Middletown, CT (PRWEB) September 21, 2010
Asterisk Financial Inc, http://www.personalguarantee.com, creator of Personal Guarantee Insurance™, announced today it is licensed to do business in seven additional states: Kansas, Kentucky, Michigan, North Carolina, Oklahoma, Pennsylvania and South Carolina. Personal Guarantee Insurance is the first-ever insurance product protecting small-to-medium-size business owners, their partners and investors against personal asset loss from personal guarantees.
The seven new states are in addition to Connecticut, Illinois, Indiana, Iowa and Wisconsin, in which Asterisk was licensed when the company launched its business in June of this year.
By the end of 2010, Asterisk plans to expand its state policy filings and insurance coverage to half of the United States, with applications in 13 other states.
In today’s restrictive lending environment, lenders are requiring most business owners to sign a personal guarantee. These guarantees expose personal assets, such as real estate and bank accounts, as additional sources of repayment which banks can pursue in order to satisfy outstanding debt in the event of a business loan default. When a personal guarantee is called, it can have catastrophic financial consequences, exhausting a guarantor’s means to restart their business – in some cases even losing their homes.
“When a bank asks a business owner to sign a personal guarantee, it is effectively asking the owner to sign a blank check without a date,” said Mark L. Ricciardelli, president, CEO and co-founder of Asterisk. “We created Personal Guarantee Insurance to meet a critical need for small business owners and their partners to reduce the financial risk of a personal guarantee.”
“Given our first-mover advantage with Personal Guarantee Insurance, and growing demand for the product, we have accelerated our expansion plan through 2010 and 2011,” Ricciardelli added. “We have been pleased with the reception Personal Guarantee Insurance has gotten to date in the marketplace, as more and more people recognize the importance and value of having a hedge against personal asset loss should the worst-case scenario occur.”
For more information, or to find out about how to apply for Personal Guarantee Insurance from Asterisk, click here: http://www.personalguarantee.com. To learn more about what Personal Guarantee Insurance is and how it works, visit http://www.personalguarantee.com/asterisk/article/12/what-is-personal-guarantee-insurance.
About Asterisk Financial Inc.
Asterisk Financial Inc., a wholly-owned subsidiary of Asterisk Financial Group Inc., is the first-to-market creator of Personal Guarantee Insurance, the only insurance product available today that specifically addresses the risk mitigation needs of loan guarantors. Designed as credit insurance, Personal Guarantee Insurance is intended to protect small-to-medium-size business owners, commercial real estate investors and other guarantors from potential liability and property loss arising from personal loan guarantees. Asterisk is headquartered in Middletown, Conn. For more information visit http://www.personalguarantee.com or call (888) 643 8744. Follow us on Twitter @AsteriskPGI.
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