Amwins, a provider of specialty insurance products and services, has launched the Tees-to-Green flood insurance program in partnership with Floodbase and with the support of highly rated carriers.
This program is designed to protect U.S. golf courses from revenue loss and repair costs resulting from flooding, filling a critical gap in current flood insurance options for golf courses and events.
Many golf courses are built on land that is prone to flooding, but standard insurance typically only covers physical assets such as golf carts, clubhouses, maintenance facilities and equipment.
Damage to golf courses and business interruptions caused by flooding are often not insured, so closures result in significant financial losses.
When a golf course is out of operation for several days, weeks or longer, the resulting loss of revenue can impact green fees, concessions, hotel bookings, restaurant sales and other important revenue streams.
Alex Kaplan, executive vice president of alternative risk at Amwins, added: “The golf industry has always been very vulnerable to flooding. As flood risk increases, golf courses need more options. By partnering with Floodbase, we are opening up a tremendous opportunity by enabling products that pay out based on the extent of the flood.”
“Amwins has a track record of launching advanced parametric products that address uncovered risk and we are excited to make Tees-to-Green available to select distribution partners before it is generally available.”
