Hole in one insurance makes it possible to award attention-getting prizes, such as brand new cars, or a large amount of cash, if someone makes a hole in one during your golf event.
Hole in one insurance, which is a type of prize indemnification insurance, works a lot like any other kind of insurance policy, except that instead of insuring your property against damage, you are paying a premium to eliminate the risk of having to pay for a prize if someone makes a hole in one during your golf event.
When you use hole in one insurance you pay a hole in one insurance provider a small fee – the premium – which is based on the number of people playing in your golf tournament, the value of the prize you’d like to give away and the length of the golf shot (target hole) you want to insure. If someone aces (gets a hole in one) on the designated target hole, your hole in one coverage kicks in, and your hole in one insurance provider will pay for the prize.
Contact CCIC to find out more about Hole in One insurance.
How does it work:
When you purchase our contest insurance coverage, you are indemnified from all of the risks that may arise as the result of offering prizes for a hole in one contest. When you use CCIC as your coverage provider, we take responsibility by covering the costs of the prizes.
Here is an example of how it may work, let us say that XY&Z Association is sponsoring a golf charity tournament with roughly 100 golfers attending. The XY&Z Association and their partners have decided to ‘add-on’ a promotional Hole in One Contest to hole 3, which is a Par 3 measuring about 161 yards. This means any contestant who is successful in making a hole-in-one on hole 3 will win $10,000 cash as a prize. Before to the event, XY&Z purchased a Hole In One contest coverage package for $262. When John Carter and Jane Porter both make a hole-in-one on hole 3 during the event, they are both awarded checks for $10,000. Because the XY&Z Association purchased Hole in One Insurance, The Insurance Company writes the $10,000 checks, leaving the total out-of-pocket cost for the XY&Z Association at only $262.