Hole-in-one insurance is one of the most common forms of prize indemnity. This form of a policy insures the risk of paying prize to a player when they make a hole-in-one during their golf tournament. Instead of paying the prize money from your pocket, the insurance provider will be the one to do it for you.

How Hole-in-one Insurance Works?

Hole-in-one insurance works by paying a nominal charge to the insurance provider of the prize indemnity. The premium charges for the insurance depend on the number of participants that are competing in the match. The value of the reward that you would like to give and the length of the target hole you choose to cover are also included in the premium. When a player hits a hole-in-one at the assigned target hole, your policy starts to kick in, and your insurance provider will pay for the prize money.

Cost of Hole-in-one Insurance

The cost of the hole-in-one insurance will depend on the value of the package of prizes that you are offering, the number of players in the match play, and the competitive skill level. If you are planning to sponsor a professional tournament, the premium for the insurance will be much higher than the regular tournament.

The odds of having two or more player to hit a hole-in-one are rare. However, the possibility of it can still happen. If you wish to have the second winner of the prize money insured, the insurance provider can offer additional coverage, but for an extra fee.

Purchasing Hole-in-one Insurance

Various hole-in-one insurance agencies cater to golf tournaments. If you wish to sponsor for upcoming prize money, you can start by looking for the ideal agency that can address what you need. You can be creative with your prizes. Aside from the prize package, you can also create opportunities for engagement.

Rules for Hole-in-one Prize Packages

Each insurance agency has its specific rules for hole-in-one prize packages. This is to make sure that both parties agreed to the terms and conditions that are set forth. In the event that there will be issues regarding the collection of prize money, the terms and conditions that are signed by the two parties will be followed.