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Hole-in-One Insurance Protects Your Golf Course Spanish Fork UT

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.

1st National Holdings, Inc
(801) 400-6473
2704 East Canyon Crest
Provo, UT
 
National Foundation for Asset Protection
(801) 375-4290
808 E. 1910 S., Suite
Provo, UT
 
New York Life Insurance
(801) 373-5926
3305 North University Ave
Provo, UT
 
State Farm Insurance- Craig Baugh
(801) 344-5400
2255 N. University Pkwy
Provo, UT
 
Morgan Title & Escrow, Inc
(801) 753-7700
202 East 800 South Suite 101
Orem, UT
 
State Farm Insurance- Agent
(801) 358-6929
1180 West 2400 South
Mapleton, UT
 
Colonial Life
(801) 373-7283
398 North University
Provo, UT
 
MillerWade Group
(801) 377-1990
3311 N. University Ave. # 275
Provo, UT
 
Action Commercial Insurance Agency - Insurance Agents in Orem, UT
(801) 802-0401
891 S Orem Blvd
Orem, UT
 
Monson Insurance
(801) 226-3000
812 South State Street
Orem, UT
 

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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