We went parasailing in Key West last year and I took my DSLR up with me. It was so incredible I can't wait to go again. The Skipper and his Gilligan assured me we would remain dry and we did. I got some incredible birds eye pics! Also was able to zoom in from the boat when the others in our group were up there. It was well worth the worry of bringing it on the boat and in the air. I will say though that we went very early in the morning and it was March so we opted to skip the "dip" that they like to do at the end of the ride because it was too chilly for that. I'm told the dip is just the feet but I would not want to take that chance with an expensive camera.
You could always take a disposable camera, and they come in waterproof versions.
I took a disposable camera with me when we went snow tubing, I was afraid to take my good camera, as the tubing is on the wild side and I didn't want to take any chances
I took a waterproof disposable with me a couple years ago when we did the parasailing at Disney. We chose the Waterproof camera since we also did the jetski's while over there and figured with the one camera we could do both.
If all you are doing is the parasailing (i'm assuming at the Contemporary due to the forum this was posted on), You could probably take your nicer camera if you have a decent strap. There is not a lot of spray and you "take off" and set back down directly on the boat.
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