If you’re planning a special golf event, but aren’t sure if you need to purchase
hole in one insurance for your event, the information below will help.
Learn exactly what hole in one insurance is and the pros and cons of purchasing this type
of coverage for your special event. Golf Leisure Magazine has its opinion on the matter.
What is Hole In One Insurance?
You probably have a general understanding of how insurance works. You pay for auto
insurance on your vehicle. The insurance company accepts all the risks in case a
wreck occurs. If you wreck your vehicle and don’t have coverage, then you’re
responsible for repairing or replacing your vehicle. However, if you have
insurance coverage, the insurance company pays for your auto repairs or
Hole in One insurance works similar to other insurance policies except it covers a
specific event and is only needed when something good happens (in the golfer’s eyes
at least). Perhaps you’d like to host a charitable event and offer a hole in one
prize of a new boat or car, or maybe even a cash prize. This is a great way to
raise money for a charity and gives the golfers incentive to participate. However,
what happens if someone actually makes a hole in one? If you’re not covered by
hole in one insurance, then you must provide the prize out of your own pocket.
This could be devastating to an individual or small business owner.
If you own a golf course and decide to run a hole in one promotion to attract new
customers, hole in one insurance might be a good idea. Hole in one insurance
removes the risk from you and places it on the insurance company. If someone
actually hits a hole in one at your event, the prize will be covered by your
How are Premiums for Hole In One Insurance Determined?
Your premium will be based on several factors such as how many participants you’ll
have in the tournament or contest. Advance planning and registration will be
necessary to determine this information. Another factor that determines the
premium is the distance of the grand prize hole in yardage. The cash amount or
actual value of the grand prize is also a determining factor. Most hole in one
insurance companies will offer you a free premium quote upon request.
Locating the Right Hole In One Insurance Company
To find the right company for your hole in one insurance, do a little research to
make sure you’re getting the most value for your money. You don’t want to
sacrifice quality for price, however. Remember, you’ll need to actually have
coverage in the event that someone hits a hole in one. Make sure the company has a
dependable reputation with previous clients if possible. Check testimonials to see
how others were treated in the past. It’s too risky if you think you’re covered
when you’re really not.
Advantages of Hole In One Insurance
One advantage of purchasing hole in one insurance is that you’re able to have your
event and conduct widespread advertising with peace of mind. Your focus can be on
the actual event, not on the prize that you might have to give away. You’ll know
that your prize is covered if a really lucky golfer hits a hole in one.
Another advantage is the promotional aspect of purchasing this type of insurance.
Hole in one insurance is unique in that it’s usually packaged with helpful
materials and promotional aid from the insurance company as an all in one package.
Many of the hole in one insurance companies will offer a package that includes your
insurance coverage along with promotional materials to really get word out about
your event in a professional manner.
Hole in one insurance can usually be tailored to fit any type of event, no matter
what the size. In other words, you normally wouldn’t have to pay extra for
coverage you don’t need.
Disadvantages of Hole In One Insurance
There’s always a certain amount of risk involved with purchasing any type of
insurance. Because no one can predict the future, you really don’t know if you’ll
actually use the insurance or not. If there’s no winner at your event, then you
may feel the insurance coverage expense was unnecessary.
Another disadvantage is that there are usually requirements in order for the
insurance coverage to kick in. For example, the insurance company may require a
certain number of witnesses to the see the actual play. Also, there are usually
requirements that the golfers are to be all amateurs and the hole distance must be
a certain distance, etc. These requirements can make the event a little more
stressful and the planning tedious. You’ll need to plan far enough in advance to
have this information available before signing up for hole in one insurance. Be
sure to weigh out all the pros and cons before making your decision about hole in
Who Purchases Hole In One Insurance?
Many different types of companies and organizations use hole in one insurance.
From charitable organizations to credit card companies, there’s a large number of
people who might sponsor, host or partner in a hole in one event.
Hole in one insurance has been utilized by schools, sports event planners and even
celebrities who wish to host a tournament. Anyone who desires to have a golfing
event or tournament and offer a prize might benefit from hole in one insurance. It
will depend mainly on how large of a prize is offered and how much the company or
organization is able to pay out of pocket if someone actually wins the prize.
Consider these advantages and disadvantages of purchasing hole in one insurance to
determine if this type of coverage is right for your special event.