Texas Property Code 221.072 – Insurance
Terms Used In Texas Property Code 221.072
- Amenities: means all common areas and includes recreational and maintenance facilities of the timeshare plan. See Texas Property Code 221.002
- Developer: means :
(A) any person, excluding a sales agent, who creates a timeshare plan or is in the business of selling timeshare interests or employs a sales agent to sell timeshare interests; or
(B) any person who succeeds in the developer's interest by sale, lease, assignment, mortgage, or other transfer if the person:
(i) offers at least 12 timeshare interests in a particular timeshare plan; and
(ii) is in the business of selling timeshare interests or employs a sales agent to sell timeshare interests. See Texas Property Code 221.002 - disposition: means a voluntary transfer of any legal or equitable timeshare interest but does not include the transfer or release of a real estate lien or of a security interest. See Texas Property Code 221.002
- Managing entity: means the person responsible for operating and maintaining a timeshare property. See Texas Property Code 221.002
- Personal property: All property that is not real property.
- Property: means real and personal property. See Texas Government Code 311.005
- Purchaser: means any person, other than a developer, who by means of a voluntary transfer acquires a legal or equitable interest in a timeshare interest other than as a security for an obligation. See Texas Property Code 221.002
- Timeshare interest: means a timeshare estate or timeshare use. See Texas Property Code 221.002
- Timeshare property: means :
(A) one or more accommodations and any related amenities subject to the same timeshare instrument; and
(B) any other property or property rights appurtenant to the accommodations and amenities. See Texas Property Code 221.002
Before the disposition of any timeshare interest, the developer or managing entity shall maintain the following insurance with respect to the timeshare property:
(1) property insurance on the timeshare property and any personal property for use by purchasers, other than personal property separately owned by a purchaser, insuring against all risks of direct physical loss commonly insured against, in a total amount, after application of deductibles, of the full replacement cost of the accommodations and amenities of the timeshare property; and
(2) liability insurance covering all occurrences commonly insured against for death, bodily injury, and property damage arising out of or in connection with the use, ownership, and maintenance of the timeshare property.