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Not Sure How Hole In One Insurance Works? Or Even If It Is What You Need?
Here are some common questions that explain how hole in one insurance works and can benefit your golf event.
- What Is Hole In One Insurance?
- What’s In A Prize Package?
- Shootout Vs. Hole in One?
- How Does It Work?
- How Will It Help My Tournament?
- What’s The Odds Of Making A Hole In One?
- Can My Event Afford Insurance?
What Is Hole In One Insurance?
National Hole-In-One’s insurance coverage packages function like a prize and event safety net to protect your initial investment of the event you are planning. With our Prize Insurance packages, we secure your contest prize with prize indemnity insurance. By doing so we take on the financial risks associated with offering a highly valuable grand prize. Under this policy, when an event goer makes a hole in one, we pay the cost of the prize.
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What’s In A Prize Package?
Our Prize Packages can cover any prize your event team can imagine or dream up. We work hand in hand with your sponsors to create offers that can’t be refused and drive in more participants. Need some ideas? To get your creative juices flowing, here’s a list of some of the popular prize package options, everything from a Caribbean Cruise, Safari Vacation, Harley Davidson Super Glide Motorcycle, Porsche Boxster S, Trip for two to The Masters, Major Championship tickets, Boston Whaler Fishing Boat to cold hard cash.
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Shootout Vs. Hole in One?
Both a Shootout and a Hole in One Contest are an extremely exciting experience at a golf tournament, bringing in media and the masses. A hole in one contest occurs on a random par 3 hole selected out of the 18 holes set to play. A Shootout Contest is a bit different, it takes place at the end of the tournament with a raffle selected golfer. Nothing tops the end of a great tournament like a Million Dollar Shootout.
Which Contest Should I Choose?
How Does It Work?
The XYZ Foundation added a Hole in One Contest to hole 8, which is a Par 3, any contestant who is successful in making a hole-in-one on hole 8 will win a $10,000 prize. Prior to the event, XYZ purchased a National Hole In One contest coverage package for $262. Because XYZ purchased National Hole in One Prize Insurance, if someone makes a hole-in-one on hole 8 during the event, NHIOA writes the $10,000 checks leaving the total out-of-pocket cost for XYZ only $262.
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How Will It Help My Tournament?
If you’re a pro golf tournament organizer, event coordinator or simply planning a charity based company golf outing, National Hole-In-One has a perfect Hole in One package to make your event memorable and successful. No tournament or charity is complete without a hole in one grand prize to brag about. Not only does it give players something to be excited about, it’s easy to execute, very cost effective and creates valuable visibility for you and your sponsors.
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What’s The Odds Of Making A Hole In One?
Making a hole-in-one is a perfect combination of a stroke of luck, with the drive of some skill. When it comes to the numbers, the odds slightly differ between amateur golfers and professional golfers. An amateur golfer has roughly 12,500 to 1 odds of making a hole in one on a par 3. With this information we can presume that if you have approximately 100 amateur golfers and four par 3 holes, the odds are roughly 1 in 32.
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Can My Event Afford Insurance?
Before you think your event is too small to afford insurance, remember the power of sponsorship. Roughly 70-90% of all Hole in One Prize Insurance packages are “Sponsored By” contests. Very seldom do tournaments actually sponsor their own hole-in-one contests. It is more of a business opportunity for all by teaming up with a sponsor to drive more traffic to your event.
What Sponsors Should I Get?