Personal Guarantee Insurance is an annual insurance policy that provides Directors with insurance cover in the event the business lender calls on their Personal Guarantee following insolvency.
| Personal Guarantees provided against: | ||
| Secured Loans | Unsecured Loans | |
| Policy Term | Annual Policy | Annual Policy |
| Details of Cover |
Cover is based on a fixed percentage:
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Cover is based on a fixed percentage:
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| Payment Terms | Annual or monthly payment options available | Annual or monthly payment options available |
| Maximum Level of Cover | £400,000 | £300,000 |
| Access to Business Support Services | Yes – unlimited | Yes – unlimited |
| Time to Quotation | Online quotation available in minutes. Where applications are referred to underwriter, target response within 24 hours. | Online quotation available in minutes. Where applications are referred to underwriter, target response within 24 hours. |
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Scope of cover: Personal Guarantee Insurance is available for Personal Guarantees provided against a wide range of business loans.
Secured Loans (where the lender has a charge, debenture or right of title against business assets) which typically include:
Unsecured Loans (where the lender does not have a charge, debenture or right of title against business assets) which typically include:
Multiple Guarantees? We can include multiple guarantees on a policy if your client has two or more guarantees in place. |
More than one guarantor? Where the Personal Guarantee has been signed by two or more Directors “jointly & severally” we can include additional Directors on the policy.
Legacy Personal Guarantees? Personal Guarantee Insurance is available for historical Personal Guarantees.
Who insures Personal Guarantee Insurance and who is the policy administered by? Personal Guarantee Insurance is brought to you by Purbeck Insurance, a Managing General Agent which has contractual authority to administer and enter into contracts of insurance on behalf of Markel International. Personal Guarantee Insurance is insured by Markel International Insurance Company Limited (“Markel International”). Markel is an A-rated, leading insurer that is authorised and regulated by the Financial Conduct Authority and the Prudential Regulatory Authority.
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ECS Management Services Limited are not directly authorised to recommend or sell Personal Guarantee Insurance, however we are allowed to provide an overview of the features and benefits without giving advice or making recommendations.
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