As a condition of raising business finance, Directors are often required to provide additional security to the lender by way of a Personal Guarantee. By signing a Personal Guarantee, the Director is placing his or her personal estate at risk so if the business fails the lender can seek recoveries from the Director personally.
Despite the best intentions of Directors, things can sometimes go wrong which are often outside of their control such as failure of customers or suppliers, regulatory changes, or macroeconomic factors. In the unfortunate event the business becomes insolvent, the lender can call on the Personal Guarantee to recover some of the shortfalls due on the outstanding finance obligations that the business owes to the lender
What is Personal Guarantee Insurance? (PGI)
PGI provides cover to Directors of Ltd Companies based in the UK who have signed a Personal Guarantee to support a commercial finance facility. If the company enters insolvency, the Policy comes into force and pays a set percentage of the PG commitment directly to the lender.
Resolute Commercial Finance have partnered with a PG insurance specialist, currently the UK’s only current provider of Personal Guarantee Insurance (PGI), to offer you a solution that gives you the confidence to grow your business through securing crucial finance, but at the same time, protecting your personal assets.
Key features include:
1. Competitive premiums and cover available across a wide range of business loans
2. Insurance available for:
a. Existing or new Personal Guarantees
b. Multiple Personal Guarantees
c. One or more guarantors
3. Unlimited access to Business Support Services; a group of specialist advisors who are at your side should your business need support
4. Full quotation in minutes using our online quote and buy system or via telephone with one of their specialist advisors
5. Insurance policy insured by Markel International, which is an A-rated leading insurer
PGI is available against a wide range of business loans, including invoice finance, asset-based loans, commercial mortgages, peer-to-peer loans, development loans and more.
Why not have an informal chat with the professionals and make sure that you are not risking your personal assets unnecessarily.
How to get a quote
You can contact us for an application form or follow the link below to access it online. A member of the provider’s Support Team will contact you shortly afterwards to discuss your options.
Please note: Should you choose to proceed with the offer, Resolute Commercial Finance will receive a fixed fee of 10% of paid net premium.