Developer to provide insurance

(1) In addition to the minimum standards provided in section 12 of this Act, a developer shall provide and maintain provide insurance for the benefit of purchasers and their guests public liability insurance, including hurricane and flood insurance, in respect of the accommodation, facilities and units, and such insurance shall be in an amount of not less than 18 five hundred thousand dollars, or such greater amount as the Minister may, by Order published in the Gazette, prescribe. (2) The developer shall keep all the property of an insurable nature at a timeshare property insured against loss or damage in an amount not less than the replacement cost of such property. (3) A developer may, when discharging any duty under this section, delegate or assign to the entity responsibility for compliance with subsections (1) and (2) of this section, but the developer shall remain jointly and severally responsible for such compliance. (4) A developer who, or a managing entity which, as the case may be. contravenes any provision of this section commits an offence and shall be liable on summary conviction, to a fine not exceeding ten thousand dollars, or to imprisonment for a term of two years, or to both such fine and term of imprisonment.