Putting Trust on the Insurance?

[Dan Trinh]

Hi Everyone,

So my properties are in a trust. However, my insurance for these properties was under my name only. I just discovered recently that that is a HUGE mistake, being that if anything were to happen, my insurance won't cover it since the property deed is under the trust and not myself. ( I corrected for this huge mistake).

I've spoken to my two insurance companies and one of them has put the Trust as the 'Name Insured' and the other has put another property as 'Additional Insured'. 

Which is better and does it matter?

Thanks!

[Jer Yeung]

oh - as for the coverage, there has to be an interest in the property insured in order for insurance to pay a claim on a property.  Either of the options will get that job done.  In many cases, if it's a matter of Dan Trinh vs Dan Trinh, trustee of the Dan Trinh Trust, insurance companies will overlook it and pay a claim to the trust (legal owner of the property), as that was the intent of the policy purchased.  I have run into a situation where an insurance company has been a real stickler on something like this though... best to get it straightened out the way you did.