How to Insure a Theme Park
Due to high risks associated with the nature of amusement parks, insurances are necessary for it both to protect visitors and the business. Protection to visitors means assuring they will be compensated in case of accidents.
Protection to the business means getting covered for expenses related to lawsuits. How to insure a theme park? Read on from our basic guide.
All businesses have exposure to risks. This could not be more true than in the amusement and theme park business. While it is always fun to ride inflatables and go-carts, there is always a danger of injury to visitors due to facility malfunction or to simple accidents. That is why it is imperative for a business in the amusement park industry to get covered for possible claims in case these untoward incidents happen. How does a theme park operator insure its business?
An operator could try to launch a search for an underwriter by visiting the Net or a relevant state agency for a list of insurers that specialize on amusement facility insurance. Getting an insurer that specializes on amusement center is highly recommended as the amusement industry is a specialized industry on its own. By getting an expert on this field, an operator is assured that the business is fully protected from both necessary and unnecessary claims. Plus, it can get updates on the latest about the industry, the laws governing it and the safety precautions that other parks are practicing. One insurer that specializes in this is the Waterpark & Amusement Park Risk Insurance Services, LLC.
When scouting for an insurer, it is best to review an underwriter’s financial rating from independent insurance rating agencies like the AM Best. A high rating is synonymous to reliability. It would be disastrous to be insured with a company that won’t be there when it is time to pay claims because it has gone bankrupt. Also, depending on the type of park, some operators are required by laws to insure with a rated insurance agency.
After reviewing the list, an operator could draw a short list of possible insurers. Then it is time to ask for quotes from these different companies. Some have Web sites that generate quotes with a few clicks. But talking to one of their agents is of course more helpful because a personal contact allows for some question and answer that an Internet portal could not provide.
While getting an insurance could be costly, the effort will pay off in the long run. Without an insurance an operator risk losing the business in case it faces a claim that is hard to pay without having to sell the business. Having unpaid claims record is also detrimental to the reputation of the park. Therefore, an insurance is a must for an operator that wants to stay in the business for a long time.
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