Today (9/30) is insurance day. By the Wave Energy Prize rules, teams are required to be covered by a general liability insurance policy. Ours was provided by Edward L. Sanders Insurance Agency, Inc. and funded by Enterprise Campus.
Insurance seems like a relatively easy thing for teams to provide, but it wasn't. We couldn't simply call up Geico and ask for a policy for wave energy testing for a prize competition sponsored by the US DOE. (We tried).
Fortunately, we were referred to E.L. Sanders, an Insurance Agency in Southern Maryland, and we had Michael Sanders on the case. Michael and Cameron are friends from high school and Michael was in Cameron's sister's class - small world.
Michael and E.L. Sanders approached several underwriters, and were turned down. Underwriters are somewhat risk averse; they are hesitant to take on a new business field and technology where there is little data to describe the potential risks. However, they eventually found us an underwriter in the excess and surplus market, and we are good to go.
We would like to give a great big thank you to E. L. Sanders for finding us a policy, and to Enterprise Campus for funding the coverage!
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