Exceptional, Reliable Insurance Protection for Your Contest Grand Prize
When offering attention-grabbing grand prices, you need to protect your investment. The team at Oegema, Nicholson & Associates can provide hole-in-one insurance that protects event sponsors from significant prize payouts.
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Hole-In-One Insurance
While this is a rare type of coverage, hole-in-one insurance is both useful and valuable.
Named after a particular type of contest held during golf tournaments where a contestant wins a grand prize for getting a hole-in-one with a single try, this policy is often purchased by event sponsors, sports leagues, and retailers running similar types of contests.
Typically, the grand prizes include items like new cars, large sums of cash, or expensive round-trip vacations.
Why is Hole-In-One Insurance Necessary?
Running contests with massive prizes is great for event sponsors. It draws attention and creates a buzz.
But sponsors do not actually want to pay a winner that pulls off a near impossible feat. More often than not, these prizes go unclaimed but when they do, sponsors are left having to pay out cash or prizes they don’t actually have.
Hole-in-one insurance covers this expense by covering the cost of the grand prize. For a sponsor, this means running these types of contests costs a set dollar amount instead of tens of thousands of dollars.
How Does Hole-In-One Insurance Work?
Hole-in-one insurance is a price indemnification policy that protects holders from having to pay out expensive grand prizes.
For example, a sponsor of a golf event may offer participants a chance to win a $10,000 prize with a hole-in-one on a particular hole. Ahead of the event, the sponsor will purchase a hole-in-one insurance policy for $350. If a participant makes the shot, they will receive a cheque for $10,000, paid for by the insurance provider. If no one gets an ace, the insurance company keeps the $350.
What Types of Prizes are Covered by Hole-In-One Insurance?
Hole-in-one insurance covers potentially expensive prize payouts.
The types of prizes covered include things like luxury cars, all-expenses paid vacations, or large cash prizes used to attract people to both the contest or the larger tournament.
Speaking with the professional brokers at Oegema, Nicholson can help you find the right policy and coverage for your specific contest, ensuring you’re covered should someone hit the jackpot.
Why Trust Oegema, Nicholson & Associates?
As a rare type of insurance, not all providers will offer hole-in-one insurance.
As an insurance brokerage, Oegeman Nicholson can explore the available options from a range of providers, putting you in touch with the right insurance product. We can help you find the best rates while customizing coverage to meet your unique needs.
You can rely on us to do the heavy lifting, helping you insure your contest, boost your business, and grow your customer base.
Contact us today to identify your perfect solution.
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