Insights from Peter Katkov, Owner of Apex Risk & Commercial Insurance Services
AI is not the only wave to watch…
In recent years, the wave pool industry has seen remarkable growth and innovation, attracting technology companies, developers, and operators to this exciting new opportunity. Like any new technology, idea, or industry, there are unknown risks associated with being one of the early adopters or trailblazers.
While the wave pool industry is certainly the next big thing in the hospitality sector, there are quite a few state-of-the-art facilities that exist abroad in Brazil, Switzerland, the UK, Spain and Australia to name a few notable parks. In addition to the complexity around the hospitality and infrastructure, there are unique insurance needs of various stakeholders in the wave pool ecosystem. In this blog post, we will delve into the key takeaways, shedding light on wave pool liability and other essential insurance considerations.
Challenges and Unique Insurance Exposures in the Wave Pool Industry:
The wave pool industry is still in its early stages, with limited historical data to determine insurance rates and assess risks accurately. Educating underwriters unfamiliar with wave pool operations becomes crucial to secure appropriate coverage. By drawing parallels to similar industries, such as water parks and ski resorts, and leveraging data from existing wave pools worldwide, we construct a compelling narrative to justify coverage and negotiate competitive rates.
Wave pool liability and insurance considerations present a distinctive challenge for technology companies, developers, and operators in this emerging industry. Stakeholders must proactively address risks associated with product liability, construction defects, cyber threats, and general liabilities. By collaborating with experienced insurance brokers like Apex Commercial Insurance Services, the key wave pool industry players can navigate the complex landscape of wave pool insurance, ensuring the long-term success and sustainability of their operations.
Are you on the cutting edge of the Wave Pool Industry?
Reach out to us to discuss the ways in which we can help create stability and predictability in this flourishing new industry.