Many businesses experience variances, but some companies remain steady no matter what. Timeshares, for example, remain consistently popular. Over 7% of Americans own timeshares. This is great if you own a timeshare association, but are you aware of your potential liability? If you don’t possess commercial timeshare insurance, you might want to consider it.
The nature of timeshares is that there are individual owners for the buildings. As a property or site manager, you don’t need to worry about most things. However, homeowners insurance doesn’t cover everything. And if you’re responsible for a timeshare association, you might want to look into what extra coverage is available to you in case you’re ever held liable.
Directors and Officers Liability
If you own an association, you might also be a board member. It’s important to know where individual owner responsibilities end and yours begin. One of the most frequent claims against timeshare associations involves the selection and management of contractors. If you are responsible for hiring and supervising a contractor and that contractor causes damage to an individual property, you might be held liable for that. You could also be held liable in many different contractors related lawsuits and allegations. Having the proper wholesale timeshare insurance can help prevent costly lawsuits.
Any timeshare can experience catastrophic damages due to a natural disaster. You want to make sure you are covered for any disaster-related costs that individual homeowners’ insurance may not cover.