Umbrella Policy - Posted by ron

Posted by Lyal on September 22, 2004 at 21:11:56:

It ain’t nearly that simple. Follow this link (with Ron himself posted in response to his duplicate post on the legal forum at this site).
http://www.reiclub.com/articles/insurance-asset-protection

Lyal

Umbrella Policy - Posted by ron

Posted by ron on September 22, 2004 at 24:51:47:

With all of the asset protection seminars, courses etc.
You always hear about the advantages of LLC, and Land Trusts.

Why doesn’t anyone recommend an Umbrella Policy for a few million dollars
instead of an LLC or Land Trust. Umbrella Policies for just a few hundred
can cover you for millions of dollars in coverage. It seems to be
much cheaper dollar for dollar. Is there a good reason why no one recommends this?

Re: Umbrella Policy - Posted by Wm-Pa

Posted by Wm-Pa on September 22, 2004 at 21:01:10:

Ron,

I agree with D.C. I have an LLC which costs me $780 per year to have plus $95 for a tax return and then associated business fees. I have changed this and now have a $1 million umbrella policy on top of my Landlord policies of $100K each. THis Umbrella policy costs me $412 per year.

Besides the privacy issue I would like to hear from others who think that an LLC is the right way to go and my way is the wrong way.

Wm-Pa

Re: Umbrella Policy - Posted by Dick Chelten

Posted by Dick Chelten on September 22, 2004 at 20:25:44:

Here, here! I’m with you. Get enough liability insurance and you don’t have to worry about hiding everything. Seems to me, Insurance allows you to concentrate on running your business, not hiding it. Just my opinion. I own lots of insurance-it’s cheap and I sleep well at night.