Golf Course Insurance Program Case Study
Client – Private Golf Course (Southeastern US)
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Background
After the hurricanes of 2004 and 2005 (Katrina), many golf courses found themselves without important coverage for damage to their "live assets". Our client has a private golf course in a high risk wind and hail area in the southeastern United States.
Challenge
The golf course superintendent and owner at this particular course wanted to insure 18 high valued "signature trees". These very large trees defined the holes, and without which the "feel" of the course would be lost, not to mention that the par 5's would suddenly become par 4's. The club was very concerned about the moisture level of the soil surrounding the trees. Their biggest fear was that the wind would blow these beautiful living organisms over once the soil got saturated! The cost to remove a large fallen tree, or trees, and the very high additional expense to replace something so magnificent would have been prohibitive.
Solution
Our program pays claims on a true replacement cost basis. If the signature tree is irreplaceable (not commercially available), we will allow the club to use the insurance proceeds to buy replacement trees equaling the value of the destroyed live asset. Members of our client's course can now thank our program for insuring the "feel" of their course, for many generations to come.
Our program offers up to $100,000 per tree, and $1,000 per plant or shrub (higher limits are available upon request). Once the board of directors found out they could fully insure these 18 special trees they quickly secured the coverage. The thought of assessing the members the expense of replacing large downed trees with a comparable tree was something, until now, they were unable to consider.
Golf courses everywhere are having a harder time retaining existing members and securing new ones. Many new courses are planned, particularly in the southern states, and each is fighting for the same clientele. Our product helps golf course communities and courses maintain the "viewscapes" created by their extensive landscaping.
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