Amwins and Floodbase introduce Tees-to-Green flood insurance program
Amwins, a distributor of specialty insurance products and services, recently announced the launch of its Tees-to-Green flood insurance program powered by Floodbase and backed by A-rated carriers designed to reimburse U.S. golf courses for lost revenue and repair costs incurred when courses are flooded.
According to Amwins, the program fills a significant gap in flood coverage for courses or golfing events, as resorts and courses generally only carry flood insurance for physical assets like golf carts, clubhouses, maintenance sheds and equipment. Damage to the course itself and business interruption due to downtime are almost always excluded from current market options, dramatically increasing the cost of flood-related closures. If the course is unplayable for days, weeks or even longer, lost revenue can include green fees and concessions, hotel reservations, restaurant patrons and other forms of significant income.
“The golf industry has always been very vulnerable to flooding. As the risk of flooding grows, courses need more options,” said Alex Kaplan, executive vice president for alternative risk at Amwins. “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.”
Amwins’ new and exclusive Tees-to-Green flood insurance coverage is possible because of satellite technology from Floodbase.
Floodbase, an AI flood company founded in collaboration with Google, fuses hydrologic modeling and decades of satellite imagery to monitor flooding and flood severity every hour across the U.S. Its flood monitoring technology maps all the flooding over a golf course going back several decades. The historical data is used to create a transparent policy price, initiate continuous course monitoring with policies paying out and provide a quick and automatic solution when course flooding exceeds a predefined magnitude.
“Flooding is the most common and costly weather-related disaster in the U.S.,” said Bessie Schwarz, chief executive officer at Floodbase. “The Tees-to-Green program addresses a critical pain point for golf course operators, saving significant money for flood-impacted courses and speeding recovery. Importantly, it demonstrates the private sector’s ability to alleviate public sector recovery costs amid increasing billion-dollar disasters.”
<p>The post Amwins and Floodbase introduce Tees-to-Green flood insurance program first appeared on Golfdom.</p>