Hole-In-One Insurance

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Why Most Golf Course Clubs Don't Risk Player Luck

Whenever anyone mentions the words "golf course," chances are probable that you don't automatically think of golf course insurance. Most of us dream of beautiful landscapes, the wonderful cocktails at the clubhouse, and the occasional contest and prizes. On rare events, golf clubs give away new cars and other luxurious items to those who perform well. Although it seems like the prize comes with a huge expense, the club does not necessarily pay for it.

If your golf course is offering a prize for a hole-in-one drive, it is almost certain that the actual golf course isn't paying a dime. Most golf clubs purchase hole-in-one insurance plan. Yes, that is an actual category. Also referred to as prize indemnification, this sort of plan covers the cost of the winnings. Despite the fact that most people never make this shot, companies cannot take their chances.

Normally, the golf prize giveaways exceed the $1 million mark. For most club owners, this is extremely over their budget. No one wants to pay a customer this much in prizes, especially if they are desperate for additional business. Most hole-in-one prizes are offered at fundraising events, and are usually on a par-3 hole. After all, if a club offered it on a more challenging hole, it would deter many players. At this point, insurance companies calculate the premium based upon a number of factors, from the cash value of the prize, to the number of people playing to the length of the hole.

Surprisingly, there are strict standards when purchasing hole-in-one insurance. The prize that is being offered has to be offered on a specific par-3 hole. Furthermore, the contestant's experience will change the amount of the premium. For instance, if the players are amateurs then the premium will be significantly low. On the other hand, if the players are professionals, the rate is clearly going to rise. In addition, insurance companies do not like to take any chances. If the prize is worth more than $250,000, then proof has to be provided. Most club owners or corporations use video recording as a source of evidence.

Even though these sorts of prizes are rarely won, wonders do happen. A company never knows how lucky a particular contestant is, nor do they know if the odds are going to be in their favor. According to a group of insurance companies - they have paid over $5 million alone for hole-in-one claims. For a rare occurrence, this is certainly a lot of money.

For newcomers who are determined to win one of these contests, the odds vary. If you are among the professional golfers who are at the PGA level - then your odds are 1 in 3800. Not bad, eh? However, for those who are beginners, their chances are a mere 1 in 13,000. No matter your skill, next time you see a hole-in-one tournament, think of the coverage involved. Who knew that an abundance of everyday activities would revolve around golfers insurance?