The product has been designed to cover US golf courses from revenue loss and repair costs incurred by flooding, addressing a vital gap in current flood insurance options for both courses and events.
Currently, whilst many courses are built on flood-prone land, standard insurance tends to only cover physical assets such as golf carts, clubhouses, maintenance facilities, and equipment. Coverage for course damage and business interruptions caused by floods is excluded, resulting in substantial financial losses during closures.
When courses are unplayable for days, weeks, or longer, the revenue loss can impact green fees, concessions, hotel bookings, restaurant sales, and other key income sources.
Alex Kaplan, Executive Vice President for Alternative Risk at Amwins, commented: “The golf industry has always been very vulnerable to flooding. 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.”
