Raven on order, question about insurance?

[Scott Evans]

Hey guys, so I have a raven on order like a lot of you guys and recently just made an LLC with 3 other members. Obviously we are all bringing or own pieces of equipment to the table that we have accumulated over the past couple of years. When insuring the equipment as a company we want to keep our current equiment owned by the individuals but insure all of it. Is there any way of buying one annual insurance policy and having it cover all four of us individually. This is to avoid gifting it to the company or loaning it and having to make payments to ourselves. We want to keep personal ownership but have it all be insured and use it for the company. Anyone have an experience similar to this? Any help would be much appreciated. Looking at insuremyequipment.com as of now. Thanks in advance.

 

[Chad Lancaster]

Ask at Athos Insurance, a lot of us here use them.

https://www.athosinsurance.com

 

[Steve Sherrick]

I use Athos too, so they would be a good call. I believe the way this will work, and I could be wrong is that for the LLC you will have liability and inland marine insurance. Any equipment that will be owned by the LLC will be covered (meaning bought and actually owned by the LLC not what's being brought in unless you sell it to the LLC) and you will have a rental part of it that covers rentals of equipment. That part protects the company. But the company will need to rent the gear from the members and set the members up like they would any other vendor. You may need to ask insurance company what else needs to be in place to make sure everyone involved is protected.

 

[jordan levy]

Athos

 

[Kristopher Colavecchio]

I use Athos as well. Very helpful to talk to.

 

[Scott Evans]

Thank you guys for the responses! I'll check out that company. But do any of you guys have answers to the question about one policy covering multiple people's personal equipment?

 

[jordan levy]

i would call them during working hours, i forgot the girl's name but she answers directly and answers all you questions without hesitation. she knows her stuff.

 

[Steve Sherrick]

Thank you guys for the responses! I'll check out that company. But do any of you guys have answers to the question about one policy covering multiple people's personal equipment?

I tried to answer above. Let me try again.

You all currently own the equipment individually. I believe that once you form the LLC, for that equipment to be insured under one policy under the LLC it has to be owned by the LLC. I am not an authority on this so I would definitely speak with Kat at Athos and see if there are any other policies available that could cover all of your individual equipment under one policy without that equipment being owned by the business.