Selling my 4 month old mc + truck $20k

His Company is who bought the insurance, not him. That is why he is selling the business.

 

You dont get it. He is trying to transfer the insurance to the new owner. Hence my post. Insurance is not transferable by whom purchased the insurance. Doesnt matter if it is a person or a company that is still represented by a person of said company. Insurance becomes null and void once the insured item leaves possession. Wording is irrevelant. It still boils down to the OP making a false claim about their insurance being transferable to make the sale a better thing.

 

"I'm getting out of the business since it's not fulfilling me. I am selling my MC, corporation and truck. So essentially the wholecompany."

It means he is selling the COMPANY, which is the entity that has the insurance. The insured items are the assets of the company. The OP is nearly a driver on the policy and drivers CAN be changed at any time. If he is transferring ownership of the entity, then nothing else changes on the policy.

I know this because I buy other businesses. Commercial Insurance does not require any type of personal guarantee and is therefore transferable with the sale of ownership of the business. If you tried to do this in the past and failed to do so, you probably just screwed up the transaction somewhere.

It is exactly like me buying houses. If I buy the house itself, IE an asset sale, I have to get a new insurance policy. However, if I buy The Entity that owns the house, any insurance that company already has covering the property will remain intact throughout the transaction.

 

What ever you want to believe man

 

Hopefully this doesn't ruin a friendship...

 

I lot of people here don’t understand business. Corporations are entities. This guy is selling his corporation. The new owner of the Corp can be added as a driver with a phone call and replaced on the bank accounts with a trip to the bank. It’s the only way legitimately to buy an authority you just have to make sure the business doesn’t have any liabilities as those will become the new stock holders liabilities as well. If insurance and plates are paid for a year, it’s not a bad deal at all if you like the corporate name.

 

I wonder if trucking would have been more "fulfilling" for him, if his bank account was being more fulfilled at the same time.

 

What kind of shape are the load locks in?

 

His last post was in March. With no responses currently. I doubt you will see anything come of this. I hope all the best for him. Getting help from his friend seems to have paid off. Now he just needs to post if he is no longer wanting the ad. As it would get locked or have them ask the mods (use the Report feature) and have the ad deleted.