When you own a timeshare program business, chances are you will want to have some sort of insurance in order to make sure that your company can hold up in the event of a liability claim. There are several types of timeshare insurance that you may need to look into, and depending on your business there may be some types that fit better than others.
One type of timeshare ownership is deeded ownership. In this type, the customers buy the timeshares and are then able to live at the property for a few weeks every year. They have the right to do whatever they want with their weeks, including selling or leasing them. For this ownership, you may want to consider title insurance if you are the owner of the timeshare. There is also property insurance to protect from weather, theft and more. Another type of ownership is the right to use, which means that you are renting or leasing for a set amount of time but you do not own it. In this case, it is up to the company to carry the coverage.
When working in the timeshare program business, it is important to know in which cases you may or may not need to have insurance. You should also be able to tell the different types of insurance that you may need.