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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