The Timeshare Board Members Association (TBMA), recently announced a panel on how hurricanes have impacted timeshare resorts in Florida and other areas.

TENAFLY, NJ, UNITED STATES, March 10, 2023 /EINPresswire.com/ -- The Timeshare Board Members Association (TBMA), recently announced a panel discussion on the impacts of hurricanes on timeshare resorts in Florida and other areas.

Strategic and Contingency Planning
Panelists Scott MacGregor, Executive VP/COO, Lemonjuice Capital and Solutions, Scott McGinness, Vice President, Property & Casualty, Gregory & Appel, and Leon Basye, CEO/President of Global Point Closing Services, joined panel host TBMA president Shep Altshuler for an important discussion on the impacts of hurricanes on timeshare resorts in Florida and other areas, and covering strategic board management options, critical insurance and title issues, and the path to recovery.

The panelists shared perspectives on the need for Association Boards to develop strategic plans and solutions to get their timeshare owners back to vacationing following a disaster, along with steps and resources for determining viable insurance options and resolving related title issues.

Determining what’s best for the majority of timeshare owners
MacGregor started the discussion by saying, “We first all have to remember that a timeshare resort is a community of owners. It’s about determining the best possible outcome for the vast majority of the owners that are part of that community by recognizing the situation of each property. There are costs for resolving the issues. For example, the various professional or legal fees that may be consumed, or the cost of materials for repairing or rebuilding − all these things need to be taken into consideration while you’re deciding what outcome we’re trying to achieve for the owners.”

MacGregor also noted that owners will be obligated to pay maintenance fees during the process and most likely not have any opportunity to use the product during that time and that the end goal is to find the best possible options for the owners of these timeshare resorts.

McGinness talked about the difficulty of resolving insurance claims, as insurance carriers are “notoriously slow, difficult to deal with, and it can be grueling going through the whole claim process” and making sure your insurance agent is an advocate for your resort.

Basye recommended that when dealing with the timeshare regime or condominium association, “No matter what decisions are made, somebody needs to consider bringing owners together to communicate resolutions” regarding insurance claims and title issues that “can be overwhelming for any board.”
Categories of resorts affected by extreme weather events
• Severely damaged but not rebuilding
• Severely damaged with intent to rebuild
• Damaged but planning to reopen

The panel addressed categorizing resorts affected by the storms, and the planning needed to determine the next steps based on the level of damage incurred and the resorts rebuilding and reopening plans. MacGregor emphasized the importance of starting on title search as quickly as possible, to which Basye commented that “the legal and the title roles can help mitigate some of the bad players” in the Florida marketplace.

In discussing the risk side of the equation, McGinness offered information on possible insurance scenarios, stating “When they’re severely damaged, but not rebuilding, there is usually a provision in every property policy that gives the insured the right not to rebuild. But there is a repercussion on the other end. Normally, that property is going to be insured on a replacement cost basis, meaning the insurance carrier will pay them what it costs to replace that policy up to the policy limit. If they choose not to rebuild, then coverage reverts to actual cash value, which is the depreciated amount, and then they get that check, and they can walk away. There are different ways of handling a severely damaged building. And if they choose to rebuild, they get replacement costs. If they choose not to rebuild, they get actual cash value, which is going to be a lesser amount.”

A proactive approach is needed
As timeshare resorts face ongoing challenges and uncertainties about extreme weather, board members must be proactive in researching all options. This is not a time to try going it alone. The risks and potential liability are significant. This is the time to work with industry professionals with the experience and resources to guide the Association.

About TBMA
The Timeshare Board Members Association provides education, resources and solutions to timeshare owners association board members and on-site general managers. Visit: www,tbmassoc.org or email: staff@tbmassoc.org.

Media Contact:

Shep Altshuler
TimeSharing Today Inc.
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