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Companies that provide hole-in-one insurance may provide signs or other accessories to help the tournament host promote the hole-in-one prize. The insurance contract between the golf tournament and insurance company will detail rules such as: which holes on the course the prize will be insured on, how to verify the hole-in-one was achieved ...
In 1991, Gilmartin added to his business holdings by co-founding Hole In One International, a full-service golf promotions and prize indemnification insurance company. [1] Soon thereafter, Hole In One International added a sister company, Odds On Promotions, to handle the non-golf promotion and prize indemnification requests it was receiving.
The Hole-in-One insurance product allows tournament organizers to offer a cash (or equivalent) prize to anyone who makes a hole-in-one on one of the par 3 holes. The product is coupled with an online quoting tool that can provide a quote in less than 15 seconds for insurance limits from C$5,000 to C$50,000.
Scroll down for the best of this year's nine-hole exhibition: ... Masters Par 3 Contest Prize. ... Augusta native Luke List also carded a hole in one on the sixth hole for the day's first ace.
In an emailed statement to McClatchy News on Aug. 25, Galvin said Nova Southeastern University organized the tournament and Mercedes-Benz sponsored the hole-in-one prize indemnity through his company.
Dec. 13—NEWBERRY — Kirk Atwood, a United States Army veteran, won the hole-in-one prize, a Gravely Atlas side-by-side all terrain vehicle provided by Tony Hedgepath, during the 36th Annual ...
Usually such expensive prizes are backed by an insurance company who offers prize indemnification services. Actuaries at such companies have calculated the chance of an average golfer making a hole in one at approximately 12,500 to 1, and the odds of a tour professional at 2,500 to 1.
The insurance company that was required to make the payoff, American Hole 'N One Inc, voided the payment because Calhoun had played college basketball, a violation of the rules. However, the sponsors of the event, Coca-Cola , the Lettuce Entertain You restaurant, and the Bulls, pledged to cover the prize if the insurance company would not.