Carnivals and amusement parks are regulated by both federal and state laws to ensure that rides and machinery do not cause injury to visitors. However, regulations also require amusement park operators to secure both liability and property damage insurance coverage. Attorney Bill Voss explores severe weather insurance coverages for these operations, as well as how owners can make the right coverage selections to prevent hailstorm losses.
Essential Property Damage Coverage for Fun Parks and Carnivals
The most important form of coverage for any operation is business income protection, and amusement parks are no different. Business interruption insurance replaces lost profits for up to six months after a covered event, and can prevent large losses or even bankruptcy after a severe storm.
Carnivals and fairs should also be protected by:
- Rental insurance. Organizations that organize or operate carnivals, state fairs, and fun parks may temporarily rent their rides and equipment from other vendors in the form of a long-term lease or short-term rental. Hail damage to machinery, booths, food trucks, tents, and other rental equipment can be expensive, especially if measures were not taken to prevent damage to rental equipment.
- Inland marine coverage. The equipment needed to run carnivals and fairs is constantly on the move, and carries a high risk of suffering damage in transit. Inland marine coverage pays to replace any goods or property that is lost while moving from one location to another.
- Vandalism insurance. Hailstorms often break windows and shred temporary fencing, allowing thieves to enter your property. Vandalism coverage can pay to replace lost goods.
- Seasonal insurance. Fun fairs, winter carnivals, and waterparks all have a busy season, and a hailstorm can cause thousands in losses with each day of closure. Seasonal insurance provides additional payment for covered losses that occur during peak business times.
If you are having trouble getting the full value of your hail damage claim from your insurance company, the Voss Law Firm can examine your policy, investigate the details, and fight on your behalf. Simply fill out the contact form on this page today or order a free copy of our book, Commercial Property Owners Must Read This BEFORE Filing an Insurance Claim.