Liability Insurance Numbers

Comments(6)

• 
  ddstew25th December, 2004

  My suggestion would be an umbrella policy...it would cover all of them under one policy. The cost is around $200-300 for $1M.

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  norrist25th December, 2004

  There is usually minimal increase in premium per unit between $500k and even $2 million. Beyond that, an umbrella is your best value. The cost varies by number of units, and is really a great deal if you also need coverage over and above underlying coverage on vehicles that your business may own...[ Edited by norrist on Date 12/25/2004 ]

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  norrist28th December, 2004

  I personally utilize the Nevis LLC strategy and COMBINE it with what I consider "sufficient" liability insurance...

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  norrist28th December, 2004

  I personally utilize the Nevis LLC strategy and COMBINE it with what I consider "sufficient" liability insurance...

• 
  myfrogger28th December, 2004

  Tim,
  
  I am assuming that an umbrella policy would not be effective when there would be multiple entities insured. For example you have Rental LLC1 and Rental LLC2 each holding separate properties.

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  norrist31st December, 2004

  Frogger,
  
  Each entity would need it's own umbrella. However, there is a way to name one insured (i.e. your "management company", then name the LLCs as Loss Payees and Additional Insreds respective of the property(ies) they own. Then, one umbrella could serve for all. A little more paperwork, but do-able...