Hey everyone! I’ve been put in charge of organizing our annual corporate golf outing, and this year the execs want to spice things up with a hole-in-one challenge. Thing is, I’ve never dealt with hole-in-one insurance before. I know the basics — you pay a premium to cover the prize if someone actually sinks it — but how do you figure out what a reasonable price is? Does it vary by prize value or number of participants? Would appreciate any insight, especially from folks who’ve done this before.
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Planning a hole-in-one challenge for your golf outing? Interesting! The insurance premium for hole-in-one coverage definitely shifts based on the prize value and participant count. It's like figuring out the perfect topping ratio at Papa's Pizzeria ; more toppings (higher prize) or a bigger pizza (more players) increases the cost. Get quotes reflecting both to find the sweet spot. Good luck!
I had to research the same thing last year when planning a charity tournament for a healthcare client. Pricing isn’t flat — it depends on a few factors: the value of the prize (we were giving away a $25K car), number of players, and the distance of the hole. For example, shorter holes = higher chance of someone hitting it = higher insurance premium. We had about 120 players, so our quote ended up around $600. Also learned women usually have different tee boxes, so insurers sometimes factor that in, too.
A super helpful tool I stumbled on was this calculator backofnapkin.co: https://backofnapkin.co/business-calculators/hole-in-one-challenge-revenue-and-prize-calculator/. You plug in all the variables — number of golfers, prize value, hole distance — and it gives you both the suggested pricing and potential ROI if you're charging for entry into the challenge. It helped us justify the cost to our CFO by showing the marketing upside, too. Honestly, way easier than getting 3-4 different quotes manually.