Monday, July 28, 2014

Hole-In-One Insurance

Yes, you can buy insurance against unusually good luck such as hole-in-one insurance:
The concept of hole in one insurance may baffle the uninitiated, but to many it is a wise precaution as golf tradition holds that anyone who scores a hole in one should buy drinks back at the clubhouse for his playing group -- if not everyone present. In Japan, many give extravagant gifts to friends and family after scoring a lucky ace...

A number of firms offer hole in one insurance, frequently bundled with other services that golfers commonly buy like insurance for golfing equipment or personal liability. (Apparently yelling “Fore!” can’t ward off lawsuits if you hit a ball right at someone.) Golfplan, a U.K. insurer, covers $340 to $510 worth of drinks for hole in one celebrations. (Clubs’ set of rules for validating a hole in one makes it easier to process claims.) When it is sold unbundled, hole in one insurance can be cheap; Tokio Marine & Nichido Fire Insurance Co. Ltd offers Japanese golfers hole in one insurance for as little as a $3 premium. Outside of individual policies, golf tournaments also get hole in one insurance so that they can offer huge cash prizes for a hole in one as a marketing promotion -- it's the same type of "prize indemnity" insurance that covers teams when a fan sinks a half court shot or makes a field goal.
(Via Marginal Revolution.)