UPDATE 03-08-2017: At this time (2017), we are no longer offering personal guarantee insurance (PGI), and we’re not aware of any other organization that offers it.
What is Personal Guarantee Insurance: today, most small and medium-sized business owners, limited partners, and commercial real estate investors are required to personally guarantee a commercial loan, putting their personal assets, like their homes and savings, at risk. Personal Guarantee Insurance protects personal assets if a lender pursues a personal guarantee by covering a substantial portion of the net liability of the insured.
Burns & Wilcox has been selected by Asterisk Financial Inc., the creator of Personal Guarantee Insurance (PGI), to be its wholesale partner to offer PGI directly to brokers and agents.
The partnership combines Burns & Wilcox’s marketing and training capabilities and extensive broker outreach efforts with Asterisk’s insurance expertise to offer a product that can provide a safety net to business owners and other guarantors.
“Personal Guarantee Insurance is an important product in today’s economy,” said Alan Jay Kaufman, chairman, president and CEO of Burns & Wilcox. “The losses in the real estate market have been felt by many, and this product can help protect people’s valuable personal property. Our partnership with Asterisk will allow us to deliver this critical insurance coverage to our agents and brokers.”
Provided by an “A” rated carrier, PGI is presently admitted and available in 23 states and the District of Columbia: Arizona, Connecticut, Colorado, Delaware, Illinois, Indiana, Iowa, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, Nevada, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Utah, and Wisconsin. Additional states will be added throughout the year.