[roysnj]

I am posting this because golfers should know. The Truth About Golf Hole in One Insurance.
Golf Hole In One Insurance - How it works . Typically an event or outing or tournament picks one par three. They then tell the hole in one insurance company, how many players, the hole yardage and the prize value. If someone makes a hole in one they receive the prize. Whats the truth? The Hole In One Insurance company makes money based on the fact of the probability of hole in ones and the money they receive versus how much has to be paid out. Don't hold this against them. They are providing an important service. You would not want to pay out if a hole in one is made. Like any other insurance they are backing your fortune or misfortune. Just make sure they are reputable.
When purchasing hole in one insurance the MOST important thing: "Is the company you are purchasing from going through a real insurance company or are they self insuring?". Ask them that question and these. Will you receive a certificate of insurance? What is the name of their insurance company? You do not want to be stuck with the prize amount if they are not legally backed. There are too many of horror stories in this industry.Hole in ones. Of course you can insure them. Then when someone in your group makes a hole in one they win the prize. Let's just go on the assumption that a hole in one can happen once in every 8,000+ times. I used to work for a company that provided insurance for golf hole in ones. They did not go through a real insurance company so when difficulties were encountered, I decided to leave and become fully backed by an insurance company. Let me tell you how the previous one worked. They sold insurance for a $5,000 hole in one at one dollar per shot. Given the probabilities above if they sold 8,000 of them they would pocket $3,000. What if two people got hole in ones but the company only collected $4,000 to date?? You can see the problem. For more information go to my website.

[ExCal]

Wow I never knew about this. But on the other hand im not as much of golfer as others on here.