Online product | Get hole in one insurance for a Canadian golf tournament
The perfect score. It’s a golfer’s dream. And it’s an event planner’s opportunity. Hole-in-one insurance is used by a golf tournament host or sponsors to entice participants to sign up for a special event foursome. If someone is lucky enough to score a hole in one during the tournament, hole in one insurance will reimburse the cost of awarding the hole in one prize.
If you are looking for an online insurance broker for hole-in-one insurance Canada, this post tees up some useful information and coverage insights.
How hole in one insurance plays out
For most amateur golfers, a hole in one is a dream that drives them forward to keep hitting the greens. From April to October, Canadians make the most of the good weather to hit the links and strive to improve their game.
Once on the course, it’s a mental and physical game. Scoring a hole-in-one at a golf tournament often adds up to more than just bragging rights. If the hole is sponsored, the person who scores a hole in one also wins a significant prize. The prize might be an all-expenses-paid trip to an ‘Instagrammable’ exotic locale or a trendy hybrid SUV. If a luxury auto dealership sponsors the hole in one prize they may display the prize car, wrapped in a bow beside the tee box.
While the odds are the prize won’t be claimed, tournament hosts can use hole-in-one insurance to ensure that if a player makes the shot of a lifetime, the cost of the prize is covered.
Insights | How insurers assess a hole in one tee box
Insurance companies take a number of factors into consideration when calculating the probability of a hole in one prize being claimed. Here are just some of the variables that insurance underwriters look at:
- How many professional participants are playing the tournament
- The number of amateur players taking part in the event
- The precise yardage of the hole being sponsored
- How many rounds are being played
- The dollar value of the hole in one prize
- Will a spotter be stationed at the prize hole? What is the minimum age of the hole in one spotter?
- Is the honour system being used to confirm that a hole in one is legitimately achieved?
Buying hole in one insurance for a golf tournament can often add an extra layer of excitement to the competition. This is because hitting a hole in one is a relatively rare event.
Just one click – Buy online hole in one coverage with us now
We take pride in making business insurance simple and easy. That is why we are continually adding to the online insurance products that we offer directly through our website.
If you are ready to tee up the hole-in-one insurance for an upcoming golf tournament, our online insurance app is the quick and simple solution. To get the ball rolling, you just need to provide:
- The name of the golf tournament
- The date that the golf event takes place
- Information about the golf course where the tournament will be held, including the location
- The number of players who are playing
- The number of professional golf players who are enrolled in the tournament
- Information about the hole that will offer the prize
- The value of the hole in one prize to be insured
- The number of times that an individual player will tee off at the prize hole (including multiday tournaments)
How hole in one odds really stack up
According to the U.S. based National Hole In One Registry the average golfer doesn’t have a great chance of actually hitting a hole in one at your tournament. Noting the roughly 450 million rounds of golf played by U.S. golfers every year, the Registry also finds that,
- “On average each course has about 25,000 – 30,000 rounds played each year
- Each course reports 10-15 hole in ones each year
- A hole in one is scored once every 3,500 golf rounds
- Odds of making a hole in one is 1:3500
- Only 1-2% of golfers score a hole in one during the year
- Average years of playing is 24
- Average handicap of golfers making hole in one is 14
- Age group that makes the most holes in one is 50-59 (25%) and the next highest is 40-49 (24%)
- Ball used most often is Titleist (45%), Nike (14%), and Top Flite (11%)
- A Hole in One on a par four is called an Albatross”1
A hole in one doesn’t happen every day. And because golf enthusiasts keep dreaming about the perfect score, connecting a valuable prize to a specific tee at a corporate golf tournament can be a great draw for players.
Prize indemnity – insurance for a once-in-a-lifetime perfect score
Hole in one insurance is also referred to as prize indemnity coverage and has a very specific purpose. Insurance Business Canada provides the following explanation, “Prize indemnity insurance, sometimes referred to as hole-in-one insurance, is indemnification insurance for a promotion in which participants are offered the chance to win prizes. It gives companies the ability to offer special contests and promotions with attractive prizes like cars, vacations, and fat cheques, while transferring the risk of the prize to a financially bound insurer.”2
Hole in one insurance coverage is designed to make it simple and easy for the event host to add an interesting promotion to a golf tournament. “Instead of hoarding cash to cover large prizes, organizations can pay a premium to an insurance company. This premium is calculated on the value of the prize and the statistical odds of someone winning it. The policy’s coverage limit is equal to the insured’s potential loss, which is the financial value of the prize. It also protects the prize winner because it acts as a guarantee that the insurer will pay for the prize.”3
Proud to be an online insurance broker for Hole in One insurance Canada
Online hole-in-one insurance is just one example of a time-sensitive and customized insurance product that we are proud to offer across Canada.
If you want an insurance team that exclusively tees up the best commercial insurance options, now is the time to talk to an ALIGNED Insurance broker.
Source(s):1National Hole In One Registry; 2,3Insurance Business Canada: What is prize indemnity insurance?
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