Repost of L/O, Corporation and Insurance - Posted by David Larkins


#1

Posted by Jason-DTX on November 01, 1998 at 16:14:12:

If you are doing a L/O then the seller should still have insurance on the property. You could have your corp added to the policy as a loss payee. You shouldn’t have to get an additional policy. It depends on what type of insurance the seller has on the property. If its only a “fire and extended” policy then you should tell your tenant buyer to get a renter’s policy. On a L/O you aren’t on the deed and shouldn’t have to worry about liability. Also if your corp is set up right and you deal in a corporate way you won’t have any personal liability. You should take a course on corporations so that you act accordingly when working for your corp. Bronchick has a good course available on this site.
Jason


#2

Repost of L/O, Corporation and Insurance - Posted by David Larkins

Posted by David Larkins on November 01, 1998 at 14:48:22:

If I sign up a L/O property under my Corporate signature, do I need to carry insurance on the property if it is Subleased?

What should the policy read?

Does the owner’s liability and fire cover me and ANY tenants regardless of who is occupying the property?

I am naive about what the Corporations’ limitiations of liability are in such a scenario.

Does the Corporation act as a substitute for a policy?