by Guest » Tue Jun 29, 2010 10:39 am
Our water park has a swimming pool which is set for-profit. Would it be difficult to have liability coverage? We wanna watch our visitors enjoy and don't wanna worry about unforeseen injuries.
Posted: Thu Jul 01, 2010 05:56 am Post Subject:
You'd need to know the injury liabilities that are specific for the design of your water park. You must discuss with a business insurance agent regarding such possibilities, and don't forget to include injury risks at all places (including parking lots).
Posted: Fri Jul 02, 2010 05:03 am Post Subject:
Get your risks assessed by your agent after a careful review. Let him walk through the entire park to be able to get things right.
Posted: Fri Jul 02, 2010 05:31 am Post Subject:
Whoa, just a sec and hold on a moment.
A "water park?" That has a swimming pool? When I think of a water park, I associate it with a theme-type water park, a Disney/6 Flags kind of thing.
Is that what you're referring to? My assumption is that you're talking about something in your backyard or in a small civic small town venture. If that's the case, you bet your sweet you-know-what you better worry about liability.
The fact that you
wanna watch our visitors enjoy and don't wanna worry about unforeseen injuries.
is a good thing, but something tells me that you haven't even really considered the insurance thing seriously until now. It's a good thing that you have prior to any problems and I'm glad to see you're willing to do something about it (I hope).
You stated that this is a for-profit venture, and as such, your homeowner's insurance policy won't even come CLOSE to covering any losses regardless of where the loss occurs. So, don't even think about that.
In order for us to give you more information, we need some in return. Please describe to us the nature of your operation, employees, location, revenues, etc. so we can give you some direction.
InsTeacher 8)
Posted: Sat Jul 03, 2010 06:08 am Post Subject:
The waterpark is near a countryside campground and has shown a lot of prospects. It's new and no operations have been started yet. We're yet to count on the seasonal returns.
Posted: Wed Jul 07, 2010 07:40 pm Post Subject: Swimming Pool Liability
Yes you would definately need general liability insurance coverage. If someone drowns in the pool or gets hurt, you will need money for defense costs, medical costs and maybe pain and suffering. The policy costs will probably be based on your gross receipts and/or number of members. Find a local insurance agent and get started. You will need property coverage, at least 5 million of liability limits. Workers Compensation for your life guards and flood coverage if you are in a flood zone. Also, this may be a seasonal business where you are, you need special allowances for when it is not in use.
Posted: Thu Jul 08, 2010 02:52 am Post Subject:
Start-up, high liability exposure type businesses typically have a hard time getting decent coverage at decent rates. You have no history with this as far as I can tell, and the insurance companies are going to want a lot of information that you cannot yet provide them. This is absolutely a commercial package policy type of contract and you need to consider many, many different concerns. Finding a carrier that will accept this is another story and will not be able to be written by a captive insurance agent, like a Farmers, Allstate or State Farm kind of company.
Just on what's going through my mind, you'll need coverage for, and a few of these were mentioned previously, are:
** A Commercial General Liability policy, or CGL. This will provide you coverage for a number of things including injuries and property damage caused by an insured, any products and completed operations you might have an exposure to and a few other things. These policies normally include coverage for defense costs. Make sure you check with an EXPERIENCED agent on this stuff. You don't want no rookie here.
** Property coverage. You'll need to protect your own property from damage as well. Your buildings, attractions, real property, lease liability, business personal property and a host of other things need to be addressed. Signs are on their own here and need specific coverage, so does glass and other things.
** Crime coverage, accounts receivable and a number of other financial issues can be covered by a properly written contract. You would like to think that your employees are honest, that your accounts will pay, that nobody will ever steal from you. OK Dorothy... back to Kansas.
** Worker's Compensation. If you have any employees, you are going to have to purchase Worker's Comp. There might be some state somewhere that doesn't require it, but I don't know of one.
This is just a beginning. Again, you need to sit down with an agent that really knows his stuff. I cannot stress how important it is to deal with a person that's been doing this for a number of years and has a number of different companies he can look to. Chances are that he will have to go to what's called a "surplus lines" agent to obtain the coverage. These are types of agents, commonly brokers, who can obtain coverage through nonadmitted carriers. There's no need for a detailed explanation, a good independent agent knows what I'm talking about. Lloyd's of London is one example of a nonadmitted insurance contract.
InsTeacher 8)
Posted: Mon Jul 12, 2010 05:37 pm Post Subject: Water Park
What state is this in?
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