Insurance

[e.bram]

To those who rent out their TSes for fun and/or profit.:
Do you need special insurance for your renting business. For instance, if someone gets hurt(falls down the stairs, burns themselves on the stove etc)you as well as the HOA and mgmt. co. could(would) be sued personally by YOUR tenant and have to hire an attorney. I doubt if the HOA insurance would cover you as a rental business.

ps. You don't have to worry about it until it happens(head in the sand).

 

[DeniseM]

If that holds true, couldn't the exchanger in your unit sue you too? I don't think so.

 

[e.bram]

They can and will sue everybody in sight:
#1 I would bet that RCI, II and even SFX has deeper pockets and insurance than even Denise.
#2 I would also bet that RCI etc. have insurance that covers you as an exchange depositor(part of the exchange fee).

Denise: I am sure if you call you exchange company they will forward you a certificate of insurance naming you as additional insured.

 

[DeniseM]

They can and will sue everybody in sight:
#1 I would bet that RCI, II and even SFX has deeper pockets and insurance than even Denise.
#2 I would also bet that RCI etc. have insurance that covers you as an exchange depositor(part of the exchange fee).

Denise: I am sure if you call you exchange company they will forward you a certificate of insurance naming you as additional insured.

Will you please do that and let us know what you find out?

 

[Maple_Leaf]

Good Question

A resort HOA will likely have Property and General Liability insurance to cover injuries on premise and theft of contents, however, they usually have deductibles, e.g. $1000 per loss. However, timeshare owners who rent their units to others should check the resort's insurance coverage to ensure it covers tenant personal property losses and personal injury. Even if a loss is covered, your tenant (and perhaps you) may nevertheless be responsible for all or part of the deductible.

 

[ronparise]

ps. You don't have to worry about it until it happens(head in the sand).

I take the position that to be successful the plaintif would have to show negligence on my part....I dont think they can make that case

 

[e.bram]

Ron: You might be right or not. But either way it will cost you to prove it. You would have to hire an attorney. (I would not take a chance pro se with a PI lawsuit. Since you are an owner of the real estate(of record) some condition at the TS might be the result of owner(you) negligence.
Like it or not, as an OWNER you are a stuckee. You might be able to bring the mgmt. co.(if not already)in, but it will still cost you legal fees and maybe a judgement.
Not being aware of the dangerous condition because you are rarely there is no defense.

 

[Talent312]

If named in such a lawsuit, I would cross-claim against the management and HOA for their negligence.

In every residential lease agreement I've drafted, I include clauses to the effect that:
-- Lessor is not liable to Lessee for any condition on the premises or for any act or ommission by third parties, whether or not employed by Lessor; and
-- Lessee assumes and will hold Lessor harmless from all risk of loss or injury during his stay.

 

[ronparise]

Ron: You might be right or not. But either way it will cost you to prove it. You would have to hire an attorney. (I would not take a chance pro se with a PI lawsuit. Since you are an owner of the real estate(of record) some condition at the TS might be the result of owner(you) negligence.
Like it or not, as an OWNER you are a stuckee. You might be able to bring the mgmt. co.(if not already)in, but it will still cost you legal fees and maybe a judgement.
Not being aware of the dangerous condition because you are rarely there is no defense.

Its not that Im not aware of any dangerious condition, its that even if I am aware (or should be) I am not able to do anything about it. The resort management and the hoa probably wont allow me to repair a broken stair tread or handrail, or replace a defective stove or waterheater..
The fact that I am an owner is probably my best defense....I own 1.93% of the unit in question, and unless the injured party was staying in the particular unit specified in my deed (doubtful)...Im not the owner at all...

at least thats my story and Im sticking with it.

as my post implied...my head is in the sand, and thats where it's staying, Im not going to worry about being sued for renting a timeshare

 

[e.bram]

Talent312:
Cross claims cost.
Suppose it is the lessee's guest that is injured, a lawsuit against you is possible and pursuing the lessee to hold you harmless also costs. Insurance is needed, especially if you are making a profit and it can be construed as a business.

 

[DeniseM]

e.bram - Your wife is an attorney - did you ask her?

Have you ever rented your TS? Did you buy insurance?