Questions & Answers 10.19.24
Published October 19th, 2024
recovery process. We have received several questions from owners regarding the recovery timeline,
resort closure duration, maintenance fees reimbursement for unused units, and other related matters.
To assist with these concerns, I have compiled a list of frequently asked questions along with answers to
the best of my ability. Some questions have been edited for clarity. I hope this information proves helpful.
Question? I'm sure you're being bombarded with questions, but I had a question regarding our units and
what will happen in January. Is there a possibility that we would be able to stay in 209 (Week 1) and not
in 107 (Week 2). I'm just curious how that would all work since the upper units weren't affected as badly?
Or could it be that all of Sea Club is closed down in January? Just needing to know for planning--if we
need flights for our kids, need to get reservations elsewhere, etc.
Answer: At this time, we cannot provide a definite date for occupancy. As you can tell from television
broadcasts, pictures and social media, Siesta Key was hardest hit by Hurricane Helene but also sustained
additional damage from Hurricane Milton. The recovery process from the disaster will take several
months, and it is difficult to estimate when the units will be ready. New living room and bedroom
furniture must be ordered, A/C units replaced, bathrooms with shower-only setups require retiling, four
feet of drywall replaced throughout the unit and painted, lower kitchen cabinets, appliances, and small
goods need replacement; are just some of the repairs. Additionally, supply shortages and contractor
availability due to the widespread damage on Siesta Key are also affecting the timeline. It may be wise
for January owners to consider alternate vacation plans, however we are hoping to have a clearer
schedule in the coming month. In addition, while it is true that second and third floor units may not have
been affected to the degree that the first-floor units were (although part of the roof on a third-floor unit
was damaged) the staging of the repairs will certainly use most, if not all, of the parking and available
common element areas. As you know, in Florida, a timeshare owner does own a percentage of the
common elements within the timeshare complex, meaning they share ownership of shared facilities like
pools, recreation areas, and other common areas, with other timeshare owners, and are responsible for
contributing to their upkeep through assessments based on their ownership percentage. As a result, there
are a lot of moving parts which affect ALL unit owners.
Question? If we rebuild back to the way it was, I assume no one would insure us? Is a new building
(with required specs) out of possibility, as was talked about at last year’s meeting? Just asking!
Answer: We will not be building NEW following the damage caused by Hurricanes Helene and
Hurricane Milton primarily because it is not necessary. The declaration of condominium provides
guidelines for how a major casualty is handled. While it was destructive, the damage does not meet the level of major damage. Fortunately, there was no obvious structural damage to the buildings—only water damage from Helene and some roof and awning damage from Milton. Our three flood insurance policies are covering most of the losses but not all, with each building insured to the maximum allowed by the
National Flood Insurance Program. However, the board felt that it is important to have a structural
engineer come in to confirm there are no structural issues.
Question? What happens with our time block?
Answer: Unfortunately, you will not be able to use your unit during your designated weeks until further
notice or until it is deemed safe for occupancy. While the Association maintains insurance to cover
various risks, please note that flood policies do not cover loss of income, residency interruption or
business interruption.
Question? Is there an option to go to another RCI resort.
Answer: If you are a member of an exchange company and have already deposited your unit weeks into
their system, you will be able to go elsewhere. But the exchange companies are not taking any new
deposits from closed resorts.
Question? If so, how does that process work?
Answer: To answer your question, if you are a member of an exchange company like RCI and have
already deposited your unit weeks into their system, you should be able to go to another resort through
the exchange. However, please note, as set forth above, that exchange companies are currently not
accepting new deposits from resorts that are closed.
Question: What are we doing about paying Townsend, his brother, the laundry people and the office
folks while we are shut down? Also, Tony and El. Will the insurance pay them or I was wondering if
possibly the Owners could be made aware of the need and we could set up a Go Fund me account. I was
just thinking that we should try to keep them on payroll if you thought it was important to do so.
Next question would be, is the insurance company going to pay for all the repairs? Are they checking to
see if the foundation is compromised? Is there a possibility that they would condemn the buildings and
therefore help us with the rebuild?
Answer: Currently, there are no plans to let any staff member go, including Townsend, Tony, and others.
We have sufficient budget funding to maintain payroll and keep everyone working. There is also ample
work during the cleanup process and detailed inspections and maintenance of the unaffected units. Our
focus is on ensuring Sea Club V remains a welcoming environment for both owners and guests and
getting the resort up and running as soon as possible.
Regarding the repairs, we are working with the insurance company to ensure maximum coverage for all
necessary repairs. They are conducting thorough assessments, including checking the foundation for any
potential damage. There is no indication at this time that the buildings would be condemned, but if such
a scenario arises, we will explore all available options, including assistance for rebuilding. We are hiring
an engineer to review structural, as set forth above.
Question? Was there any provisions in the insurance for loss of use for the owners? We own 2 weeks
at Christmas time.
Answer: No. Hurricane Helene and Hurricane Milton are covered by the National Flood Insurance
Program and do not have a provision for loss of income, residency interruption or business interruption.
The resort will remain closed until further notice. We will continue to report on progress as we move
forward. Please check with your individual homeowner’s insurance policy for coverage.
Question? I was curious if SCV or the timeshare group (RCI) has insurance for loss of use.
It appears that there should be some sort of vehicle for owners who are losing their weeks to be made
(sort of) whole. I do not expect a refund of my fees, (about $800) as there is certainly a financial need at
SCV now. However, it would make sense that the insurance or RCI could allow something to ensure that
we owners aren’t left “out of luck.”
Answer: Unfortunately, there is no loss of income or business interruption insurance coverage available
for occurrences caused by flood. Please check with your individual homeowner’s insurance policy for
coverage. RCI does not insure the properties they allow trade with.
Question? Thank you for the update. I hope all the staff are safe and healthy as well as their families. I
do have a question, is there any potential for a special assessment due to the costs related to restoration
or is this all covered under insurance? I am asking solely for financial planning purposes on my end.
Answer: At the present time the insurance policies appear to be covering the bulk of the repairs and
remodeling. However, the cleanup of the sand in the pool and spa, and in the parking areas are not
covered. Also, 45’ of the boardwalk will need to be repaired and is not covered by insurance. The seawall
and the 5’ wall behind the north building are not covered by insurance. The board cannot rule out a
special assessment should we fall short of meeting our financial responsibilities.
Question? What is be to done about our week? Are you going to 1) reimburse us monetarily, 2) contract
us a week with another resort that was not damaged? 3) basically, what are your compensation plans? 4)
I trust you will not raise our maintenance fees and property taxes !!
Answer: There is no insurance that covers loss of use due to an act of God to reimburse affected owners.
We are a “0” Profit Budget, Expenses Equals Revenue. If there are increases it is because we need to
meet our expense needs. The board does not set property taxes.
Question? I would have to ask does our insurance cover loss of use or relocate expenses like a home
would if the home was damaged? Normally the insurance copy would cover relocation expenses.
Does our insurance policy cover loss of revenue due to being uninhabitable if it is a business policy?
Answer: No. Unfortunately, there is no loss of income, residency interruption or business interruption
insurance coverage available for occurrences caused by flood. You might want to check with your
individual homeowner’s insurance policy for coverage.
Question?
Thank you for the update. It will be a difficult time for Sea Club V. All you can do is your best.
We were hit hard here in Michigan at our condo association with insurance costs too. It’s very difficult
to eat the type of increases we’ve experienced. Fortunately, we had other costs that went down so we
didn’t have to increase our dues this year, but we didn’t have two hurricanes worth of damage either.
Wishing the board and staff good luck in the days to come.
Answer: The board is trying their best to keep our costs down but when everyone around us raises their
costs we must pass it along to all the owners. We are a not-for-profit corporation. No one is benefiting
from raising fees. It’s simple economics.
Question? No question, just an observation.
I would like to say first of all that I thank you and the Sea Club V management team for all that you’ve
done and continue to do in these challenging times. I’m sure Tony and the board have had many
conversations with owners that run the spectrum from supportive to unpleasant. I can’t imagine the
checklist and daily tasks that the team takes on.
We all love this place, and we will eventually come out to the brighter side.
Peace to you all.
I want to thank the Board of Directors, Tony, and everyone else that is working so hard to get Sea Club
V back up and running. If there is anything more I can do please do not hesitate to ask.
Thank you to those owners who have contributed monetarily to our staff for lunches during the cleanup
effort. It is much appreciated. You know who you are. Thank you again.
Please feel free to email your questions or concerns to info@seaclubv.com or directly to me at
trateni@seaclubv.com. I will do my best to keep everyone apprised of the status of repairs to Sea Club
V. It will be a long road to full recovery but we are doing everything we can to speed up the process so
we can all enjoy the beautiful beaches of Siesta Key.
SCV Management Team