Hi all again .
With Wrapped houses the insurance coverage of the house is the Wrappees cost (ie if house burns down etc) but if for some reason the house itself causes a death ( from a gas leak or something ) and a court decides that a WRAP contract is partialy a rental contract and the “Tenant” can therefore sue for damages from the owner of the property .
As most of us know we place WRAPs into Unit Trusts and the Trust is then managed by a Trusteee who is a company , does this Trustee company need to be a $2 only company or can this be a active trading company?
Hs anyone obtained insurance coverage for anything like this above or am I just being a worry wart ?Hi Stephen,
Great talking to you before…
In Victoria, because there is a sale contract there is no tenant-landlord issue. I include wording that spells this out in the contract just in case there is any doubt.
Also see my comments about insurance – author FW.
Bye
Steve McKnight
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
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