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Old 08-12-2015, 02:12 PM   #1
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Insurance

So... I'm sussing out some stuff.

I'm based in Youngstown, Ohio. That means I have access to Ohio insurance. Nothing yet but I thought I'd ask here first because I've seen other Ohioans here already with insurance. Figured I'd accelerate the process by asking those who knew the process and have insurance.

However... I do have a question that's related to this.

I could form an LLC and title the bus to the LLC. And insure the bus as a business. Thoughts? Concerns? Suggestions?

I'm thinking it might be easier for me to go that route as it'd cover the bus as a commercial option.... and maybe even get me full coverage rather than liability only. Is that even possible as a biz?
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Old 08-12-2015, 03:11 PM   #2
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Not in Ohio, but off the top of my head I'd say be careful: if your business gets sued or goes bankrupt, you could easily lose the bus as it would be a business asset.
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Old 08-12-2015, 04:26 PM   #3
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Originally Posted by Invisicat View Post
Not in Ohio, but off the top of my head I'd say be careful: if your business gets sued or goes bankrupt, you could easily lose the bus as it would be a business asset.
I'm aware of the risks. I'm working on a solution to this, though it may take time to implement. And talking to lawyers. But... I don't think it will be an issue for the most part. We will see what the lawyers say, however.

I've been doing research for the most part, however so I'm still bothering my lawyer about all of this. He's looking into it for me and should have an answer for me soon.
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Old 10-10-2015, 10:19 AM   #4
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I am also planning on making an LLC and having my bus as an "asset". This way if I get sued it cant be more than for the value of the LLC.. Talking to my friend (who is a judge) he said that the LLC could possibly be peirced, but it is unlikely. Does anybody know what the of insurance I would have to get if I go this way? Im not sure if business insurance is right..
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Old 10-10-2015, 11:20 AM   #5
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I do know that there are a whole different set of rules that apply to "company owned" property vs private. Only example I am familiar with would be Commercial General Liability.
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Old 10-10-2015, 11:41 PM   #6
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Originally Posted by MoistMenace View Post
I am also planning on making an LLC and having my bus as an "asset". This way if I get sued it cant be more than for the value of the LLC.. Talking to my friend (who is a judge) he said that the LLC could possibly be peirced, but it is unlikely. Does anybody know what the of insurance I would have to get if I go this way? Im not sure if business insurance is right..
IANAL, but I have studied business forms a bit, and your LLC will get "pierced" as soon as they figure out it isn't a real business. Besides: A) It's a pain to keep filing the business paperwork year after year. B) You still gotta pay for insurance for the bus. You will be sued for a few times the coverage amount so they can then "come down" to the coverage amount for the settlement. This is whether they can "pierce the veil" or not. C) If the bus is owned by a company, the insurance company is highly likely to want to charge commercial rates, even if they wouldn't have otherwise.
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