Hole-in-One Insurance

Hole-in-One insurance is a rare, but useful, type of coverage designed for contests with attention-grabbing grand prizes. It’s named for insurance typically taken out by golf tournament sponsors that run contests offering big-ticket incentives. These prizes are awarded to contestants who make a hole-in-one on a single try. This type of coverage, however, is not limited to golf. Hole-in-one insurance is also purchased by sports leagues and other retailers that run similar contests. These contests usually feature expensive grand prizes, like new cars, cash or elaborate round-trip vacations.

Why is hole-in-one insurance necessary?

This type of insurance spares tournament sponsors from incurring the large expense of paying a grand prize winner. Although sponsors love the idea of running such a contest, they don’t actually want to pay a winner who pulls off a seemingly impossible feat. Nor do they have a luxury car or tons of cash on hand to award the winner in the first place. Often times, these contests end with no significant payout to contestants. But in the event that one person gets lucky and does win, hole-in-one insurance will incur the large expense of paying out a grand prize winner. Ultimately, it turns the cost of running such a contest into a set dollar amount on the sponsor’s end. Contest coverage can also be purchased for other sporting events — such as field-goal kicks in football, half-court shots in basketball or home runs in baseball. In fact, many TV game shows will also purchase insurance for million-dollar prizes.

How does it work?

This price indemnification insurance works just like any other type of policy. But instead of insuring your property against damage, you’re paying a premium to eliminate the risk of having to pay out an expensive grand prize. For example, let’s say a sponsor wants to make the most of their sponsorship at a charity golf tournament. So they’ve decided to offer all spectators a chance to win a $10,000 prize on Hole 6 at the 165 yard mark. Before the event, the sponsor will purchase hole-in-one insurance for $350. On the day of the tournament, Mr. Tom Golfer makes an ace on Hole 6. This means he will now get a grand prize cheque for $10,000 — paid for by the insurance provider. If no player accomplishes the hole-in-one feat, the insurance company keeps the $350 premium.

What types of prizes can hole-in-one insurance cover?

Because hole-in-one insurance is designed to cover the cost of grand prizes, it’s usually expected a claim will involve potentially high payout amounts. Luxury cars, all-expenses paid vacations and newly-built homes are just some of the incentives businesses use to attract customers to their contests and tournaments. Be sure to check your policy carefully to understand what coverage entails.

Why trust Oegema Nicholson?

Not all insurance providers offer hole-in-one insurance. Oegema Nicholson can put you in touch with those who provide this unique insurance product. We can also help you shop around for the best rates on the market, and create a customized policy that suits your needs. So rely on us to help you insure a contest that will boost business and grow your customer base. For more information on hole-in-one insurance, call us at 613-224-1455 or contact us here.

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Saul Mendoza (Salty)
Saul Mendoza (Salty)
2023-06-02
My broker Bill C. from ONA has helped me over the years now with my vehicle insurance. He is very cautious and detail oriented when processing documentation, and ensures I understand everything whenever there are any changes. He recently helped me cut my premium almost in half just by improving my record and shopping around at the appropriate time. I am grateful to him and the team for being there for me when I need them.
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RMP Tutoring
2022-05-14
I was assisted recently by Greg, who did a wonderful job in not only answering all of my questions and helping me to review pre-existing insurance plans, as well as advising me to look into my credit card/group insurance before needlessly purchasing more. This to me speaks highly of the character of the employee and business of a whole, and it is certainly the one I will be going to for any future needs.
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Bobby SHARKS
2022-05-02
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lise sevigny
2022-03-07
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Jamie C
2022-01-10
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2022-01-10
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Jennifer Bardwell
2021-06-04
I purchased commercial insurance with this company. Very professional service throughout, and a good price on the policy. Would highly recommend!
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