Business Sold - Can New Owner Inherit Insurance?

insurance1822

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If you have somebody who owns a business & has the building/gl insured with a carrier under the business LLC & they sell the LLC to new owners...do the new owners need to do anything at all? OR does the insurance remain unchanged because it's the LLC that's insured?
 
If you have somebody who owns a business & has the building/gl insured with a carrier under the business LLC & they sell the LLC to new owners...do the new owners need to do anything at all? OR does the insurance remain unchanged because it's the LLC that's insured?

Seems like a good question to ask the insurance company.
 
If you have somebody who owns a business & has the building/gl insured with a carrier under the business LLC & they sell the LLC to new owners...do the new owners need to do anything at all? OR does the insurance remain unchanged because it's the LLC that's insured?

Technically financial control has changed and it should be rewritten.
Although the company will never really know.
That being said there are a few variables where you have to rewrite. Is there a mortgage? Is there a workers comp policy with officers excluded?
 
Most companies would want you to rewrite since ownership has changed. U/w guidelines would apply as a new venture typically ... becomes a real pain in the neck.
 
I'm wondering if this is really a question isn't there a little voice in your head telling me the right thing to do here? Have a conversation with the carrier, in the end your reputation is on the line.

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