Hole-In-One-Golf Insurance
A golfer’s “shot of a lifetime” is the one that produces a hole in one. Some of the aces are total luck and some are skill. The real lucky ones are the golfers who make a hole-in-one in a tournament or shootout where they win a big prize!
There's been an extraordinary rise in the popularity of contests that send winners to exotic destinations, to huge sporting events and to the bank with a truckload of cash. In order to offer these fabulous prizes contest sponsors turn to specialty insurance companies for something called hole-in-one insurance to ensure they don't lose their shirts when somebody actually wins.
If you want to reach out to decision-makers, thank customers and employees or you want to run a charity fundraiser, there is nothing like the game of golf. Golfers are priceless for their buying power and decision-making authority. And nothing gets the golfers’ attention like a chance to win a prize.
Golf event organizers recognize that prospective players can be swayed toward entering their event by the lure of cars to cash and everything in between. Member-guest events at the local country club, charity events, club professional events and events surrounding tour professional tournaments many times offer a cash prize, a car or a vacation to a lucky golfer who makes an ace on a designated hole during an event.
If a prize is claimed, the organization sponsoring the event has to be sure they can pay for that prize. That is the reason for purchasing hole-in-one golf insurance.
Hole-in-one prizes for par 3 holes add excitement and are so appealing they can even attract more players. These hole-in-one prizes can also be an additional source of sponsorship revenue. Prize coverage for cash or a car is so affordable and easy to get, sponsors will readily see this as an easy, economical way to promote their products and services to your players.
Like all other aspects of the business world, this form of insurance and its brokers are very competitive. Just like golf events try to lure golfers with exciting hole-in-one contests, brokers have come to sweeten the pot as well.
Hole-in-one insurance officially came into being more than 15 years ago and was originally used as indemnity for prizes given away in golf shootouts. However, once insurance companies realized there was untapped profit in these contests, hole-in-one insurance expanded, and that has allowed multinational corporations and small-town high schools alike to give away great prizes for the accomplishment of near-impossible feats.
