How Putting Contest Insurance Works
In a putting contest, participants can win various prizes such as new cars, jewelry, golf carts and even money during the tournament. Putting insurance enables tournament organizers or sponsors to be able to provide the prizes promised to the participants.
There are two main types of putting contests. These are the single of on-putt contest and a combination or a 3-putt contest. Below is an overview of the contest.
In a single contest, a number of finalists that are pre-determined have a chance to win a prize by making a single putt. In the Siegfried and Jensen combination contest, anyone who takes part in the competition and successfully sinks all three putts in a row gets a chance to win. The three puts required for one to be entitled to win ate a 10-foot putt, a 30-foot putt and a 50-foot putt.
Putting contest coverage may be bought for either a single or combination contest. Before the contests begin, the organizers or tournament director will purchase putting contest coverage, a prize or form indemnification insurance from an insurance provider. There are specific insurance companies that offer putting contents coverage. View http://www.encyclopedia.com/topic/golf.aspx for more facts about golf.
The tournament director or organizer will pay the golf event insurance company a small fee depending on the type of contest being run. Other factors that will determine the fee paid, also known as a premium, include the value of the prize being offered, length of the putt, and number of participants.
If one of the contestants wins the grand prize by making the right putt, the putting competition insurance kicks in and the insurance company will pay the contests organizer or sponsor to pay for the prize. Let's look at an example for better understanding.
Let's assume that a charity is holding a putting contest here. For anyone to participate, they have to make a $30 donation and get a raffle ticket to the compensation that is sponsored by the local auto dealer. When the tournament comes to a close, three random people are chosen and every person is given a chance to putt to win a car. If one of the contestants end up putting the winning putt and wins the car, the insurance company will write the auto dealer a check to reimburse it of the cost of the vehicle.
There are a number of rules that should be followed when organizing a putting contest. Check with the local and competition authorities to know the exact rules to be followed.
