tbrowne01 wrote:
I am the manager of an LLC that owns a single family home rental property. The property has a landlord insurance policy under the name of the LLC - $1 million business liability plus $400k for the building in case there is a fire etc. Do I need umbrella insurance in addition to the landlord policy since the property is held in an LLC? Mainly just want to make sure I'm protecting the assests of the members of the LLC in an absolute worst case scenario. Or since it is an LLC, does the LLC not need umbrella insurance?
If that case is one in which the plantif can prove some one "pierced the corporate veil". ie, let LLC and personal monies blend, then you might have a problem.
I personally wouldn't trust any answer [including this one] that didn't come from a r.e. atty plus a disinterested insuance pro.
