What Is Hole-In-One Insurance?

Hole-in-one Insurance is a type of price-indemnification coverage, originally named for insurance policies taken out by golf-tournament sponsors, who offer the possibility of big-ticket prizes to contestants who score hole in one, on the course.

Hole in one insurance coverage 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, works just 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.

Hole in one insurance can cover hot air balloons, Rolls Royces, trips, boats, houses, horses or cold-hard cash.

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Why Should I Get Hole In One Insurance?

Contest sponsors relish how the crowds they draw can generate substantial revenues from hopefuls who aspire to beat the odds of winning big; however, sponsors are less enthusiastic about paying the winners who actually achieve such nearly impossible feats. Hole-in-one insurance goes a long way in keeping sponsors fiscally afloat in the event of such wins, which might otherwise bankrupt them.

The cost of hole-in-one insurance premiums depends on a host of factors, such as the number of tournament participants, the odds of winning, and the values of the prize offerings. In golf contests, for example, a $200 premium for a 100-player tournament might cover a $10,000 prize, while a $50,000 prize for the same number of players might come with a $1,000 premium. Premium costs also largely depend on whether the participants are amateur or professional athletes.

Sponsoring a hole in one prize at a corporate or charity golf tournament is a wonderful way to be able to engage with a community of participants. Whether your intention is to be in front of potential customers or to show that your brand is a caring supporter of your favourite charity, it’s a great way to engage with a group as you will have a few moments with everyone involved in the tournament.  

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Hole In One Insurance Guidelines

Below are some guidelines that are used at golf events where hole in one insurance is typically used:

• Minimum yardage of 125 for women and 150 yards for men for prize values up to $20,000. Minimum yardage of 150 yards for women and 165 yards for men for prize values from $20,001 – $50,000. Minimum yardage of 165 yards for women and men for prize values of $50,001 or greater.
• A Tournament official to be stationed near the green with the hole visible at all times to monitor play and act as an impartial witness of any hole in ones scored. Two tournament officials are required for prize values exceeding $50,001.
• Professional Participants are not eligible for the prize

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Purchase Hole-In One Insurance in 3 Easy Steps

Purchasing hole in one insurance for your sponsorship at that upcoming tourney has never been easier:

• Provide some basic information about the hole to be sponsored.
• Get an instant online quote for the desired prize coverage.
• Head to the tournament knowing your sponsored hole is insured!

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Protection of Your Golf Equipment

In the unfortunate circumstance that your golf clubs are stolen or damaged you can now have the coverage necessary to take the stress out of the situation. ReFrame Insurance can provide an instant online quote to get you covered in minutes. However, prevention is always better than cure. Here are some tips in order to prevent theft of your golf clubs:

• Don’t leave your golf bag unattended.
• If you go inside to the restaurant after your round for a cold beverage or lunch, either take your clubs with you, ask to store them in bag storage, or lock them in your car.
• If you see anyone suspicious on the driving range, putting green, course or parking lot, let the pro shop know.
• Put an ID label on your clubs so that if they are lost or stolen you can be contacted. This is helpful for when you leave your sand wedge on the side of a green only to discover a few holes later that you left it behind.
• Don’t keep a lot of valuables in your golf bag such as cash, your wallet, or car keys. If your clubs are stolen there goes the rest of your valuables.
• If you typically keep your clubs in the trunk of your car, and you park outside, you might want to reconsider and bring them into your garage or house.

With ReFrame it is that easy to have a great time on the green and to insure your own hole in one contest!