Financial Services Industry
Industry: Email Alert RSS FeedResort gets coverage for mortgage disruption. (Vistana Resort Development Inc.)
National Underwriter Property & Casualty-Risk & Benefits Management, July, 1989 by Barnes, Roger
Resort Gets Coverage For Mortgage Disruption One of the largest single-location, vacation time-share resorts in North America recently called on its property-casualty insurance carrier to help make a securities issue more attractive to investors. The insured, Vistana Resort Development Inc., was concerned that in the event of an earthquake, tornado or another natural catastrophe, a portion of the Orlando, Fla.
resort complex could be rendered uninhabitable, triggering a string of possible mortgage defaults. Vistana's management approached its insurer - the Woodland Hills, Calif.-based Transamerica - to see if the carrier could put together a policy to cover the potential for disruption of mortgage payments following a catastrophic loss of property. In...
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