[WSBARP] Insurance on Property In Trust

[Bickel, Dwight]

When the ALTA forms committee prepared that policy form, it chose to limit it to natural persons for a lot of claim-reduction reasons.
We don't want to provide that expanded coverage for persons who are using corporations for investments, builders, and similar.

Though not commonly known even by title company employees, most title companies are willing to issue the ALTA Homeowner's Policy insuring a Trustee of a trust where that was created for an individual or family. It would be OK that the Trustee is a corporate entity. Estate planning, trusts to keep a famous person off the public records, and similar are fine. There is a special endorsement that should be without charge that will change a couple terms to make it work.

Call me and I'll be happy to explain more. Maybe even able to help with your particular order.

Dwight A. Bickel
Regional Counsel
Fidelity National Title Group
701 - 5th Avenue, Suite 2700
Seattle, WA 98104
Phone: (206) 370-3189
E-mail: Dwight.Bickel at fntg.com<mailto:Dwight.Bickel at fntg.com>

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Mark Vohr
Sent: Thursday, May 11, 2017 10:25 AM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] Insurance on Property In Trust

Question:  We are trying to determine how to best obtain homeowners insurance for property in a trust.  We are being told the policy has to be issued in the name of a person.  The problem is that if there is a claim, the named person gets the payout - who is not the owner, which I can see as creating a problem for the trustee.

Any input would be greatly appreciated.

Mark


Ohana Fiduciary Corp.
Ohana Financial Services

Mark C. Vohr, J.D., CPG, Principal
PO Box 33710  Seattle, WA  98133
T:  (206) 782-1189 F:  (206) 782-1434
mcv at ohanafc.com<mailto:mcv at ohanafc.com>      www.ohanafc.com<http://www.ohanafc.com/>


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