Insurance Issue with Multifamily Apartment Building
We have multifamily property held in our family living trust. Our attorney advised us to be sure the Named Insured on our insurance policy includes our individual names and our family living trust as additional insured. Guard Insurance is telling us they will not do that. Anyone have any issues with this or comments.
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Jason Bott
#2 Insurance Contributor
Pro Member
#2 Insurance Contributor
- Insurance Agent
- Nationwide
Robert, if the multifamily is held in the family trust, then the Named Insured should be the family trust, not your personal names. Your personal names should be listed as Additional Insured.
At the end of the day, both the trust and the owners of the trust have a financial interest in the property, so there is no reason the insurance company should not add both to the policy.