Hole in One Insurance is a type of prize indemnity insurance that protects golf tournament organizers from paying massive cash prizes to a golfer that hits a hole in one during the tournament. It has become extremely popular among golf tournaments. It is a very good idea for you to acquire a hole in one insurance policy. This allows you to greatly increase the appeal of your tournament without needing the cash on hand to cover the prize promised to a golfer in the event that they hit a hole in one. Here are some tips about how you should go about getting the right Hole in One Insurance for your golf tournament.
Picking your Provider
The Hole in One Insurance industry is one that has experienced great growth in recent years. With so many new firms entering the fray, there have been reports of firms issuing Hole in One Insurance without proper licensing and in some cases, they do not pay up in the event of a hole in one in your tournament. This is why it is so important to do your research before you make any commitments with a prospective insurance company.
The Better Business Bureau is a tremendous resource for those looking to pick an insurance provider. Here, you can check the firm’s record and ensure that there are no complaints against them. You can also check the A.M. Co. rating of the insurance company that the policy is written with, which will give you tremendous insight into the legitimacy and integrity of the company you might work with.
Picking the Right Coverage
You can find a wide range of insurance policies across virtually all of the companies that provide these policies. Obviously, depending on the demographic of the tournament and the cost of registration, the appropriate amount of prize money will change. It is also vitally important to read through the contract thoroughly and make sure that you understand all the terms. There are many cases when a Hole in One Insurance firm promises a certain prize for a hole in one on the 10th hole. If someone hits a hole in one on any hole but the 10th, there will be no money paid out.
Understanding the contract and the insurance provider that you choose will ensure that everything goes smoothly and you stand to benefit greatly from acquiring this insurance. Hole in One Insurance is something that will up the appeal of your tournament by adding to the excitement. Look into options for this insurance in your area.