PGI Insurance
When you sign a personal guarantee, we understand it’s more than your signature on the line.
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Personal Guarantee Insurance cover for loans up to $10,000,000.
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Insurance premiums cost as little as $50 per month.
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We cover new and existing personal guarantees.
What is Personal Guarantee Insurance?
Most Canadian directors know what a personal guarantee is. What far fewer know is that you can insure against it.
When a lender asks you to sign a personal guarantee on a business loan, you're agreeing to repay that debt personally if your company can't. Your home, your savings, your investments; all of it becomes fair game.
Personal Guarantee Insurance (PGI) is a specialist policy that covers a significant portion of that liability. If your business becomes insolvent and your lender calls on the guarantee, Purbeck steps in and pays a set percentage of the outstanding amount directly to the lender. It won't eliminate the risk entirely, but it puts a meaningful buffer between you and the worst-case scenario.
How Purbeck covers a Personal Guarantee.
$748k PGI cover for manufacturer of diesel engines
- $1.12m funding amount
- $748k PGI cover
- $8.79m shareholder funds
We were approached by directors of a company who had been manufacturing diesel engines since 1935. They were nervous about personal guarantee requirements that were attached to a long-term debt consolidation package they were considering.
We worked closely with the directors to complete all necessary underwriting checks whilst they finalised the details of their loan. At this stage, they quickly and easily took out cover through our online portal and are now happy, safe in the knowledge that their personal assets are safe!
*UK Case Studies
