Yes.  For many highly successful individuals and families, placing the ownership of assets such as homes, boats, and other property into trusts and limited liability corporations (LLCs) makes a lot of sense.

For tax, privacy, or other reasons, trusts and LLCs can be useful tools.  Generally, insurance on property that has been put in trust or has been transferred to an LLC can be handled in one of two ways:  The LLC or trust can either be the “named insured” on the policy, or it can be the “additional insured or additional interest” on the policy of the person(s) who placed the property in trust or transferred ownership to an LLC. Each option has advantages and disadvantages, so it is important to talk to a professional insurance broker who understands the risks.