If hurricane destroys a DVC resort

Discussion in 'Purchasing DVC' started by nuthut, Sep 12, 2003.

  1. nuthut

    nuthut <a href="http://www.wdwinfo.com/dis-sponsor/index.

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    Now, if my understanding is correct, if the VB resort is totally destroyed by the hurricane all current reservations booked at any DVC resort with VB points will be canceled. This is the way I understand the DVC offering documents. Can anyone confirm this?
     
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  3. anniet

    anniet DIS Veteran

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    From my DVC offering documents:

    Deletion by Casualty In the event of a casualty that results in Vacaton Homes or facitlites of a DVC Resort being unavailable for use by Club Members, BVTC shall notify all affected Club members of unavailaility of use within thirty (30) days from the event of the casualty. Any insurance proceeds resulting from a casualty shall be applied to either the replacement or acquisition of additional similar Vacation Homes or facilities, in lieu thereof, disbursed to affected Club Members at the DVC Resort as their share of the non-reconstructed or replaced Unit in accordance of DVC resort Documents. In the event DVC property is reconstructed Club Members shall resume membership, providing they have not gouged fellow members by booking prime weeks and attempting to collect an exhorbitant amount of money for said weeks by renting them on the internet.

    Seems pretty clear to me.:confused:
     
  4. CaptainMidnight

    CaptainMidnight DIS Veteran

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    Oh boy, did this one catch me off guard, and get a good laugh out of me! Nicely done!
    [​IMG]
     
  5. Maistre Gracey

    Maistre Gracey <font color=red>Still trying to figure out the mys

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    Oh that's beautiful!!! :teeth:

    On a serious note, when one purchases VB points (with financing) they must sign a document that gives probability of VB being destroyed by a hurricane. I can dig out the document when I get back to Connecticut, but I believe it is something like a 1 in 4 chance it will be destroyed in the next 39 years. :eek:
     
  6. floridafam

    floridafam DIS Veteran

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    If it was destroyed by a hurricane would we be able to use our points at the other DVC resorts?

    We usually are pretty interested in hurricanes and keep an eye on them when one is brewing. My DH usually throws out a prediction and it tends to always be right on.

    When I saw the first stories about Isabel I just had a different feeling about this one like it had the potential to be really bad.

    Who knows. :confused:
     
  7. Happy Birthday Cat

    Happy Birthday Cat <font color=teal>Wonders if the <font color=deeppi

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    I'm so glad I read the whole post.

    By the way, I'm on a wait list for New Year's Eve. Do you think a room will open up?

    HBC
     
  8. Lisa F

    Lisa F <font color=blue>is a very wise woman<br><font col

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    Probably not, but I've got one to rent you. It comes with a free bridge :)
     
  9. Gigashadow

    Gigashadow <font color=blue>Pontoon Pirate of Bay Lake and Th

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    So much for the 11 month priority home resort booking............

    :eek:
     
  10. anniet

    anniet DIS Veteran

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    So Maistre Gracey, does that document make you SOL on your VB points if it gets destroyed by the hurricane? I would imagine DVC would make you sign it just to let themselves off the hook in the event it did get destroyed in a hurricane.
     
  11. ripleysmom

    ripleysmom Lucas and Ripley's mom!

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    LOL annie!!
     
  12. Maistre Gracey

    Maistre Gracey <font color=red>Still trying to figure out the mys

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    Well, my guess is that it's a written warning that you could lose money if it is destroyed.
    The way I understand it, is if a resort is destroyed DVD has the option to rebuild using insurance money. DVD would then collect the balance in the form of a special asessment.
    If DVD decided not to rebuild, the members of that resort would divide the insurance money, but still owe the mortgage balance.
    I think this is why the document is only needed if you finance.

    I think that's the way it works, but not possitive... :cool:
     
  13. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    There are two aspects here. The legal one is that if the resort is destroyed, the members are out of luck. Whether the problem is temp or permanent depends on whether the resort is built back. Technically members would not be able to use their points elsewhere. In reality, this is Disney and if they can accomodate the members we all know they would. That's one main reason that most of us bought into DVC anyway.
     

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