(1) The seller, initially, and thereafter the managing entity, shall be responsible for obtaining insurance to protect the accommodations and facilities of the timeshare plan in an amount equal to the replacement cost of such accommodations and facilities.

(2) A copy of each policy of insurance in effect shall be made available for reasonable inspection by purchasers and their authorized agents. History: s. 1, ch. 81-172; s. 54, ch. 85-62.