Here’s how to get online hole in one insurance
Golf season is in full swing across Canada. And if you want to attract clients and key contacts to sign up for a corporate or charity golf tournament, hole in one insurance is likely on your mind.
Fresh air, informal networking opportunities and friendly competition are just some of the reasons why businesses and non-profits host golf tournaments. The perfect date, location and course are just the start of creating a much-anticipated, sell-out summer event.
This is why many golf tournament hosts use hole in one insurance to add an additional layer of fun to their special event. A top prize of a luxury electric or hybrid car might be just the incentive someone needs to decide to play your event. If your organization is planning a golf tournament and you’re googling “online hole in one insurance in Canada” this post provides some timely information.
So, what’s it take to actually hit a hole in one?
The U.S. based National Hole In One Registry sets out the chances of a golfer actually hitting a hole in one to be quite rare. According to the Registry, these are the current stats that an average golfer contends with while out on the range:
- “There are approximately 450 million rounds of golf played each year in the U.S.
- On average each course has about 25,000 – 30,000 rounds played each year
- Each course reports 10-15 hole in ones each year
- A hole in one is scored once every 3,500 golf rounds
- Odds of making a hole in one is 1:3500
- Only 1-2% of golfers score a hole in one during the year
- Average years of playing is 24
- Average handicap of golfers making hole in one is 14
- Age group that makes the most holes in one is 50-59 (25%) and the next highest is 40-49 (24%)
- Ball used most often is Titleist (45%), Nike (14%), and Top Flite (11%)
- A Hole in One on a par four is called an Albatross”1
Suffice it to say, getting a hole in one doesn’t happen very often. And that’s why connecting a valuable prize with a hole in one at your upcoming golf tournament can be a great draw for potential players.
What is hole in one insurance and how does it work?
Unlike other forms of commercial insurance, hole in one insurance is designed for a very specific and short-term purpose. According to Insurance Business Canada, “Prize indemnity insurance, sometimes referred to as hole-in-one insurance, is indemnification insurance for a promotion in which participants are offered the chance to win prizes. It gives companies the ability to offer special contests and promotions with attractive prizes like cars, vacations, and fat cheques, while transferring the risk of the prize to a financially bound insurer.”2
Hole in one insurance coverage is designed to make it simple and easy for the event host to add an interesting promotion to a golf tournament. “Instead of hoarding cash to cover large prizes, organizations can pay a premium to an insurance company. This premium is calculated on the value of the prize and the statistical odds of someone winning it. The policy’s coverage limit is equal to the insured’s potential loss, which is the financial value of the prize. It also protects the prize winner because it acts as a guarantee that the insurer will pay for the prize.”3
Tee up your event insurance with us – ONLINE!
Ready to get online hole in one insurance? Before you click and start using our online insurance app, here is a preview of information we need to know about the golf event you are planning.
- What’s the name of the tournament?
- When is the golf tournament taking place?
- What golf course is your tournament being held at? Where is the course located?
- How many players will be participating?
- Are any professional golf players taking part in the tournament?
We also need some details about the tournament hole(s) you’d like to insure. Here are a couple of questions that you can answer using our online hole in one application:
- What is the number of the hole with the prize?
- What is the insured prize value?
- How many times will the course be played whereby an individual player will tee off at the prize hole (including multiday tournaments)?
DYK? ALIGNED Insurance is known for ONLINE commercial insurance products
We take pride in making the commercial insurance buying process simple, easy and straight-forward.
In addition to online hole in one insurance, some of our most popular commercial insurance products that you can get online now include:
In addition to the commercial insurance products above, you can also get specialty, professional & industry-specific coverage quoted online now. Links to more online products can be found below:
- Architects, Surveyors & Engineers Professional Liability For Building Design Professionals
- Health & Fitness Facility
- Health, Wellness & Fitness Liability
- Retail Stores / Retail Outlet / Retailing
Hole in One insurance – Get it and your commercial insurance ALIGNED with us
Every day, our team takes pride in aligning the best commercial insurance products and services to meet the specific needs of Canadian business. Online hole in one insurance is just one example of a unique and time sensitive product that we are proud to offer across Canada.
It doesn’t matter where your commercial business is located in Canada. We deliver a different and better commercial insurance experience to each and every business we support. If you are ready to work with an insurance team that is wholly dedicated to business insurance, now is the time to get aligned.
Source(s):1National Hole In One Registry; 2,3Insurance Business Canada: What is prize indemnity insurance?;CBC.ca “Hole in one or out of bounds? Vancouver Park Board delays debate on future of public golf courses”