-one and/or putting contest insurance coverage is valid and 100% covered.
Have more questions about underwriting? Feel free to give us a call at 800-827-2249 or send us an email!