How FloodFlash can help cover golf courses and country club
Authored by FloodFlash
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There are loads of examples of sectors underserved by the flood market, but nothing gets the insurance community fired up like golf! And given The Masters Tournament is coming up we decided to show how we can cover even these neglected, more niche, risks by sharing our approach to golf course risks.
The problem with golf courses
When it comes to modelling flood losses, golf courses are almost as tricky as a risk can get. When establishing the hazard, there are several factors that make things tricky, including:
- generally uneven terrain with varying elevation with (golfing) hazards and depressions,
- large surface areas that experience flood differently,
- coastal and riverside locations with higher risk of flooding,
- changing risk due to landscaping of the course.
While water features might add to a golf course’s charm, unwanted floodwater can cause significant damage and disruption.
That’s only half the challenge though, because establishing the vulnerability in terms of asset/BI value is equally as tough:
- carts are often write-offs,
- sand from sand-traps or coastal courses contaminates the course leading to extensive cleanup,
- debris removal and drainage can be expensive and time consuming
- recovering the well-maintained tees and greens adds to (or multiplies) the cost.
All these factors combine to make golf courses VERY difficult to provide reliable insurance prices using traditional methods. That’s why many of the partners we visit have a golf course risk they are keen to find coverage for. They simply can’t get the right limits on the traditional market.
Even Augusta isn’t immune. In 1990, the home of the Masters Tournament flooded when water from Rae’s Creek hit Amen Corner hard, destroying the 11th green and the member’s tee at the 13th. It took one of the best grounds teams in the world 6 weeks of extensive effort to repair the damage.
How is FloodFlash able to help?
FloodFlash uses known sensor locations to trigger a flood claim. This means that the hazard and vulnerability equation is much more manageable for our expert underwriters, leading to reliable, flexible pricing for any golf course location.
Golf course clients can place their sensors on main clubhouse or outbuildings like halfway huts or groundsman structures. They can also install permanent posts to which the sensor can be attached. They can also use several sensors to account for different risks across a course. It’s a new and powerful way to provide coverage to the courses we love.
Why choose FloodFlash for golf course flood coverage?
The primary reason is to secure limits that aren’t available on the traditional market. But there are plenty more reasons to consider FloodFlash over alternative flood providers:
- Secure coverage for all financial exposures – tees and greens, golf carts, bridges, debris removal and sand clearance, change of location for tee boxes and greens, members’ club and outbuildings
- Business interruption including non-damage/denial of access
- Claims that get paid in weeks, not months – allowing for faster recovery
- FloodFlash experts are on hand to support with sensor placement and triggers
- Site visits available on request
FloodFlash is already trusted by many prestigious golf courses and country clubs, including an Open Championship host. Got a golf club client that needs support? Get in touch and we’ll tee up some rapid payment coverage!
About FloodFlash
FloodFlash is a new type of rapid-payout flood insurance. It uses the latest data modelling and connected tech to bring parametric insurance to the mass market for the first time. The result is fast, easy and flexible cover that pays claims within days of a flood.
FloodFlash is parametric or `event-based` insurance. When buying the cover, the client chooses the depth of flooding they wish to insure against and how much they’d receive when that flood happens. When the FloodFlash sensor installed at the property detects flood water at the selected depth, the claim is paid in full. No waiting. No haggling.
FloodFlash rapid-payouts were put to the test in February 2020 when Storm Ciara swept across the UK. Claims related to the storm were paid in full within a single day. That speed of claims payment remains the fastest and best proof of mass-market parametric insurance to date gaining acclaim at industry awards and recognition from The Times, The Telegraph and the BBC.
FloodFlash operates across Britain, is headquartered in London. Floodflash is a registered coverholder at Lloyd`s of London and is authorised and regulated by the Financial Conduct Authority.