What Is Hole In One Insurance?

22.06.18 12:40 PM By Stuart Hartley

Are you sponsoring a charity golf event or looking to maximum your ROI with a non traditional activation?

Hole In One insurance makes it possible to offer a large prize fund to really engage and wow your players?  Let EventCover take on the risk that there will be a substantial winner allowing you to relax knowing that we will ensure a timely pay-out if the jackpot is won.

Although often seen here in New Zealand, Hole In One insurance is often misunderstood and totally under utilised.  Working like any other kind of insurance, this is a type of prize indemnification whereby you are paying a premium to transfer the risk of having to pay for a prize if someone makes a hole in one during a golf event.  You can therefore kick back, relax and focus on the event.

The premium is calculated based on the number of people participating in the golf event, the value of the prize and the distance from the tee to the flag.  If someone gets a hole in one on the designated hole, EventCover will pay for the prize.  Simple!

For example, a local retail company has struggled to maximum their return on investment with previous marketing campaigns.  The retail company wants to make the most of their sponsorship at a charity golf tournament and decides to give all of the 100 tournament participants the chance to win a $25,000 prize on the 155 metre hole 5.  Working alongside a local car dealer, the retail company contacts EventCover to organise a hole in one policy to give away a vehicle valued at $25,000.  For a premium in the region of $620.00, the cover is put in place and the prize is insured.  

On the day of the tournament, Mrs. Golfer hits a hole in one and receives the keys to her new vehicle, fully covered by the insurance policy.  

The possibilities for jackpot prizes are endless providing you with the creative license to create some exciting and engaging jackpots that will make your budget work harder and will reach and engage more people.

For any queries, touch base with Stu on 027 570 0480 or stu@eventcover.co.nz

Stuart Hartley