PRODUCT: Tees-to-Green flood insurance program

COMPANIES: Floodbase and Amwins

BEST RATING: A

AVAILABILITY: Available on an open-brokerage basis.

FOCUS: Golf courses are often built on land prone to flooding. Yet, 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 often excluded, which dramatically increases 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.

COVERAGE DETAILS: Tees-to-Green flood insurance automatically triggers payments as soon as flooding inundates a golf course. The program pairs Floodbase's artificial intelligence (AI) platform for flood mapping with Amwins' parametric insurance experience and capacity from leading parametric insurers to provide flood cover.

Policies pay out within days when flooding exceeds predetermined thresholds and the insured can use payouts at their discretion, without deductibles, sublimits or exclusions. Floodbase also offers dedicated flood insurance limits that can extend existing coverage or provide coverage at a previously uninsurable location. Limits can extend from $1 million to $7 million.

UNDERWRITING: Golf courses, full-service clubs or standalone courses nationwide are eligible to apply. The price is determined using a golf course's precise flood history. Floodbase maps the full history of flooding on the golf course going back decades to determine a premium.

MINIMUM PREMIUM: $65,000.

TARGET: Golf course and golf club owners, operators and risk managers, particularly those who have struggled with flooding in the past but haven't been able to adequately cover the course itself. Floodbase and Amwins are also happy to help club operators understand the flood risk at their locations.

COVERAGE AVAILABILITY: All U.S. states except Hawaii.

CONTACT: Alex Kaplan, executive vice president of alternative risk, Amwins.

Will Jones is IA editor-in-chief.