LLC advice

Ben2k9 said:
I have an LLC that owns my plane for 2 reasons: 1, it is owned with a partner. 2, it is leased out to renters and students at a flight school. The LLC shields me personally from liability if any pilot other than me flying the plane causes a problem.
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That is correct as my lawyer explained in my state.

I just got off the phone with my insurance agent. It was mentioned earlier that the insurance should be under the llc's name. That is NOT smart, if the insurance is ONLY under the llc and NOT you the pilot, you will NOT be covered when flying other peoples planes as you would with the policy I have. If you are the insured, with my policy, I am covered for ANY plane I fly including mine.
I am the insured on the policy with the addition of the llc.
 
For those with aircraft owned by a LLC, is there much difference in the insurance premium vs. privately owned?
 
1RTK1 said:
That is correct as my lawyer explained in my state.

I just got off the phone with my insurance agent. It was mentioned earlier that the insurance should be under the llc's name. That is NOT smart, if the insurance is ONLY under the llc and NOT you the pilot, you will NOT be covered when flying other peoples planes as you would with the policy I have. If you are the insured, with my policy, I am covered for ANY plane I fly including mine.
I am the insured on the policy with the addition of the llc.
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FWIW, my policies (I have 2 airplanes insured in separate LLCs) list the named insured as "XYZ, LLC, and its individual executive officers and members." I'm a member of both LLCs.
 
As long as your name is listed you are fine, if only the llc's name is listed you are not.
 
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