Ask Your Peers Equipment Personal Guarantee Insurance (Closed)

Joanna Wright, Ives Insurance Services, Inc. - San Diego, CA 92106

Reputation: 27 - Total posts: 3

I'm looking for a company that will write Equipment Personal Guarantee Insurance. Amtrust once wrote this product but has discontinued. Does anyone know of any other company that will cover this risk?

10 year(s) 3 month(s) ago

1 Verified Reviews - 5 of 5.0

0 Verified Reviews - 0 of 5.0

Allison Dittmar, CompleteMarkets - Fawnskin, CA 92333

Reputation: 1961 - Total posts: 64

Hi Joanne,

I looked up the type of insurance that you are looking for. Could it be written under another type of insurance such as lender liability? If you would please give me a little more information so i can help you. Thank you so much.

10 year(s) 3 month(s) ago

1 Verified Reviews - 5 of 5.0

0 Verified Reviews - 0 of 5.0

Joanna Wright, Ives Insurance Services, Inc. - San Diego, CA 92106

Reputation: 27 - Total posts: 3

Thank you Allison, I received a call from a business owner who is leasing equipment for his business and the leasing company requires him and his two partners to sign a Personal Guarantee Agreement. This agreement allows the leasing company to "go after" (lack of a better term) the owner's personal assets should the business fail and the equipment is no longer used and the lease if broken. The business owner wants to protect his personal assets. Amtrust use to have a market for this a few years back but no longer offers it and I can't find any other company that does. Commercial or Personal umbrella would not cover this risk. It is coverage for the business owner, not the leasing company.
Any suggestions?

Thank you!

10 year(s) 3 month(s) ago

1 Verified Reviews - 5 of 5.0

3 Verified Reviews - 5 of 5.0

Jason Quaglia, Risk Management Solutions of America, Inc. - Chicago, IL 60604

Reputation: 1149 - Total posts: 65

Joanna,

I would try RLI and Travlers if they have any type of bond to suit.

Other than that I am told that no markets do personal guarantee coverage and i believe they haven't since Lloyd's was burned in the early 2000's.

Thank You,

Jason A Quaglia

10 year(s) 3 month(s) ago

1 Verified Reviews - 5 of 5.0

0 Verified Reviews - 0 of 5.0

Joanna Wright, Ives Insurance Services, Inc. - San Diego, CA 92106

Reputation: 27 - Total posts: 3

Thank you, Jason.

10 year(s) 3 month(s) ago

1 Verified Reviews - 5 of 5.0

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