Two companies have come together to offer flood insurance for golf courses that covers water damage to course itself, which is usually excluded from most insurance policies.
Amwins, a specialty insurance distributor based in Charlotte, N.C., provides property and casualty products, specialty group benefit products and administrative services.
Floodbase is a platform that provides parametric flood insurance.
The “Tees-to-Green” flood insurance program is designed to reimburse golf courses in the United States for repair costs and lost revenue after a course is flooded. It’s the first program of its kind and resolves a large problem with most flood insurance; namely, that it only covers losses related to physical assets such as maintenance equipment, golf carts and buildings on the property such as tool sheds and clubhouses. Courses that close due to flooding take a dramatic hit to revenue because of lost green fees and concessions, in addition to the cost of repairing the course.
“The golf industry has always been very vulnerable to flooding,” said Alex Kaplan, executive vice president for alternative risk at Amwins. “As the risk of flooding grows, courses need more options. By partnering with Floodbase, we unlock a tremendous opportunity by enabling products that pay out based on the magnitude of flooding. Amwins has a track record of introducing advanced parametric products that address uncovered risks, and we are excited to make Tees-to-Green available to select distribution partners before making it generally available.”
Floodbase maps all of the flooding that has taken place at a golf course over the last several decades by using flood monitoring technology that combines hydrologic modeling and decades of satellite imagery. This data helps them create a course-specific policy and also begins flood monitoring that will pay out the policy when flooding exceeds a specific predetermined amount.
“The ‘Tees-to-Green’ program addresses a critical pain point for golf course operators, saving flood-impacted courses significant money and speeding recovery,” said Bessie Schwarz, chief executive officer at Floodbase. “Importantly, it demonstrates the private sector’s ability to alleviate public sector recovery costs amid increasing billion-dollar disasters.”
Course owners and operators that are interested in this insurance can visit www.floodbase.com/golf-program to request a flood impact score for their course’s flood history going back…
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