As part of the prize indemnification coverages, Hole-in-One golfing tournaments need insurance protection for a number of listed reasons.
• The insurance coverage allows you to present enticing prizes at a nominal cost with no risks attached.
• Prizes are often paid for by sponsoring businesses, allowing the insured to rap even more profits from the event.
• Publicized prizes draw more participating golfers to the event, as well as media and press attention.
• Potential proceeds are protected with the prize insurance coverage.
Aside from the overall and general liability protection that these event organizers get from a related insurance policy, the unlimited prize return for a hole-in-one win means something spectacular: there is coverage for up to $50,000 an aced hole AND, should a hole-in-one actually occur, with the right policy an additional twenty percent of the prize's value will be given to the charity hosting the event!
Of note, of course, is that additional insureds may be counted in the policy free of charge.
Other potential benefits may include:
• Simple verification procedures, with no videotapes required
• Zero deductibles
• Backing of a financially strong insurance company
• Excellent score ratings
But nothing says why the event planner needs tailored Hole in One golf event insurance better than honest to goodness claim examples. So here we go!
Golf Tournament Insurance Claim Scenarios that Will have You Convinced:
A) A childhood diabetes charity organized its very first yearly golf event as a fundraiser. The enticing dare was related to a hole in one on hole number thirteen. It didn't take very long for the ace to occur. The first participant actually made the hole in one swing of his golfing club, becoming the grand winner of the $50,000 cash prize. The associated insurance policy included non-limiting prize restoration; this way, when a golfer that followed aced the hole as well, he received the prize also. In addition, the hosting charity was the recipient of $10,000, as per terms of the coverage.
B) A community club organized a hole in one golfing adventure as a fundraiser for a not for profit breast cancer research company. Males and females participated in the contest. One woman made an automatic hole in one while standing one hundred and twenty five yards away! She was the undisputed winner of the offered $25,000 prize money. The charity was also presented with $5,000 to further their work!
C) As part of its chief source of revenue, a charity organized its annual Hole in One fundraiser. With the potential of two ace wins, the offer was an attractive one for golfers. At the event there actually were two winners that pocketed the cash prize: $55,000. The charity group also raked in by accepting $11,000!
PRIME Insurance, the three-generation family-run independent agency, is proud to partner with many of the leading companies in the industry. With thousands of satisfied customers, we benefit policyholders by reviewing current coverage, as well as by shopping our wide network to locate customized policies at competitively lowest quotes. We provide all forms of nationwide coverage, including NJ travelers, cheap auto, low quote commercial umbrella, flood, renters, Houston, TX property, homeowners, bonds, workers comp, life insurance and more. HAVE A PRIME DAY™ and visit us at https://www.primeins.com/ or email us at PRIME@primeins.com or call us at 732-400-5242!
Article Source: http://EzineArticles.com/expert/M_Wyzanski/2158115