What it does
Amends definitions and conditions so the policy works when the residence premises is owned by a trust.
Who needs it
Clients who have retitled their home into a revocable living trust.
Quoting and selling notes
- Ask about trusts at every renewal for business owners doing estate planning; the umbrella has its own trust endorsement.
Editions and availability
Editions in use and where they apply: 03 22 (33 jurisdictions); 02 17 (5 jurisdictions: CA, FL, GA, HI, VI).
Section II changes affect umbrella placement. The ISO personal umbrella (DL 98 01) needs its own excess endorsements for business pursuits, home business, home day care and home-sharing exposures, so confirm the umbrella responds before relying on a homeowners endorsement for a business-type exposure.
