Asterisk Financial Inc. Announces Notification of Patent Grant for its Personal Guarantee Insurance

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Asterisk Financial Inc. has been notified by the U.S. Patent and Trademark Office that is has been granted a patent for the underwriting process behind its proprietary Personal Guarantee Insurance (PGI), the first-ever insurance covering loss of personal assets (home, savings, etc.) from a small business loan default.

Middletown, Conn., Oct. 20, 2011- (PressReleasePoint) - – Asterisk Financial, Inc., creators of Personal Guarantee Insurance™ (PGI), announced today it has been notified by the U.S. Patent and Trademark Office of the grant of a patent for its underwriting system for PGI.
 
The patent, filed in March 2009, covers Asterisk Financial’s proprietary underwriting process which evaluates the risk characteristics of the borrower or guarantor, the loan and the variable risk features of the policy.
 
For many small and medium-sized business owners and investors, the personal guarantee is a fact of life. It requires them to put up personal assets such as a home and bank account as a condition of loan approval. Those who sign one experience the financial and emotional stress that comes with risking the loss of personal assets should the loan go into default. Asterisk Financial developed PGI to provide guarantors with the first and only insurance policy to protect their personal assets in this difficult scenario.
 
“The grant of a patent for our proprietary underwriting system recognizes our innovative approach, which helps business owners mitigate the risks associated with commercial loan guarantees,” said Mark Ricciardelli, President and CEO of Asterisk Financial. “We will continue to develop and extend this coverage, providing small business owners with peace of mind while making it easier for more of them to seek additional financing for expansion or working capital needs.”
 
PGI is an admitted product and is currently available from insurance agencies in 38 states and the District of Columbia; Asterisk Financial expects it to be available nationwide by early 2012. Interested agencies should contact their wholesaler. More information is available at.
 
 
About Asterisk Financial
For more information on Asterisk Financial, please visit www.personalguarantee.com. You can follow us on Twitter @AsteriskPGI.