Prize indemnity insurance
Prize indemnity insurance is
Hole-in-one insurance
One of the earliest and most common forms of prize indemnity insurance is hole-in-one insurance. Hole-in-one insurance, often purchased by a golf
According to the newspaper
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 legitimately, and what to do if a contestant hits a hole-in-one on a hole other than the insured hole. Variables that affect the cost of the hole-in-one insurance include: the number of participants in the tournament, the skill of the participants (amateur vs. professional golfers), the length of the insured hole, and the value of the prize being offered.
Motor racing
Prize indemnity is also used in motor sport to help offset the high costs of running a team. The highest recorded payout for such a policy was $250,000 on 8th August 1992, when
Other uses
In addition to hole-in-one insurance for golf events, prize indemnity insurance companies typically offer coverages for other types of contests as well. For example, contest coverage can frequently be purchased for contests such as half-court shots in basketball, field-goal kicks in football, home runs in baseball, blue-line goals in hockey, and even retail and casino-based promotions as well.
For example, in the
Most television
References
- ^ USATODAY.com - With holes in one, no matter how you slice them luck is vital
- ^ [https://www.racingsportscars.com/results/Zolder-1992-08-09.html
- ^ Racing Sports Cars - All Results of Robin Donovan
- ^ Lloyds of London pay out $250,000 for Robin Donovan's 6th place Zolder finish, driving a Gunnar Porsche 966
- ^ "Private Site". Archived from the original on 2013-04-22.