721.165  Insurance.--

(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. Failure to obtain and maintain the insurance required by this subsection during any period of developer control of the managing entity shall constitute a breach of s. 721.13(2)(a) by the managing entity, unless the managing entity can show that, despite such failure, it exercised due diligence to obtain and maintain the insurance required by this subsection.

(2)  A copy of each policy of insurance in effect shall be made available for reasonable inspection by purchasers and their authorized agents.