Golfers dream of a “hole in one” but most of wouldn’t think this event would need to be insured against. However, many tournaments promise big cash prizes for such accomplishment that can be sufficiently large to warrant purchasing insurance against such an eventuality.
This practice had its origin in an earlier time when golfers scoring a hole in one were expected to buy drinks for everyone in the clubhouse; an event that in many places could be expensive enough to require third party funding for the tab.
In 1991, a young entrepreneur saw a need for insurance against holes-in-one as charity golf tournament organizers felt increasingly at risk for what for the golfer is otherwise an event worth celebrating. Learn a little bit more about basic insurance principles, an emerging risk and how a number of insurance entrepreneurs stepped up to meet it in. “The Strange Business of Hole-in-One Insurance.”
