While rebuilding will be a lengthy process, the board and Vacatia remain committed to bringing Nautical Watch back to life. We thank you again for your continued support and understanding.

 

Sincerely,

 

Shaun Tulper | Area GM | Vacatia

·      The contractor continues to work with the adjusters and carriers to finalize a total payout. Unfortunately, we can’t formalize a reconstruction timeline until they are in agreement.

 

·      The flood deductible is $2,000 per building. 

o   The main building has $1.2 million in building coverage and $100,000 in content coverage.

o   The south building has $697,000 in building coverage and $93,000 in content coverage.

 

·      Based on the bids we’ve received so far, the roof repairs are estimated to cost $23,000 for the main building and $9,500 for the south building. Please note that the wind deductible is higher than these estimated costs.

 

·      According to a private appraisal that we solicited, the total value of the buildings is $2.84 million, excluding the land.

 

Important notes: The resort will remain closed indefinitely. If you plan to reschedule your floating week to later in 2025, you must do so at least 30 days prior to check-in. 

 

Please be assured that the board and Vacatia are working hard to reopen Nautical Watch as quickly as possible. Your patience and support are greatly appreciated.

 

Sincerely,

 

Shaun Tulper | Area GM | Vacatia

The adjusters have shared the required information with the carriers, and we now await the carriers' response so that we can develop a detailed reconstruction timeline. Nautical Watch will remain closed until further notice, so please do not plan to travel to the resort.

 

While it will take some time before the resort opens its doors to owners, it is more important than ever that everyone pay their 2025 maintenance fees, if you haven't already done so. The fees, which are due on

January 1, will help fund the rebuild.

 

Important note: If you plan to reschedule your floating week to later in 2025, you must do so at least 30 days prior to check-in.

 

Please be assured that the board and Vacatia are working hard to reopen Nautical Watch as quickly as possible. Your patience and support are greatly appreciated.

 

Sincerely,

Scott Weber | Senior Vice President of Hospitality | Vacatia

Here is an update on the status of the Nautical Watch insurance claim and repair work:

 

After visiting the resort, the insurance adjusters are compiling their damage reports and reviewing the scope of work, as well as the cost, with our general contractor. Several of the adjusters have brought in their engineering and building consultants. 

 

Because it is highly unusual for two major hurricanes to make landfall within 14 days of each other, the adjusters are now working with the carriers to determine how the hurricane claims will be processed — as two claims or one claim. The early indication suggests two claims will be processed. Additionally, they are considering processing Helene as a storm surge/flood claim and Milton as a wind claim.

 

These decisions will have a major impact on limits, deductibles, and exclusions. Our brokers, adjusters, and carriers are actively working with us to clarify how the damages will be separated. We hope to have some decisions in the next few weeks.

 

A few notes:

•Unit 8 has been gutted.

•Units 1 to 7 and 14 to 17 have been mostly gutted, up to 4 feet.

•The guest restroom, office, lobby, storage units, and areas under the stairwells have been gutted.

•We lost some shingles on the north roof.

•There was soffit damage to both buildings.

•Pool and spa equipment were damaged, and debris is being cleared out.

•There was paver damage near the pool.

•Power has been restored to the second-floor units.

 

We’re still in the early stages of repairing Nautical Watch, but we are making progress, and the board and Vacatia remain committed to restoring your home away from home. 

 

Recently we sent RCI Affiliate 365 Day Certificates to owners of Weeks 38 – 52 who hadn’t already deposited their week for exchange. We will continue to monitor the progress being made and will send the certificates to additional owners if future usages are impacted. And remember, updates can also be found on the Nautical Watch website and in Vacatia Clubhouse.

 

On behalf of the entire Vacatia team, Nautical Watch’s on-site staff, and the board of directors, I wish you and your loved ones a happy holiday season. 

 

Sincerely,

 

Scott Weber | Senior Vice President of Hospitality | Vacatia

Now that we’ve been able to return to the island and begin repair work, I want to provide you with an update. A few early highlights:

 

·       The emergency management services and remediation teams have returned to the property and have reset the construction site. Every day they remove significant amounts of debris.

 

·       Last week and the week before, we had on-site meetings with the flood insurance adjuster to review the damage and advance the open claim. 

 

·       Throughout the resort, we are identifying areas of internal moisture. 

 

·       The pool contractor has returned to the property, and we expect a report shortly. 

 

·       The fence contractor has installed a temporary fence and is working on a project bid. 

 

I want to stress that we are in the early stages of repairing Nautical Watch. While we are making progress with inspections and engineer reports, the vast majority of the work lies ahead of us. And as those of you who live in a hurricane zone (or any natural disaster–prone area) understand, navigating the insurance process is a marathon, not a sprint. Reopening Nautical Watch will take some time, but Vacatia and your board are committed to doing so. 

 

I’m sure that many of you want to see the condition of the units and the property, so we’ve attached images taken in the aftermath of Hurricane Helene and again after Hurricane Milton. These photos can also be viewed in Vacatia Clubhouse. Future updates and new photos will also be posted in Vacatia Clubhouse.

 

For impacted owners who are current on their maintenance fee and did not deposit their week for exchange, we have partnered with our industry friends at RCI to offer you a discounted travel deal. Be on the lookout for an email from Vacatia about the RCI Affiliate 365 Day Certificate. Once you create an account on the certificate website, you’ll have an entire year to use it. Full weeks start at just $299, and accommodations are available in popular destinations throughout the U.S. and beyond. You do not have to be an RCI member. I hope you take advantage of this great opportunity. Note: If additional owners’ usage is impacted as we learn more about the resort’s opening date, we will send out certificates to those owners as well.

 

Thank you for your patience, and we’ll be in touch with another update in a few weeks.

 

Sincerely,

 

Scott Weber | Senior Vice President of Hospitality | Vacatia

 

On behalf of your board, the on-site team, and Vacatia, I hope you and your loved ones are well. 

 

I know you have questions about the current status of Nautical Watch and how the recent hurricane damage will affect the resort in both the short- and long-term. 

 

When Hurricane Milton made landfall last week, the barrier islands were closed. All contractors who had been repairing the resort since after Hurricane Helene had to evacuate. 

 

Over the past few days, we’ve been able to return to the island. Meetings with insurance adjusters that had to be postponed as Milton approached are now being rescheduled, we have been cleared to begin the remediation process, and the contractors have spent recent days re-establishing the construction site. This includes setting up fences and a safety zone, returning the equipment to the site, and removing debris. 

 

With these positive developments, challenges remain. Power has only been partially restored at the resort and on the island. There are roadblocks. Debris still needs to be cleared from some streets. 

 

We will continue to work through any challenges, and now that work has resumed, we can provide an initial assessment:

 

•There is some unit damage to the roof and throughout the units
•Flooding caused significant damage to the first-floor units
•The pool has been damaged
•One building suffered severe roof damage on the ocean side
•The second-floor soffit near the walkway to units was destroyed
 

While we will provide additional details as we are able to assess the scene more closely, it is fair to say that the damage to Nautical Watch is significant. We will continue to work closely with the contractors, and in the coming weeks we will start putting together a rebuilding plan.

 

In the short-term, we are working on providing discounted alternative accommodations for owners who will miss out on their usage. We’ll send more information as soon as we are able to finalize the details.  

 

I know the current status of Nautical Watch is not welcome news, but I want you to know that we stand with our owners. And we will continue to work with your board and the on-site team to bring Nautical Watch back as soon as possible. 

 

In the meantime, we will continue to send regular email updates, and we will post images in Vacatia Clubhouse.

 

Thank you and we’ll be in touch soon.

 

Scott Weber | Senior Vice President of Hospitality | Vacatia