i want to put my entites into an LLC or a land Trust. my loan officer says if i do that the insurance company will drop me.
err…is that true? it doesnt make any sense.
also, what happens to the title insurance. since its made out in my name will it hold once the
title passes to another entity?
The company trust needs to be added as an additional insured. Some insurance companies do it for a reasonable fee, some do it for a exhorbitant fee, some won’t do it at all.
I insure LLC’s and Trust’s here in NY, no problem. The named insured should be the trust or LLC and the insurance rate is the same as if it is in your name. If your insurance person says it cannot be done, find an independent insurance broker, who has many companies available to write your business through.