How Does Hole-In-One Insurance Work?
What is Hole-in-one insurance?
Golf tournaments often offer a large prize (car, vacation, cash, etc.) if a golfer can get the ball in the hole within one shot. This is usually placed on a par three as a marketing opportunity for a company. The tournament organizers or sponsors don't actually have a car or $10,000 cash on hand to award the hole-in-one winner. They pay an insurance premium and if someone holes their ball from the tee box the insurance company pays out the winner.
How often do people hit a hole-in-one in golf?
The obvious first question all of us wannabe golfers have is, "how often do people get a hole-in-one?". Great question! On average 1 in 12,500 shots taken will be a hole-in-one. But if you've ever stepped up to a long par three in the wind tunnel that is Saskatchewan, you may believe your odds are closer to 1 in 1,250,000!!
How much does hole-in-one insurance cost?
Well that depends, mostly on the prize you want to give away. The larger the prize for the hole-in-one, the more the insurance premium. At Galon Insurance we will have the right option to fit your budget. For a minimal cost to your golf tournament you can have an exciting contest for a hole-in-one.
How do go about establishing a hole-in-one contest during a golf tournament?
If you have a golf tournament coming up and want a hole-in-one contest at one of the holes, call us here at Galon Insurance @ 306-525-0888. We can help with planning the prize and the insurance on the hole-in-one as well as how to set it up on the day of the tournament.
Does someone have to run the hole-in-one during my tournament?
Yes! Someone has to sit there all day to be the "witness" for your hole-in-one. Usually a representative from the sponsor of the hole-in-one is there to talk to tournament goers about their product or service during your back swing.