Personal Guarantee insurance for business ?

POSTED BY Paresh Shetiya ON November 29, 2013 6:24 pm COMMENTS (4)

Hi Manish,

Do Indian general insurance companies offer insurance coverage for personal guarantees given by businessmen during the course of their business? If not, what are the alternatives available to protect one’s personal assets from business related personal guarantees?

Thanks,

Paresh

4 replies on this article “Personal Guarantee insurance for business ?”

  1. Paresh Shetiya says:
    December 3, 2013 at 1:03 pm

    Thanks, will check and proceed thereon.

    Reply
  2. ashalanshu says:
    December 2, 2013 at 11:45 am

    Dear Paresh, the insurance you are asking for is probably available with Indian insurers. As it’s not directly in personal finance space, I do not hold exact details of this but certainly some insurance policies from general insurers are available for what you are asking for. If I recall right – these are called ‘Professional Indemnity Policies’.

    thanks

    Ashal

    Reply
  3. Paresh Shetiya says:
    December 2, 2013 at 11:24 am

    Hello Ashal,
    A businessman has given his personal guarantee for a business transaction in his own business, which means in case the business transaction fails, he has to reimburse the other party through his personal assets. To protect himself, the businessman would like to take an insurance policy for such guarantee, wherein he pays regular premium to the insurance company, and in case the business transaction fails, the insurance company will reimburse the other party on his behalf.
    Do Indian general insurance companies cover such risks?

    Thanks,
    Paresh

    Reply
  4. ashalanshu says:
    November 30, 2013 at 9:10 pm

    Dear Paresh, can you elaborate your query?

    Thanks

    Ashal

    Reply

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