Umbrella insurance
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Umbrella insurance (by DonH [MO]) Mar 25, 2019 10:31 PM
       Umbrella insurance (by Sisco [MO]) Mar 26, 2019 2:42 AM
       Umbrella insurance (by myob [GA]) Mar 26, 2019 4:12 AM
       Umbrella insurance (by razorback_tim [AR]) Mar 26, 2019 5:19 AM
       Umbrella insurance (by Barb [MO]) Mar 26, 2019 5:33 AM
       Umbrella insurance (by Nicole [PA]) Mar 26, 2019 5:59 AM
       Umbrella insurance (by Jeff [CO]) Mar 26, 2019 6:16 AM
       Umbrella insurance (by Landlord ofthe Flies [TX]) Mar 26, 2019 11:19 AM
       Umbrella insurance (by Don H [MO]) Mar 26, 2019 9:37 PM
       Umbrella insurance (by J [FL]) Mar 27, 2019 4:11 AM
       Umbrella insurance (by Don H [MO]) Mar 27, 2019 4:00 PM

Umbrella insurance (by DonH [MO]) Posted on: Mar 25, 2019 10:31 PM

Is there a way to protect my personal assets from claims against my LLC, whereby the corporate veil may be pierced? My personal homeowner umbrella policy from Safeco is said not to cover claims from emanating from the LLC.

Umbrella insurance (by Sisco [MO]) Posted on: Mar 26, 2019 2:42 AM

Yes, the LLC serves the function separating LLC assets from personal assets.

However, DonH MO individual will be named in any lawsuit that your LLC is named in. Of course, Your personal assets are at risk in a judgement against DonHMO.

If you are hands on, actively engaged in repairs, upkeep, maintenance, showings, lease signings then the LLC will not relieve your personal liability.

Umbrella insurance (by myob [GA]) Posted on: Mar 26, 2019 4:12 AM

We are required to care a certain level of individual coverage on each SFH. Then we are able to get the umbrella policy for 1M

Umbrella insurance (by razorback_tim [AR]) Posted on: Mar 26, 2019 5:19 AM

I am named as an insured in the umbrella policy for my LLC. If something happens at one of the properties I expect to be covered. --107.77.xx.xx

Umbrella insurance (by Barb [MO]) Posted on: Mar 26, 2019 5:33 AM

I have a separate umbrella policy for the LLC through Shelter.

Umbrella insurance (by Nicole [PA]) Posted on: Mar 26, 2019 5:59 AM

I own my properties in my individual name. Along the same lines as myob above, I needed a certain amount of coverage on my home and vehicles before they would give me an umbrella. However, because I have commercial insurance policies on my rentals, my personal umbrella won't cover those.

Umbrella insurance (by Jeff [CO]) Posted on: Mar 26, 2019 6:16 AM

They say you should have umbrella policies that cover your net worth. --76.120.xx.xx

Umbrella insurance (by Landlord ofthe Flies [TX]) Posted on: Mar 26, 2019 11:19 AM

Some insurance companies will cover you if ALL policies are in their company including the umbrella.

If you can't get that, then you can insure all the rentals in a group policy and that policy can have an umbrella, or you can just do a large liability policy on each house individually through the insurance policy on that house, but that's more expensive. But it's still cheaper than losing everything.

Umbrella insurance (by Don H [MO]) Posted on: Mar 26, 2019 9:37 PM

My conclusion based upon the above is that there is little chance of protection of personal assets, if the 'legal veil of the LLC is pierced' and the claim exceeds general liability and umbrella of the LLC(other than being able to find one insurance company covering both, which might accept transference of risk from the LLC to the personal liability and umbrella coverage of personal assets.) Otherwise the personal assets umbrella policy would provide no value for claims emanating from the LLC. Feel free to point out if I am incorrect.

Umbrella insurance (by J [FL]) Posted on: Mar 27, 2019 4:11 AM

Is there a reason you're using LLCs? I used to own a single property in one and after awhile I found it was more trouble than it was worth.

Umbrella insurance (by Don H [MO]) Posted on: Mar 27, 2019 4:00 PM

"Piercing the corporate veil" refers to a situation in which courts put aside limited liability and hold a corporation's shareholders or directors personally liable for the corporationís actions or debts. Veil piercing is most common in close corporations.

While the law varies by state, generally courts have a strong presumption against piercing the corporate veil, and will only do so if there has been serious misconduct.

As such, courts typically require corporations to engage in fairly egregious actions in order to justify piercing the corporate veil. In general this misconduct may include abusing the corporation (e.g. "intermingling of personal and corporate assets!") or having undercapatitalization at the time of incorporation.

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Umbrella insurance
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