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.
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.
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?
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