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Hole-in-One Insurance Protects Your Golf Course Gorham ME

Most hole-in-one prizes, particularly ones offered at charity or other fundraising events, are offered on a par-3 hole, since offering it on a higher-par hole would usually discourage participation. Insurance companies calculate the premium of this coverage based on a number of factors, including the cash value of the prize, the length of the hole and the number of attempts allowed to each participant.

INSURANCE HERE IN MAINE
(207) 541-9400
26 Atlantic Place
South Portland, ME
 
Ruben-Fortier & LaCourse Biddeford Insurance
(207) 282-5139
289 Main St
Biddeford, ME
 
INSURANCE HERE IN MAINE
(207) 541-9400
26 Atlantic Place
South Portland, ME
 
John Rand Agency - Allstate Insurance Co
(207) 657-7911
31 Lewiston Rd
Gray, ME
Alternate Phone Number
(800) 896-1401
Services
Life Insurance Agency, Life insurance, Auto Insurance, motorcycle insurance, Landlord Insurance, homeowner insurance

Transamerica Accidental
(207) 839-7353
16 Village Woods Cir
Gorham, ME
 
John Rand Agency - Allstate Insurance Co
(207) 657-7911
31 Lewiston Rd
Gray, ME
Alternate Phone Number
(800) 896-1401
Services
Life Insurance Agency, Life insurance, Auto Insurance, motorcycle insurance, Landlord Insurance, homeowner insurance

Ruben-Fortier & LaCourse Biddeford Insurance
(207) 282-5139
289 Main St
Biddeford, ME
 
Boylan Insurance Group
(207) 236-6450
195 Commercial St
Rockport, ME
Alternate Phone Number
207-236-6450
Services
Auto, Home, Renters, Motorcycle, Snowmobile, ATV, Boat, Life

Towle Gary P Ins Agency Inc
(207) 839-6585
39 Main St
Gorham, ME
 
Hamilton Associates
(207) 839-7353
16 Village Woods Cir
Gorham, ME
 

Hole-in-One Insurance Protects Your Golf Course

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Hole-in-one Insurance

Coverage that protects your favorite golf course from the cost of a perfect swing

Insurance may not be the first thing that occurs to you when you think of perks at your local golf course. You’d probably think instead of the excellent martinis at the clubhouse bar or the reduced tee-off price you get for guests with your membership. In fact, you may not have given a moment’s thought to the shiny new Lexus that the club offers anyone who gets a hole-in-one, since, well, what are the odds that that’s ever going to happen?

But did you ever wonder who actually pays for that car, or any other prize your golf course offers for a perfect shot? Well, it’s mostly likely not the golf course itself. Chances are the club has purchased hole-in-one insurance – also known as prize indemnification – to cover the cost of the winnings in the unlikely event that someone actually makes that shot.

Hole-in-one insurance is similar to other big-ticket types of coverage, such as boat insurance or farm insurance Most golf courses utilize this kind of indemnity for major golf tournaments or fundraisers where the prize value – sometimes as high as $1 million – is far more than the club or sponsors could afford to pay.

Most hole-in-one prizes, particularly ones offered at charity or other fundraising events, are offered on a par-3 hole, since offering it on a higher-par hole would usually discourage participation. Insurance companies calculate the premium of this coverage based on a number of factors, including the cash value of the prize, the length of the hole and the number of attempts allowed to each participant.

Despite the unlikelihood of a hole-in-one, most insurers have very specific requirements before they will provide indemnity. Usually the prize must be offered on one specific par-3 hole, not any par-3 on the course. If contest participants are professional golfers, then the premium will obviously be higher than if they were amateurs. And some...

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