So it has come up in conversation about what the liabilities would be, physical liability in land ownership, with a trust owning the land even though the trustees own the trust? It has been said that the trust must carry a landowner liability policy as it is the owner of the assets. The individuals that are trustees, can also insure personally to a point, but the trust itself must purchase and hold a liability policy to protect itself. Others say no, the trustees cover the trust as far as physical liability. So which is it? Does the trust need it's own coverage in case someone trespasses and gets hurt even without gross negligence on the land owner's part? I think it does, but we cant seem to get the same answer twice around here locally. |