# Hole in One Insurance



## roysnj (Dec 24, 2006)

I am posting this because golfers should know. The Truth About Golf Hole in One Insurance.
Golf Hole In One Insurance - How it works . Typically an event or outing or tournament picks one par three. They then tell the hole in one insurance company, how many players, the hole yardage and the prize value. If someone makes a hole in one they receive the prize. Whats the truth? The Hole In One Insurance company makes money based on the fact of the probability of hole in ones and the money they receive versus how much has to be paid out. Don't hold this against them. They are providing an important service. You would not want to pay out if a hole in one is made. Like any other insurance they are backing your fortune or misfortune. Just make sure they are reputable.
When purchasing hole in one insurance the MOST important thing: "Is the company you are purchasing from going through a real insurance company or are they self insuring?". Ask them that question and these. Will you receive a certificate of insurance? What is the name of their insurance company? You do not want to be stuck with the prize amount if they are not legally backed. There are too many of horror stories in this industry.Hole in ones. Of course you can insure them. Then when someone in your group makes a hole in one they win the prize. Let's just go on the assumption that a hole in one can happen once in every 8,000+ times. I used to work for a company that provided insurance for golf hole in ones. They did not go through a real insurance company so when difficulties were encountered, I decided to leave and become fully backed by an insurance company. Let me tell you how the previous one worked. They sold insurance for a $5,000 hole in one at one dollar per shot. Given the probabilities above if they sold 8,000 of them they would pocket $3,000. What if two people got hole in ones but the company only collected $4,000 to date?? You can see the problem. For more information go to <a href="http://www.golf-holeinone.com">http://www.golf-holeinone.com</a>
Any questions or stories you would like to share: <a href="mailto:[email protected]">[email protected]</a>


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## srothfuss (Nov 17, 2006)

I think I'll keep my money in my pocket and if I get a hole in 1 - buy the guys a round at the local pub


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## blue3715 (Aug 29, 2006)

Probably best for the local club to add an indenmity clause to the hole in 1, have each player initial before playing the hole or put a notice on each cart. i.e. if the insurance company defaults, the club is not resp. and the player must sue the insurance company themself.


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## Golfbum (Oct 14, 2006)

I have aced three Par 3's and I had to buy one beer and two Cokes! The other aces I had , the boys I was playing with bought me a beer.
My home course used to have a Hole In One Contest on the 173 Yard Par 3 15th. You paid at the Clubhouse, when you got to the hole you entered your PIN #, which turned on the camera behind the green. If you got an ace you were paid $5000 by the company that ran the Hole In One Contest. The money did not come from the course. I was playing that hole one day before I joined the course, and missed an ace by 3 inches short of the hole. My buddy said "It's a good thing it did not go in. I would not have been able to finish my round as I would be laughing so hard because you did not pay the $2 for the contest" Nice guy eh?
Funny thing is, after I joined the course I did ace that same hole. but they no longer had the contest running then


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