Know Your Timeshare Insurance Options
When it comes to owning a timeshare, there are many benefits. Likewise, they have very specific insurance needs that you need to consider. Here are the most common insurance programs for timeshare properties.
Umbrella Liability Insurance
Timeshares function as vacation homes, for the most part. They may be at more risk of disaster, especially in coastal areas in terms of hurricane-prone areas. Umbrella liability helps when it comes to unanticipated damage.
Directors and Officers Liability Insurance
If you have an association, then you need to make sure to protect the directors of the association against claims of bad service. D&O claims happen all of the time, you need to be prepared for them.
The timeshare association has employees that make sure that the property is ready. If you have someone volunteering and they become injured, the association is liable. This is where you’d need workers’ compensation.
Errors and Omissions Insurance
This policy helps protect against negligent acts or omissions. Say that a manager acts on behalf of the association but winds up on the wrong end of allegations of wrongful acts. This is when you need this policy.
If you need insurance programs for timeshare properties, it’s important to look at all your options. Consider the more common options and what will work best for your timeshares.