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Hole In One Insurance News - Foresite Sports

Wednesday, March 26, 2008

What Exactly Is Hole In One Insurance?

So what exactly is "hole in one insurance"? We get asked this question all the time here at Foresite Sports. Well, hole in one prize coverage (more commonly known as hole in one insurance) is a service that allows golf tournament organizers to remove the risk involved in running a hole in one contest. The idea is best explained through an example. Imagine, if you will, that you are hosting a golf tournament and on a particular par 3 hole you hold a hole in one contest. Let's say you offer every golfer in your event the opportunity to win a brand new car if he or she can successfully make an ace. Now, if hole in one coverage didn't exist, and someone made a hole in one, you would be fully responsible for paying for that brand-new car; you'd be out tens of thousands of dollars. Not surprisingly, a lot of golf outing organizers are unwilling to take such a big chance, no matter how long the odds may be on a golfer making an ace.

Now, if you purchased hole in one insurance, the story changes dramatically. Initially, the coverage will set you back several hundred dollars, but that is where your liability ends for the hole in one contests. If you purchase hole in one coverage and a golfer makes that special hole in one, our insurance company covers the cost of the prize, you don't pay a dime. And if the stars align and more than one golfers sinks an ace, each of them will receive the brand-new car, all at no additional cost to you. Effectively, by purchasing hole in one contest coverage, you are transferring the risk involved in hosting the contest to your coverage provider.

Foresite Sports is a leading provider of hole in one contest coverage. Additionally, Foresite Sports is backed by an A+ rated underwriter, the highest rating in the industry. Any further questions you may have regarding hole in one contest coverage can be asked of our knowledgable tournament consultants.