Hole-in-one prize indemnity

Published Date: 09/12/2023
Source: AON

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A Marketing Tool for Golf Days

 

A hole-in-one is considered one of the most elusive but most wanted achievements in the golfing world. According to the PGA National Hole-in-One Registry, the odds of the average golfer making a hole-in-one are 12,500 to one, with many factors coming into play such as the hole’s length and layout, weather conditions on the day and the golfer’s skill level.

 

“This is exactly why marketers often offer a hole-in-one prize on a designated hole during a golf day, as it adds to the possibility of something extraordinary happening at a golf day,” says Philip Cronje, Business Unit Manager of Aon South Africa’s sports, recreation and entertainment division.

 

However, offering a large cash prize or even a vehicle prize for a hole-in-one can pose a considerable financial risk to the organiser, with most only having a guestimate at the odds of someone actually making the shot. “This is where hole-in-one prize indemnity cover comes into play. This type of insurance covers the cost of the prize if someone makes a hole-in-one during a golf day, allowing organisers to offer amazing prizes without having to bear the financial risk of it,” Cronje explains.

 

“Hole-in-one indemnity cover can be taken per event, such as a golf day, or the cover could be tailored around an organiser’s annual or sessional requirements. It is crucial to engage with your broker at the planning stage of your event to include the hole-in-one indemnity cover in the event planning process. If, however, you have overlooked the step, it is possible to arrange the cover the day before the event, as long as the agreed premium is paid prior to the event commencing, to secure the cover,” says Cronje.

 

“There’s nothing quite like an incredible hole-in-one prize to draw interest and participation in your golf day. Not only does it add to the stature of the event, but it also creates hype around the event itself and the specific hole in question. Securing as many players as you can on your golf day is the aim of the game, and offering a hole-in-one prize will certainly provide the increased interest,” Cronje adds. 

 

“Hole-in-one prize indemnity is a valuable tool for golf courses, businesses or event organisers who are looking to host special events and generate excitement among players. By offering large prizes without having to bear financial risk, you can create memorable experiences for players and increase exposure in the process. Speak to your broker today, to get covers in place for your next golf day event,” Cronje concludes.