Have come across this in other countries where golfers can insure themselves against the bar bill should the be so fortunate as to get a hole in one! The bar bill is often $400-$500 which is rather a set-back after that one brilliant shot. Most golfers never get a hole in one. Hole in one insurance is quite prestigious and something to talk about on the course.
Hole in one insurance could be a good add on to a home policy.