If you dont have liability, the umbrella will not pay in the event of a claim.

Yet nobody would claim a bank mortgage is "private money".

To make any agreement that dictates any degree of performance or the ability to avoid any obligation, the contract dictates the intent before the claims or verbal recitals of that party as to their intent to take advantage o f such benefit.

The owner died without a Will and their five children inherited to the house.ARV of maybe $75K Will require about $30K rehab.Originally the five owners "just-wanted-out" and four of them verbally agreed to take $2000. each to sign a quit claim deed for their 20% ownership.

It use to be a million covered most death claims, John or your agent may have better insight to that today.

Since this is an REO sale, there will be all kinds of outs for the bank on their contract addendums, so you probably wouldn't have any damages claim against them, and there is probably some reference in your contract to the condo doc.s.

Does the trust share the same protection as the listed insureds in case of loss or claim including lawsuits ?

These short public or industry announcements that lack data for analysis and that claim the industry has or is at some disadvantage usually has an agenda behind it.

Another shocking truth is that quite a few who claim big success in REI did it during the bubble.

Everybody threatens to sue, but when you actually do it, they act a lot different.Its just a small claims case, cost $80 for the suit and $25 for the sheriff serving him around here.