LLC to personal name for refinance - insurance concerns

[Samuel S.]

Hey BP folks, So I recently refinanced a property out of a land contract, into a 30 yr bank note. I originally purchased the property in an LLC, and the insurance was also in the name of the LLC. Due to the bank requirements, I had to quit claim the property into my personal name in order to refinance. But, as soon as it gets recorded, I am planning to quit claim back into the LLC. I just received a letter from the bank stating that I need to update the insurance policy to show my personal name, instead of the LLC as it’s currently shown as. My question is, if I do this and chance the insurance into my personal name, when I go and quit claim it back into the LLC, would I just need to have the insurance updated to show the LLC as additionally insured? Any advice would be greatly appreciated!!

[Jason Bott]

@Samuel S. try and send the bank a Certificate of Insurance listing just your personal name. You are legally allowed to do this if you are the owner of the LLC.

Ideally you want the LLC to be the First Named insured on the policy and not the Additional Insured. If you have to have the LLC as an Additional insured, for coverage purposes, that will work.