Insurance w/ land Trusts - Posted by Jim

Posted by Jonathan Rexford on July 12, 2003 at 18:15:42:

I don’t do the assignment thingy with a seller. I take it directly into the trust that I set up. But yes you can.

If you have not spoke to your insurance company yet. Speak to them before you do the deal. Explain what you are doing. They are part of your team

Insurance w/ land Trusts - Posted by Jim

Posted by Jim on July 11, 2003 at 09:24:53:

Quick Question: several insurance agents are telling me “you cannot insure something you do not own”. If the property is in a land trust, how can I get it insured.

Thanks in advance
The Rookie

Re: Insurance w/ land Trusts - Posted by Jonathan Rexford

Posted by Jonathan Rexford on July 12, 2003 at 08:28:42:

Jim,

The trustee has has legal title to the property.

For subject to deals and properties here is how my insurance works. John Smith, as Trustee of The Moniker Trust,

If its Sub2 you put the Seller’s name ?AS THEIR INTERESTS MAY APPEAR? (ATIMA) Then your management company.

Re: Insurance w/ land Trusts - Posted by chan

Posted by chan on July 11, 2003 at 09:47:25:

I’m not sure what you are trying to accomplish here.
But, here is what I would tell them…the property is
setup in a trust for estate planning purposes…and I
am the benificiary of that trust. If you are the
benificiary, you are the real owner of the property.
You should be able to insure it.

I am not an attorney/legal advisor…please seek your
own legal advise from a professional.

Hope it helps.

Re: Insurance w/ land Trusts - Posted by Frank

Posted by Frank on July 12, 2003 at 17:48:08:

I am about to sign up my first sub2. I will have it set up with my LLC as bene. and my C corp as mgmt. Do i list:

Bank as loss payee…trustee as additional insured…seller as additional insured…bene int. holder as interests may appear as additional ins…C corp (management) as additional insured?

Is there a limit they will list as additional insureds?

I disagree - Posted by DaveD(WI)

Posted by DaveD(WI) on July 11, 2003 at 15:16:17:

Frankly, it’s none of the insurance company’s or anyone elses business who the beneficiary is. That’s the whole point of the trust. The trust is the legal owner and is the insured party, along with the trustee. The trustee can and should sign for insurance matters. Sounds like a lazy insurance guy to me. Other agents understand these things better.
-Dave