Our unique offering allows golf courses to have ownership of the hole-in-one insurance program.
This contest enables golfers to participate in hole-in-one prize contests at any time on the practice range.
Golfers will be able to participate in a hole-in-one prize contest simply by signing up prior to teeing off.
Eagle1 is an innovative hole-in-one prize product custom designed for golf courses. Our intent is to provide a Hole in One golf prize insurance product that will enable golf tournament organizers and event managers at golf courses to offer hole-in-one prizing to tournament participants as part of their overall tournament package which typically includes tee times, food, entertainment and prizes.
In golf, a hole-in-one (also known as an ace) is when a player hits the ball directly from the tee into the cup with one shot.
A typical hole-in-one contest operates on a tournament or special event basis whereby tournament or event organizers arrange for a hole-in-one prize for a set number of golfers on a set day and on a predetermined hole.
Our program is available to golf courses through membership in their association. Contact us to find out if your associaition is part of our program.
Our hole-in-one insurance is offered through a captive insurer.
Our program is currently available in British Columbia, Alberta, Saskatchewan and Manitoba.
A Captive insurance company (“Captive”) is a specialized private insurer that is usually setup to provide coverage for a specific risk. Captives accept premiums that would normally have been paid to a regular insurer. If the claims paid are less than the premium collected, the captive makes a profit, just as a regular insurance company would. The difference is that the Captive owner benefits, not the regular insurer.
Captives make up 2% to 3% of the commercial insurance market and have been growing steadily in popularity since the 1960’s when the first captives were being formed in Bermuda. Today, Captives are a fixture among Fortune 1000 companies. Many smaller companies and even groups of individuals also use Captives. Competition has driven down captive formation and operational costs to the point where Captives have become a realistic option for even relatively small organizations.
Association Captives are setup to insure the risks of its members. An example of such an association could be a condominium homeowners association, whose members are the Stratas. Group Captives are like Association Captives and are made up of a collection of like-minded organizations that band together to form an insurance facility that retains some risk but spreads the risk of unanticipated losses among each other, thereby diminishing the impact of a bad loss year for one or more of its members.
Simply contact us and we'll go through the process of setting up a captive on our platform to provide insurance coverage to your members.
2095 W. 45th Avenue, Vancouver, BC V6M 2H8
+1 888 910-6322 (OFBC)
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