The Hole-in-one Insurance Making Golf Tournaments Better
A hole-in-one in golf is a rare treat to the many golfers that call golf their favorite game and one of the hardest to accomplish any sport. The hole-in-one statistic of an average golfer making a hole-in-one is 1 in 12,5000, for a PGA Touring pro the odds increase to 1 in 2,500.
Many golfers can play a lifetime without one, then there are some like Mancil Davis who garner more than their fair share. A golfer with a club will wack a little white ball sending it on the exact distance to a little bitty hole, it is remarkable. It’s a great emotional experience when one happens for a golfer, its moment they will remember for a lifetime.
Golf tournaments have long been a favorite way for charities to raise much-needed funds. Golfers are typically in an above-average income bracket and willing to support charities while playing their favorite games.
Back in the early 1980s, John Everhart, the founder of National Hole-In-One Association, put insurance and golf together and it was a perfect match! With long odds, large prizes and the chance to win big, hole-in-one insurance was born.
Hole-in-one insurance has proven to be a vital tool for many golf tournaments because it adds excitement for all players no matter their skill.
Many golf stories have been created by the use of this promotional tool, “I missed the big cash by only 2 feet!” Of course, for some, that distance gets shorter over time, but for many hole-in-one contest winners, the prize is just half the story.
For the tournament directors, sponsors and their clients, the option to buy a hole in one insurance coverage is a cost-effective option that takes only a few minutes to purchase but greatly increases participation and media attention.
With the relatively low cost for ensuring prizes and the large cost of having to pay out for a large prize even though the odds are long, they do happen. Hole-in-one insurance makes economic sense.
There are tens of thousands of insured golf tournaments across the United States…the world each year, and the vast majority of them rather pay a small premium rather than take that chance.
To put this in perspective, in over 25 years, the National Hole-In-One Association has paid out over fifty million in cash and prizes, it makes good sense to let us take the risk.