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Updated 7 months ago on . Most recent reply

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Insurance

Insurance Coverage Issues w/ LLCs

Neera Melwani
Posted

Has anyone come across any issues with insurance being enforceable if they transfer over a property from a personal name to LLC with a loan on it? I'm aware of the risks and implications of the due on sale clause, but looking for some feedback on the insurance side of it. Thanks.

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Russell Brazil
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ModeratorReplied

You'll need to get a new commercial insurance policy reflecting the LLC as the owner. If you don't, then you essentially have no insurance on the property.

But, it's when the lender is notified of the new insurance coverage that will actually notify the lender and then they will trigger the due on sale clause.

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