What To Look For When Purchasing Hole In One Insurance?
If you have never purchased hole in one insurance before, the task may seem somewhat daunting. After all, you rarely hear terms like “indemnification”, “bonus prizes” or “prize restoration” exchanged over the water cooler. However, before you signed on the dotted line with the first contest coverage provider you come across; there are some things to take into consideration that can alleviate a lot of headaches later on.
The very first question to ask is whether the firm is backed by an insurance company, and if so, which insurance company it is . If the company will not tell you, hang up immediately. There is no legitimate reason to be hiding this information from consumers, other than that they won’t tell you because they have no underwriter. For extra piece of mind, ask what the insurance company’s ratings are from A.M. Best, Fitch, Moody’s and/or Standard & Poor’s. Each of these firms provides grades to insurance companies so that consumers can gauge which ones are the most secure. Accept nothing less than an “A” from any of these rating organizations.
With regards to pricing, there are two things to consider. First of all, if the price is too good to be true, it probably is. All of the major hole in one coverage providers price their coverages according to the odds of a golfer making a hole in one, and consequently, their prices are generally very similar. In addition, ask what the minimum policy price is. Some hole in one coverage providers will not sell a policy for under $300 or $400. If you have a small event or are giving away a small prize, you are probably paying too much as many hole in one insurance firms have minimums in the $175 range.
Contest signs are another important part of the hole in one contest equation. Are the company’s signs customizable in any way? Also, ask if you can put a sponsor’s logo on the sign. If the answer is yes, you know that each sign is custom made for you. If the answer is no, then be prepared to potentially receive a mass-produced sign with your sponsor’s name written simply printed in black and white on copy paper and slipped into a clear pouch on the board.
Finally, be fully prepared for bonus prize hassles. Like most things that are free, there is sometimes fine print associated with bonus prize offerings for hole in one contests. Particularly with regards to vacations, ask if there are blackout dates, or times that travel is prohibited. The last thing you want is an unhappy winner who can’t travel when they want to. Also, is airfare included for the vacation, or only hotel fees? In addition, some companies offer tee packs. Ask whose name will be printed on the tees (it is most likely the hole in one insurance company’s).
Keep in mind that these are merely warnings, and not a denouncement of the industry. There are many extremely reputable firms that offer hole in one insurance and have the highest customer service standards imaginable. If you should have any further questions regarding these topics, please contact one of our tournament consultants who will happily assist you with your concerns.