[H050]

hole-in-one insurance

Hole-in-one coverage is a form of prize indemnification insurance usually purchased by a sponsor of a local golf tournament who donates a prize, such as a new car, tractor, clothes or other merchandise or cash, to be given to any golfer who scores a hole-in-one on a specified hole on the golf course. The insurance is arranged prior to the event and indemnifies the insured only if the hole-in-one is made and the prize awarded. The policy warrants that certification of the hole-in-one must be made by at least two tournament officials prior to payment of the insured's loss.