Petersen International
Petersen International Underwriters, a 29-year cover holder for Lloyd’s, has announced an improvement of their business contingent lines of coverage. Contingent Bank Loan Protection, Contingent Key Person Protection, Contingent Buy Sell Protection, and Contingent Confidential Asset Protection are all designed for business uses in providing high limits of coverage. Perils covered may include both death and disability insurance.
With any of the business contingent plans, coverage can range from $100,000 to $100 million, with most cases approved and bound within 24 to 48 hours. These programs solve unique problems, especially for the corporate world. Mergers and acquisitions, bank loans, difficult to place cases, short term needs, and venture capital investments are some of the regular uses. Typical examples of the daily needs for business contingent plans include: a key person portfolio manager who needs to be insured for many millions of dollars, a private equity firm closing a deal involving the purchase of a firm whose principal asset is a research doctor, a medical group that is purchasing a new piece of diagnostic equipment for $2 million and the bank has asked for death and disability coverage to be in place prior to funding.
