On a warm day in September 2009, Jason Hargett, a 35-year-old restaurant manager and father of four, stepped up to the tee at Red Ledges golf resort in Heber City, Utah. It was the end of a charity tournament, and a big prize was on the line: Anyone who sunk a hole-in-one would win $1m. Hargett took a swingThe ball careened 150 yards through the air, plopped onto the green, and slowly rolled back into the hole. Cheers erupted from the small crowd as Hargett sprinted down the fairway in disbelief. But one entity wasn’t celebrating: the insurance firm that had been hired by the organizers. Trouble with a teeIf you’ve ever watched a golf tournament or charity event, you’ve probably seen some kind of prize for acing a specified hole. The chances of this happening for an amateur golfer are minuscule (~1 in 12.5k). But most organizers can’t risk getting stuck with the bill. Instead, they turn to hole-in-one insurance firms that assume the risk for a small fee — we made a quick video to show you how these arrangements work. |
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