Amwins, in partnership with Floodbase, has introduced the Tees-to-Green flood insurance programme for US golf courses.
This programme is designed to cover lost revenue and repair costs due to flooding, addressing the coverage gap in the industry.
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According to Amwins, golf courses, often situated on flood-prone land, typically have insurance for tangible assets but lack coverage for the course itself and business interruption.
This new offering by Amwins, backed by “A” rated carriers, aims to mitigate the financial impact of flood-related closures.
Floodbase, an AI-powered flood company, uses hydrologic modelling and satellite imagery to monitor US floods hourly.
This technology provides historical flood data for golf courses, enabling transparent policy pricing and continuous monitoring.
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By GlobalDataThe Tees-to-Green programme promises to offer a streamlined solution for golf courses, eliminating traditional claims processes and exclusions.
The technology also allows for a custom flood impact score, aiding in risk assessment and policy customisation.
Amwins executive vice-president for alternative risk Alex Kaplan said: “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.”
Floodbase CEO Bessie Schwarz said: “Flooding is the most common and costly weather-related disaster in the US. The Tees-to-Green programme addresses a critical pain point for golf course operators, saving flood-impacted courses significant money and speeding recovery.
“Importantly, it demonstrates the private sector’s ability to alleviate public sector recovery costs amid increasing billion-dollar disasters.”
In June 2024, Amwins took over Kilpatrick Companies.
Kilpatrick, focusing on employee and individual benefits, now forms part of Amwins Connect, which offers a broad range of insurance solutions to brokers across the US.
