Co-Ownership Insurance and Filing Claims

Why co-ownership insurance is required

Standard homeowner or vehicle policies usually do not cover assets held in an LLC with multiple owners. Slivvy requires a co-ownership policy on every asset so every member is protected — and the platform can keep coverage from lapsing.

What's covered

• Property / asset damage — accidental damage, weather events, theft
• Liability — protects co-owners and their guests
• Loss of use — when the asset is unusable due to a covered claim
• Natural disaster — wildfire, flood, hurricane (depending on the policy and region)
• Other policy-specific coverage — see your certificate

How premiums work

Premiums are calculated per share and billed monthly along with your other recurring fees. You'll see the per-share premium on the listing before you buy.

Your certificate of insurance

Each co-owner gets a certificate of insurance for the asset, downloadable from Document Vault → Insurance. Marinas, HOAs, and lenders sometimes ask for proof of coverage — this is what you send them.

Filing a claim

1. From the asset page, tap File an insurance claim
2. Describe the incident, attach photos and any condition reports
3. Add a copy of any police or fire report (for theft, vandalism, or fire)
4. Submit — Slivvy routes the claim to the insurance carrier

Tracking a claim

Claim status, adjuster contact, and any payout details are visible in Dashboard → Claims. Proceeds are typically paid to the LLC and used to repair the asset; if there's a balance, it's distributed per the Operating Agreement.

Renewals

Renewals are automatic. Slivvy reviews coverage annually and recommends adjustments if usage patterns or asset value have changed materially.

Incidents that don't rise to a claim

Minor damage that's below the deductible is handled through the regular damage workflow — see Check-In, Check-Out, and Condition Reports for how attribution and reimbursement work.