Hole in one insurance provides a payout if a golfer sinks a hole-in-one during a tournament. The insurer agrees to pay out a prize, such as cash or merchandise, in exchange for a premium paid by the tournament organizers or participants. The coverage is for documented holes-in-one during the tournament only and excludes holes-in-one made during practice rounds or unsanctioned tournaments. If a hole-in-one occurs, the insured participant will receive the insured prize value.