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Hello, my name is Jim and I am a qualified lawyer happy to help you today.
What would you like to know about the personal guarantee?.
No problem, I presume you are aware of what a personal guarantee means for a director of a limited company?.
Thanks, with this being a deed, it needs to be witnessed.
It also gives the insurer a period of 12 years from any breach on your part to pursue you through the courts.
It makes you personally liable if things go wrong, so you cannot use the limited status of the company to avoid a claim.
These are usually used if a limited company hasn't been trading for long or if their credit rating is not good - it offers the insurer extra protection as they can then pursue the director.
I can't take a call at present however I can continue online to answer further if this helps. If not then I can opt out to let a colleague take over. Let me know. Thanks
Yes, and as I say, the company is not liable but you as director. It is quite a risky proposition so you may want to see if they can offer a contract between the company and the insurer, or at least a guarantee which is not a deed (a deed makes it water tight against you). Is there another insurer available or is this one the only one which will cover?
I hope I have helped.
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