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You are here: Experts > Money > Personal Insurance > Property & Casualty Insurance > Liability Insurance for bare land
Expert: Kristen Mulcahy, CIC - 10/28/2009
Question
My father passed away and left a bare commercial lot in a trust for his siblings. We have sold his house %26 now find out that the insurance company he had his home insured with (included liability on his commercial lot) would no longer cover the commercial lot as there was no homeowner insurance.
What is the best way for the trust to insure the lot against any liability claim?
Answer
Mike;
This is very easy to do. Find a reputable independent agent and tell them you need a General Liability Policy for Vacant Land. They'll do the rest! Not all companies like vacant buildings or vacant land so an independent agent is the way to go. They'll know exactly which companies will provide this insurance and can provide you with several quotes. The Named Insured on the policy must be the Trust if that is the way the land is presently owned.
Some additional information you may want to consider is this. I have no clue what the vacant land is but if there are any items on it that we in the insurance industry call "attractive nuisances", (abandoned cars, refrigerators, a pond, a lake, a trailer container), anything that would essentially attract kids to the premise. Kids love to play in old cars, may want to go swimming, older kids may go to the lot because it's hidden from traffic, etc... if anything like this exists, remove the items if feasible to greatly reduce your liability exposure. Also, you may want to post signs "Private Property" "No Trespassing" etc...
I hope this has been helpful. If there's anything else I can answer for you feel free to email me again. Good luck.
Kristen
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