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Hole In One Insurance News - Foresite Sports

Thursday, April 3, 2008

Hole In One Insurance for Multiple Aces

Imagine, if you will, that you are hosting a golf outing and have a hole in one contest set up for a $50,000 prize on one of your par 3 holes. Shortly after everyone tees off, you receive word that a lucky golfer successfully made a hole in one on the contest hole. Hooray!!! You get to hand over a giant check for fifty grand! An hour later, you receive word that another lucky golfer did the same thing, making a hole in one for the grand prize. What happens now!?!

With some hole in one insurance packages, golfer #2 would have been out of luck. While golfer #1 would have walked away with a cool $50,000, golfer #2 would not have been so fortuitous as some hole in one insurance coverages only allow for one grand prize to be claimed. As tournament organizer, you'd be in quite a bind, right?

Well, thankfully, Foresite Sports, along with a handful of other hole in one insurance providers, protect against this type of nightmare by offering prize packages that cover multiple holes in one. If you purchase hole in one coverage from Foresite Sports and end up with 5 holes in one, 5 prizes will be awarded. It's as simple as that.

However, one caveat to this coverage is the treatment of hole in one prizes valued above $100,000. If you offer a hole in one prize of this great value, then only one prize will be awarded. For those few tournament organizers who elect to offer such glamorous prizes, there are several options to deal with the possibility of having multiple winners. The first option is to declare that only the first hole in one wins the prize. Doing so prevents golfer #2 in the example above from being too bummed out that he didn't win by letting him and the other golfers know ahead of time that the hole in one prize had already been claimed, nullifying their attempts to win it. Additionally, you can have the prize split amongst the multiple winners. If you have a $200,000 hole in one prize and end up with two winners, each can have $100,000. I don't know of many people who would complain about returning home with that kind of cash at the end of a round of golf.

If you have any questions at all about the treatment of multiple holes in one for any of our hole in one insurance offerings, please don't hesitate to contact one of our knowledgeable tournament consultants for further information.