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Rule 8.10 Insurance
- For single site timeshare plans and component sites of multi-site timeshare plans located in this state, the timeshare instrument shall require that the following insurance be at all times maintained in force to protect timeshare interest owners in the timeshare plan:
- Insurance against property damage as a result of fire and other hazards commonly insured against, covering all real and personal property comprising the timeshare plan in an amount not less than 80 percent of the full replacement value of the timeshare property.
- Liability insurance against death, bodily injury, and property damage arising out of or in connection with the use, ownership, or maintenance for the accommodations of the timeshare plan. The amounts of the insurance shall be determined by the association but shall not be less than five hundred thousand dollars ($500,000) to One Million Dollars ($1,000,000) for personal injury and One Hundred Thousand Dollars ($100,000) for property damage.
- In a timeshare use offering, the trustee, if one exists, shall be a named coinsured, and if for any reason, title to the accommodation is not held in trust, the association shall be named as a coinsured as the agent for each of the timeshare interest owners.
- In a timeshare estate offering, the association shall be named as a coinsured if it has title to the property or as a coinsured as agent for each of the timeshare interest owners if title is held by the owners as tenants in common.