When you host a golf tournament you may want to offer up a large financial prize, like a car or several thousand dollars in cash, to any person who makes a hole-in-one. But rather than taking on the risk of paying a contest winner out of your own pocket, you would secure prize indemnification coverage (also known as hole-in-one insurance) in exchange for a small fee relative to the value of the prize. Then when a participant does win the hole-in-one contest, the coverage provider would pay the claim, subject to the terms and conditions of the coverage.
Western Security Surplus Insurance Brokers, LLC
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