3 Interesting Facts About Hole in One Insurance
Hole in One Insurance
Are you running a golf event and would like to offer a valuable prize to attract more sponsors. But are worried about the outlay should some extraordinarily lucky participant hit that rare shot? Go ahead. Add more thrill and excitement to your event by announcing a Hawaiian holiday or a sports car for participants who score a hole in one, but don’t forget to buy a hole in one insurance policy to protect yourself.
This way, if a participant successfully hits that one in a million shot, you can relax and answer the press phone calls while your insurance company take cares of paying the prize money. If you’re organizing a golf event for your company or for a charity and are considering buying hole in one insurance, here are a few interesting things you should know about this unique insurance policy.
1. There’s Practically No Limit When It Comes to the Coverage Offered by Hole in One Insurance
Sounds too good to believe? Well, that’s the truth. Reputable insurance companies can offer you coverage for insanely expensive prizes only if you’re ready to pay the premium. So, if you think that the media attention you will get by announcing an expensive hole in one prize is worth the cost, all you have to do is find an insurance company that can offer you the right coverage.
If you are unable to find one, you can choose to work with an insurance underwriter who can craft a tailored solution for your needs.
2. The Odds of a Player Hitting a Hole in One Are Very Slim
This is the primary reason golf tournament sponsors and organizers offer such expensive prizes for a hole in one shot. Insurance companies have calculated the odds of a professional golfer making a hole in one at approximately 2,500 to 1, and the odds of an average player at 12,500 to 1.
While these odds are very slim, prizes worth $100,000 or more can leave a serious dent in your finances. Therefore, it is always a good idea to invest in a hole in one insurance policy as a precautionary measure.
3. More Players and Smaller Length of Target Result in Higher Insurance Costs
The cost of a hole in one insurance policy depends on a number of factors, including the number of participants attending your event, the value of prizes you are offering, and the length of target par 3 hole.
In addition, it is also important to know that in order to be eligible for the coverage, you must ensure compliance with yardage limits set by your insurance companies. Most insurance providers set yardage limits to be at least 150 yards for men, while women can tee off from 15 yards closer.
Interested in learning more about hole in one insurance? Contact Atlas Underwriters at (954) 318-7940 or visit our page Hole in One Insurance Page