Hyatt Special Assessment?

[Sapper]

I am curious how Hyatt deals with storm damage. While we own at Hyatt Beach House, owners in Puerto Rico and the other properties in Florida may also be curious. I know there is some sort of insurance coverage. However, for items not covered, or if there is some kind of gap in what is covered, would Hyatt do a special assessment? Thank you for any input.

 

[sts1732]

I am curious how Hyatt deals with storm damage. While we own at Hyatt Beach House, owners in Puerto Rico and the other properties in Florida may also be curious. I know there is some sort of insurance coverage. However, for items not covered, or if there is some kind of gap in what is covered, would Hyatt do a special assessment? Thank you for any input.

I would think what is not covered by insurance, and MF's slush funds would divvied up between owners with the coming yrs. MF's.

 

[WalnutBaron]

I would think what is not covered by insurance, and MF's slush funds would divvied up between owners with the coming yrs. MF's.

It depends. If the damage is catastrophic, it could indeed result in a special assessment. One would hope, however, that Hyatt has properly insured those Florida properties. One thing is for sure: if the Florida Keys do indeed get a 9-10 foot storm surge coupled with 160 mph + winds, it will be devastating. The Weather Channel reported that about 70% of the Keys are 6 feet above sea level or less.

 

[scsu_hockey_fan]

I am curious how Hyatt deals with storm damage. While we own at Hyatt Beach House, owners in Puerto Rico and the other properties in Florida may also be curious. I know there is some sort of insurance coverage. However, for items not covered, or if there is some kind of gap in what is covered, would Hyatt do a special assessment? Thank you for any input.

If I remember correctly from a couple of years ago asked the resort manager what the insurance deductible was for coconut plantation and if I recall correctly he said it was $50k. Which divided by all the owner weeks ends up not being very much