Parks and Flood Insurance

[OISU8P]

Since there are two parks impacted I was not sure which to post this in. I also did not see this any any, but may have missed it.

 

Are Amusement Parks required to have Flood Insurance?

 

The topic is somewhat personal for me from experience. When I lived in Western PA, my house was in a fifty year flood plain. I could not get mortgaged without it it. So I got the insurance. Two Hurricanes ripped through and my whole yard was flooded and not the interior of my house. Years later a major mold problem developed inside that I spent $1000's to eliminate and was found after the time I could make a claim.

 

I was required to have this though, because my house was not paid off. A few elderly people in my area did not need this, since their mortgage was paid off. Some lost almost everything and where not as lucky as me.

 

So if a park is financed in any way and in a flood plain do they need this? If they are fully owned and not financed, do they still need it as a liability for the staff and patrons? Thus a worker was harmed during a flash flood, would the liability be covered under normal insurance? I know in my case I needed the flood insurance for anyone injured in my house.

 

I need to find the online flood plain topo graph I used for my old house when selling it. I would not be surprised if these two parks are on a much lesser than fifty year given the creeks flow right through the parks.

[Jew]

I doubt anyone can truly give you an answer to that, as I am sure every parks situation is unique. However, I would imagine that any park who is in a floodplain would have the business sense to make sure they are insured. I'm sure it costs less to be insured than to spend a crapload of money every time the park floods to get everything back up and running.

[OISU8P]

Thanks, I am interested in the business side of the industry as a side hobby. I know this is a park by park basis on the scenario and am trying to learn more about actual process that parks need to deal with on a capital vs. operations perspective on a DR situations.