I too just bought a villa in Dec 2011 and due to my current situation that prohibits me from being there as much as would like I am renting it. I was going to buy a golf cart but when I inquired about insurance that would include the renters using my cart I found that insurance companies are not writing these policies at the present time. I have tried every insurance company in the area but have found no one who will provide the coverage. Most companies are grandfathering people who had coverage before last year but they will not take on any new business.
I also looked into letting renters sign a waiver but legal people have told me that it won't hold up if someone gets hurt and sues. The bottom line is you are better off to not let renters use your cart if you have no insurance. I was told yesterday that companies are reviewing and maybe in the future the market may reopen but right now they will not cover renters situation.