I can see an insurance co being skittish of this deal, as you mentioned buildings owned by someone but on a different person's property are a bit of a red flag, it doesn't fit well with the conventions of ownership.
I'd think a simple written lease for a nominal amount would be fine, the insurance co just wants 'true ownership' cleared up for themselves. A place to hang their hat.
I wonder if, with real estate involved, if a longer lease would work out easier, 5 year deal or something, so son can work year to year with this a little easier? But whatever works, I'm sure the insurance agent can spell it out quite simpily what they require.
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Today's Featured Article - Sunday Drives - by Cowboy. Summer was finally upon us here in Northern Maine. We have two types of industry up here, one being "Forestry" (Wood Products) and the other "Farming" (Potatoes). There is no shortage of farm tractors and equipment around here! I have been restoring old Farm Tractors for the past 6 years, and have found it easier and less expensive to hit all the auctions and purchase whole tractors for parts needed. My wife who works at a local school, and only has weekends and summers off, while on t
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