If you’ve looked into hole-in-one insurance, you’ve probably seen terms like underwriter, underwritten, or underwriting. But what do they actually mean?
Today, we’re breaking down what underwriting is and why it matters for you—whether you’re purchasing hole-in-one insurance, Million Dollar Shootout coverage, or a putting contest policy.
What is Underwriting?
Underwriting is the process insurance companies use to assess a customer’s eligibility for coverage. Simply put, it helps determine:
- Whether a customer qualifies for insurance.
- How much coverage they can receive,
- The cost of their policy.
Insurance underwriters evaluate risk and set premiums accordingly. This ensures that claims can be paid out when needed.
At Hole In One International we specialize in prize indemnity insurance—a unique form of underwriting specifically for high-value prize contests.
Why Underwriting Matters
When choosing an insurance provider, it’s crucial to ensure they are underwritten. Otherwise, you risk a scenario where a prize winner doesn’t get paid—even if you’ve paid for coverage. Unfortunately, we’ve seen this happen to winners in tournaments insured by companies that were not underwritten.
How to Check if an Insurance Company is Underwritten
Not sure if the company you’re working with is underwritten? Here’s how to find out:
- Call and ask – This is the quickest way to confirm.
- Check their website – Most companies list their underwriting details online. For example, we display ours in our FAQ and at the top of our homepage.
Taking this simple step can ensure peace of mind, knowing that any winners in your event will receive their rightful prize. Have more questions about underwriting? Feel free to give us a call at 800-827-2249 or send us an email!
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