Hole In One Insurance (« back to glossary)
The 411 on Hole In One Insurance
If you've never heard of hole in one insurance, you're not alone. Hole in one insurance gives golf tournament organizers and sponsors the ability to offer a giant prize to any player making a hole in one during a golf tournament for just a fraction of the actual cost of the prize. Following is an in depth review of why and when tournament organizers use hole in one insurance and how hole in one insurance works.
What is Hole In One Insurance?
Hole in one insurance is a special kind of insurance policy known formally as prize indemnification insurance. To put it simply, hole in one insurance is an insurance policy that kicks in if someone makes a hole in one during your golf event.
Why Use Hole In One Insurance
There are many benefits to using hole in one insurance. For tournament organizers hole in one insurance allows you offer a giant prize to lure more attendees to your tournament. For example, with Hole in One International's hole in one insurance policy, you can offer up to a million dollar prize if someone makes a hole in one during your golf event without worrying about having to pay for the prize. Sponsors also love hole in one insurance because they can generate increased visibility at a golf event by offering anyone who aces a particular hole the chance to take home a prize. In fact, many auto dealers like to use hole in one insurance during the summer golf season. They will typically sponsor holes at several golf tournaments and "giveaway" a large discount, lease, or even a free car to anyone who can make an ace on their hole.
How Does Hole In One Insurance Work?
Just as with any kind of insurance, with hole in one insurance you must pay a small premium to an insurance company such as Hole in One International, in order to "insure" a hole. Your hole in one insurance premium is based on three things: the number of players participating in the tournament, the length, in yards, of the hole that being covered by the hole in one insurance, and finally, the dollar value of the prize which is being insured. Once the hole in one insurance policy is bound, if a player aces an insured hole(s) during the tournament, the hole in one insurance policy kicks in and Hole in One International pays for the prize.
Other Things To Know about Hole In One Insurance
In addition to offering coverage on the insured hole, when you purchase hole in one insurance from Hole In One International, you will also receive complimentary signage as well as prizes for non-target par three holes.