Hole-In-One Insurance

Imagine being in a golf tournament where each of the 18 par three holes is worth $1,000,000 to anyone hitting a hole-in-one. Then imagine being the last player on the last hole of the tournament with one last chance to win $1,000,000 and actually making the lucky shot. Surely that couldn’t happen, could it?

That’s exactly what happened at last year’s “Richest Day in Golf,” an annual corporate fund-raising tournament held in Orion, Michigan. Now imagine the look on the underwriter’s face when informed of the claim.

Hole-in-one insurance is prize coverage for a specified hole that allows the sponsor to offer an exciting prize without the risk. Many companies offer this type of coverage and have now turned hole-in-one insurance into an event for tournaments across the country.

Hole-in-one promotions can land lots of prizes
Hole-in-one promotions have been around for many years and continue to be a popular and economic way for companies to create great publicity and exposure with a captive audience. Whether it’s targeting CEOs at “The Richest Day in Golf” or supporting a city’s chamber of commerce golf tournament, offering players a chance to win a prize by sinking a hole-in-one leaves a lasting impression, even if a player duck hooks his or her chance two fairways over. It’s the chance, opportunity, and occasion to take home an exciting prize such as a new SUV, $100,000 cash, or a Harley for hitting a hole-in-one.

With most hole-in-one packages, sponsors get more than just prize coverage for the designated hole. Most packages include event signage such as tee signs and banners to help promote the sponsor and the prize being offered. Ancillary prizes such as cruises, golf clubs, and cash are also awarded to any player acing one of the other par 3 holes during the tournament. Sound expensive? Not really, hole-in-one packages start as low as $500.

To make the event even more affordable, companies organizing a hole-in-one promotion often contact local businesses to sponsor various levels of the tournament. This gives companies additional sponsorship revenue and fund-raising opportunities. Local businesses such as auto dealers, restaurants, retailers, and banks pay for hole-in-one insurance and in turn receive a great deal of exposure in the surrounding area.

The excitement of hole-in-one contests appeals to just about everyone. The opportunity to win becomes a big challenge and a conversation piece. Hole-in-one insurance is great for charity and fund-raising events, building client relationships, corporate outings to motivate employees, and much more.

Obtaining quotes for hole-in-one coverage is quick and simple. Here’s how it works:
1) Select a grand prize that is sure to grab attention.
2) Define the number of participants and yardage of the hole.
3) Secure prize coverage for the hole-in-one with a reliable underwriter. If anyone aces the hole, the underwriter pays and you reap the rewards. In most cases, sponsors can get a hole-in-one quote within minutes right over the phone.

But do hole-in-ones really happen?

The $1,000,000 cash prize for the “Richest Day in Golf” was a surprise win for SCA. There were 110 players shooting all 18 holes at 165 yards for $1 million. What were the odds that the last player to tee off would make it? Sheila Murphy, vice president of Sales for SCA, estimates the odds of a hole-in-one are 12,000:1 for an amateur player and 2,500:1 for professional players.

Another exciting win was several years ago at the Nissan Open in Los Angeles. Peter Jacobsen hit a hole-in-one and won a new Nissan convertible. The funny thing was that Jacobsen was sponsored by Toyota and was wearing their logo on his hat. After hitting the hole-in-one, he quickly threw off his Toyota hat and jumped in the Nissan to get a feel for the car.

Travis Kent is $28,000 richer thanks to SCA and Bob Baker Lexus.

To win a three-year lease on a Lexus or the cash equivalent, the dealership’s Field Day Golf Tournament challenged players to make a perfect shot in the 15th hole from 155 yards. This tournament was a great idea and an innovative way to market the Lexus dealership. Owner Bob Baker was very pleased at the traffic generated and the excellent publicity.

Whether you’re looking for an innovative way to thank your clients, a fun corporate outing, or a fund-raiser event, try a golf tournament with hole-in-one insurance. Everyone loves the chance to make an ace in the hole and win big.

Tanya Mathis is marketing manager for SCA Promotions. SCA Promotions (8300 Douglas Avenue, Suite 625, Dallas, Texas, 75225) has been covering hole-in-one promotions since 1986. For more information, log onto: www.scapromotions.com or info@scapromo. com.