Posted On 10 July 2012 at 17:18
My Name is Ashish. I want to ask you a question related to general insurance.
I am going to enter a venture with my uncle(not relative) and 2 other persons who are already a director of a Pvt ltd. company. When I enter I would become the 4th director.
They have already planned to set up a cast iron foundry to manufacture some product. For this they have applied for a loan amounting around 4 crores(total project cost including term loan and cash credit). But they are falling short of security money of around 40-50 lacs. Since I have ready property of my own I want to invest in the project since it is a profitable one.
Now my question is that -
1. Can my mortgaged property be insured? so that in case of bankruptcy the insurance company bears everything and I can get my property back from the bank without any issues.
Please also suggest other ways of keeping myself in safe place..