All Forum Posts by: Jacob Rhein

This isn't legal advice, and I don't have a real-world example, but some coverage issues to pay attention to might include injuries to common law employees, injuries involving liquor, and punitive damages for gross negligence.

Keep in mind that umbrella insurance policies are negotiated contracts like any other insurance policy. The language of these contracts varies and will lead to different results. 

Insurance also won't protect you from being sued in your own name, making your personal transactions subject to civil discovery, damaging your credit score in the event of a judgement, etc., etc. 

It may help to think about the insurance policy as your "umbrella" and the LLC as "rain boots." In a storm, you probably want both.

Hi, Kevin. I hope this turned out well for you. I'm interested in learning more because I have a similar situation in Illinois (3 houses sharing a driveway, well, and septic system under a 100-year-old verbal agreement ... I now own 2 of the houses). Were the new owners aware of the situation when they bought the house? Did they have traditional financing? Was there any snag involving title insurance?