ChamberGuard™ Hole in One
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Hole In One insurance is a sort of generic name assigned to insurance covering any number of games of chance where one or more participants are eligible to win a prize if they accomplish a certain task usually related to sports. Popular events include, hole in one (usually a par 3), basketball shots from half court and batting a ball through a target. The prize may be cash, an automobile (including limited use of an automobile such as a one year lease) travel or other items of significant value. The risk of loss for the chamber is that someone will win the prize.
What's CoveredSubject to certain criteria (witnesses to the event, minimum yardage from tee to cup, etc) the insurance company will charge a premium based on the financial value of the prize. If all conditions are met the insurance company is then responsible for indemnifying the prize value (i.e. they won’t purchase the car but they will provide the money for the chamber to do so).
Value to ChamberThe chamber sponsoring a game of chance is usually tying the event to a fundraiser. Hole In One coverage allows a chamber to host the game of chance event and still manage its costs (premium expense) by transferring to an insurance company the risk of loss (prize payment).
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