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Hole-in-one insurance, often purchased by a golf tournament host or sponsor, reimburses tournament organizers for the cost of awarding a hole-in-one prize in the event a tournament participant successfully hits a hole-in-one during the tournament. According to the newspaper USA Today, the odds of an amateur golfer hitting a hole in one on an ...
As someone who doesn't golf much and has never hit a hole-in-one, no matter how good the odds, I don't expect I'll ever need hole-in-one insurance. But some people must, because there's a market ...
Occasionally special events host a hole in one contest, where prizes as expensive as a new car, or cash awards sometimes reaching $4 million are offered if a contestant records a hole in one. [19] Usually such expensive prizes are backed by an insurance company who offers prize indemnification services .
In 1991, Gilmartin added to his business holdings by co-founding Hole In One International, a full-service golf promotions and prize indemnification insurance company. [1] Soon thereafter, Hole In One International added a sister company, Odds On Promotions, to handle the non-golf promotion and prize indemnification requests it was receiving.
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The insurance company that was required to make the payoff, American Hole 'N One Inc, voided the payment because Calhoun had played college basketball, a violation of the rules. However, the sponsors of the event, Coca-Cola , the Lettuce Entertain You restaurant, and the Bulls, pledged to cover the prize if the insurance company would not.
The Hole-in-One insurance product allows tournament organizers to offer a cash (or equivalent) prize to anyone who makes a hole-in-one on one of the par 3 holes. The product is coupled with an online quoting tool that can provide a quote in less than 15 seconds for insurance limits from C$5,000 to C$50,000. [5]
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