Exotic Insurance Request

[princeNYC]

So here is my situation, I hope someone has an answer and can earn a nice commission from it!

I am buying a business from a guy for roughly $500k. He is carrying the note. What he would like is some kind of insurance in case I miss a some payments to him. (the payments are appox. $17k per month.) The business easily covers that but his concern is with me and my partners just selling his inventory and disappearing. It would never happen but to give him peace of mind we are looking for insurance to cover this type of situation. But we have no idea who to talk to about it. Obviously this is out of the league of my regular insurance agent.
We would like this asap so we can close this deal, so if you think you have a solution let me know.

Thanks!

 

[xrac]

I think what is needed is a performance bond perhaps.

 

[princeNYC]

I think what is needed is a performance bond perhaps.

What is a performance bond? And what type of agents offer them?

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I google'd it and read a few articles.

That is close to what we need. Thanks! I am concerned about how long it takes though.

Any other ideas out there?

 

[ABAInsurance]

Just curious if you were able to find anything

 

[xrac]

What is a performance bond? And what type of agents offer them?

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I google'd it and read a few articles.

That is close to what we need. Thanks! I am concerned about how long it takes though.

Any other ideas out there?

Large P&C agents write this type of stuff.