Hole In One Coverage
Ready for the 411 on Hole In One Insurance Coverage? If you’ve never heard of this form of contest insurance coverage, you’re not alone. Hole in one coverage 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 a fraction of the cost. Following is an in-depth review of why and when tournament organizers use this special form of golf insurance and how it works.
What is Hole In One Insurance Coverage?
Hole in one coverage is a special kind of insurance policy known formally as prize indemnification insurance. To put it simply, it’s an insurance policy that kicks in if someone makes a hole in one during a golf event.
Why Use Hole In One Contest Coverage?
For tournament organizers hole in one prize coverage allows them to offer a giant prize to lure more attendees to a tournament. For example, with Hole in One International’s hole in one coverage, 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. Golf tournament sponsors love hole in one insurance because it gives them increased visibility at golf events because they can give anyone who aces a particular hole the chance to take home a prize. Auto dealers like to use hole in one contest coverage during the golf season. They will typically sponsor holes at several golf tournaments “giving away” large discounts, leases, or even free cars to anyone who can make an ace on their sponsored hole.
How Does Hole In One Prize Coverage Work?
Just as with any kind of insurance coverage, with hole in one insurance, you pay a small premium to an insurance company such as Hole in One International, in order to “insure” a hole. The premium is based on three things: the number of players participating in the tournament; the length, in yards, of the hole that is being covered; 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 coverage kicks in and the insurer pays for the prize.
Other Things To Know about Hole In One Insurance Coverage
In addition to offering coverage on the insured hole, when you purchase hole in one insurance from Hole In One International, you receive complimentary signage as well as prizes for non-target par three holes and a free tee prize for every golfer.