On June 30, my client closed on a 2 bdr/2 bath absolutely stunning unit on the 24th floor of ocean Walk Wyndham Resort. The minute I received the executed HUD from out-of-town Title Company, I scanned and e-mailed it to the Resort and asked them to expedite putting the unit into rental pool. The unit was an REO and was not on rental for a long time.

I then received the e-mail from the Manager, forwarded the requirements to the new owner, waited till he got the Insurance policy for the unit (Liability & Content), and on Friday afternoon I met the owner in the resort and took him to the manager. 4th of July weekend was coming, the resort was very busy, and the manager had to stay Ocean Walk Resortlate to make sure the unit was ready to go on rental.

And on Tuesday I have received the following e-mail:

Hello Mr. Xxxxxxxxxxx,

After a little scrambling we were able to put your unit into the rental rotation.  Thank you again for allowing Extra Holidays to manage your unit.

On Sunday, July 4, 2010, Xxxxxxx, the guest staying in your unit, slipped and fell in the tub.  Paramedics responded to the call and Ms. Xxxxx was transported to Halifax Hospital.  I attached a copy of the resort’s incident report for your records.  I will be forwarding your insurance information to Ms. Xxxxx.  Ms. Xxxxx’s contact information is located on the incident report.

Feel free to contact me with any questions or concerns.

Regards,
Kathy Xxxxxx
Wyndham Ocean Walk Resort

How many times in other condo-hotels we had the situation where there was a gap after the new owner obtained the insurance, and the management company kept renting the unit.

My client is a serious  businessman, not just a lucky guy. He knew that chances of him getting in trouble were close to 0, but he did not risk, he got the insurance. Close to 0% risk of trouble on the first day the unit was rented and 0% could easily be a few thousand dollars.

A good lesson for me

 
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11 Comments on Simple Lesson In Insurance

JUL
08
2010
307,045 Points 9 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

It is great when clients make good sound decisions and keep themselves, and you, out of trouble!
10:08pm • #1

Important info for Everyone Jon not just renters and homeowner.  Insurance of all kinds is just plain smart.  Thanks for sharing.
10:10pm • #2
1,099,703 Points 25 Featured Posts Localism Sponsor Outside Blog Called Shot Master

So glad he did not hestitate for a secod to get his insurance.  Whew!!!
10:11pm • #3
207,933 Points 1 Featured Post Outside Blog Hit Router Attended Rain Camp Called Shot Master

Wow .... while recreational property isn't part of my focus, the lesson you shared is inpressive!  I'll use it in future examples and teaching.  Thanks for sharing!
10:11pm • #4
655,247 Points 29 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

I'll bet he is breathing a HUGE sigh of relief that he followed his instincts to get the insurance before letting a renter in.
10:20pm • #5
315,207 Points 2 Featured Posts Attended Rain Camp Called Shot Master

Being properly insured is crucial.  Investors with rental properties especially need to consider an umbrella policy.
10:30pm • #6
1,210,622 Points 118 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Actually, the e-mail was a copy of the e-mail sent to my client as when he set his account with the resort, he asked them to copy me on everythig they send him, as he is often not in town, and he wants me to figure where it need his personal attention, or when I can simply take care of things.

I sat quiet, and he did not even call me or send me an e-mail.

And I imagine what the reaction would be if there was not insurance, and the e-mail would state that "we have provided the guest;s attorney with your contact information, and you will hear from this attorney shortly"

WHat a world of difference
11:06pm • #7
814,033 Points 163 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Jon, that wasn't fun. Good thing your client dotted all his I's and crossed all his T's...
11:32pm • #8
JUL
09
2010
1,210,622 Points 118 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Andrea - it was sure a shock to get on your first day of renting.
12:36am • #9
538,018 Points 6 Featured Posts Outside Blog Called Shot Master

Hi Jon, that is a very good lesson for everyone!  Thank you for sharing it.
12:46am • #10
1,210,622 Points 118 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

thank you, Dan. It was a serious call for us, as we have customers who would be very lenient... Well, we won't any more.
1:06am • #11


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Jon Zolsky, your Daytona Beach, Florida connection

Daytona Beach, FL

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Jon Zolsky, Daytona Condo Realty LLC, 386-405-4408

Address: 313 S Atlantic Ave., Suite A, Daytona Beach, FL, 32118

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