Biz provider insurance and land trusts - Posted by CarolFL

Posted by JoeB(Atlanta) on March 16, 2000 at 17:47:53:

Hi Carol, we usually give the name of the Trust & Trustee as the ‘main insured’ and list the beneficiary (our company) as ‘additional insured’ with ATIMA after the company name (stands for As Their Interest May Appear)–meaning that our company/beneficiary has some type of controlling interest in the property and any claim check that may have to be issued.

Best of success,
Joe Brillante

Biz provider insurance and land trusts - Posted by CarolFL

Posted by CarolFL on March 16, 2000 at 13:56:15:

OK, ok after poking at all of this for 18 months we are finally ‘getting organized’. Hold your laughter please.

As I busily punch out docs from BBronchick’s diskette, I stop by my insurance agent’s office to pay a bill and ask him how he will handle the properties which I am putting in trusts.

Up until now, most of ours were (1) titled in our names (ouch!) and (2) covered by a “Business Provider Policy” which allowed us to cover numerous properties under one policy, and insure some of the small ones at rates which would be below the minimum - no matter what their value.
(ex: $150 on the grouped policy vs $350 on a single property).

Nationwide (the insurer) is “researching” the question, but I have learned that if I can get the answer first, the research is more likely to result in something favorable to my cause.

Anyone have any experience that might shed light on the situation?


Re: Biz provider insurance and land trusts - Posted by Bud Branstetter

Posted by Bud Branstetter on March 17, 2000 at 10:46:26:

I use a commercial policy that allows day in to day out coverage. Many policies, especially vacants, are paid up and there are no refunds. For the rehabs where they will be vacant for awhile you can use a builders risk policy. Get those properties out of your name. The additional insured on the policy is common. Don’t forget the liability insurance either. Then start that C corp to do flips, manage rentals and oversee rehabs. Do that LLC for the keepers.

Re: Biz provider insurance and land trusts - Posted by Ben in Ohio

Posted by Ben in Ohio on March 17, 2000 at 07:39:01:

A recent fire in a duplex has been a learning experience. I have a NAtionwide Business policy and have discovered holes in it. This surprised me because I was under the impression my agent had given me the BEST. I find there is no coverage for “code upgrade” or hazardous material removal.

There are many areas of study, I have learned that can make a difference of tens of thousands in your/my pocket on a relatively small hundred thousand dollar claim.