Can a LLC Be Covered Under A Personal Umbrella Policy?
Full Question:
Answer:
The answer will depend on the terms of the operating agreement. A limited liability company is dissolved and its affairs are to be wound up upon the happening of the first to occur of the following:
(a) At the time specified in the articles of organization, if any,
or upon the happening of the events, if any, specified in the
articles of organization or a written operating agreement.
(b) By the vote of a majority in interest of the members, or a
greater percentage of the voting interests of members as may be
specified in the articles of organization or a written operating
agreement.
(c) Entry of a decree of judicial dissolution.
Whether the RV would be covered under an umbrella policy will be a matter of contract law and depend on the terms in the policy and any exclusions it contains. I suggest you read the policy carefully to determine your coverage and exclusions, or call your insurance agent for further explanation.
For further discussion, please see:
http://vlex.com/vid/madison-guardian-stacy-murdock-37472642
