Fundraisers these days often have to get creative about how they bring in the cash, given the competition out there and the poor economy. That’s why so many opt for a fun activity like a charity golf tournament. Often, in order to attract even more people to the event, the tournament will feature a hole with a special value attached to it. Anyone who sinks a hole in one on it will earn some kind of amazing prize like a new car or thousands of dollars.

Getting a hole in one is a very rare achievement, so many people may be confident in offering all kinds of prizes. After all, what are the chances they’ll have to pay up?

Well, first of all, it’s important to consider the arrangement. This type of challenge is only appropriate for a par three. No one will take it even remotely seriously on any other type of hole. Also, no one’s going to be attracted by the prospect if it’s only $100. Even offering $1,000 probably isn’t enough to convince someone to enter a tournament they otherwise had no interest in.

It’s still unlikely a hole in one will happen, but if it does, it also wouldn’t be the first time. This is when you’ll be happy you paid for hole in one insurance.

As the name suggests, hole in one insurance will cover you in the event that someone sinks a hole in one and you owe them a hefty prize. For a fee, you no longer need to worry about someone doing so. In fact, you might as well hope it happens, as it will only increase publicity for your event.

The premium for this type of insurance will generally depend on the number of people playing in your tournament, how much the prize is worth and the distance between the tee box and the hole in question.

Fortunately, hole in one insurance tends to be very affordable. Even for more expensive prizes, it can often be secured for as little as 3% of its total value. So it’s really a no brainer when you consider what that kind of investment can attract in terms of participants in a tournament.