All Topics / Help Needed! / Landlord Insurance

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  • Profile photo of ChoirChoir
    Participant
    @choir
    Join Date: 2004
    Post Count: 28
    January 27, 2006 - 5:19 am

    Hi, Guys,

    I have recently purchased an IP in the name of an unit trust structure with a corporate trustee.

    I would like to seek some comments if I leased out the IP and what shall I do with the landlord insurance policy. Does the bank accept the insurance cover the unit trust / corporate trustee? If the setup of trust structure is to protect the personal asset, do we still need landlord protection to cover the public liabilities?

    I would like to receive some feedback on this issue before proceeding with the insurance cover.

    Thanks and regards
    Raymond

    Profile photo of clonesclones
    Participant
    @clones
    Join Date: 2005
    Post Count: 81
    January 27, 2006 - 5:33 am

    The trust structure does not protect any of the assests under the structure. Meaning that if you get sued you can lose you property IP.

    ************************
    The net result is not so much lies, damn lies and statistics but rather vendor dreaming, buyer wishing and agent glossing.

    Profile photo of shake-the-diseaseshake-the-disease
    Member
    @shake-the-disease
    Join Date: 2005
    Post Count: 97
    January 27, 2006 - 6:34 am

    Take out the insurance.

    A trust structure is one defensive barrier, don’t think any barrier is fool-proof. Insurance is a cheap and effective additional barrier between you and someone sueing you, and as pointed out, it will protect assets within the trust as well.

    Profile photo of ChoirChoir
    Participant
    @choir
    Join Date: 2004
    Post Count: 28
    January 27, 2006 - 7:21 am

    Hi, Guys

    Thanks for your advice. I understand the importance of taking out an insurance to limit my liabilities.

    Do I take out the landlord insurnace to insure myself as a person who does not own the property or the insurance to insure the unit trust which owns the property?

    I am rather confused with the party insured under the policy. Please provide any comments. Thanks.

    Raymond

    Profile photo of shake-the-diseaseshake-the-disease
    Member
    @shake-the-disease
    Join Date: 2005
    Post Count: 97
    January 27, 2006 - 7:26 am

    I would think the policy has to in the name that appears on the title. The insurance company can confirm though, just give them a call.

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