It seems to be an issue with permissions.
You can enable the hidden admin account in windows by following the below instructions
Click on start icon and type cmd in the search box, right click on cmd option and choose run as admin.
In the command prompt window type net user administrator /active:yes and press enter.
Once you see the message "The command has completed successfully".please log off from your
current user account and log into the Administrator account.
Please try to install premiere elements in this account. If it gets installed it would be installed in your
own user account as well (Since applications are not user specific).
Please reply in case you face any issues.
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Please check the below Mentioned link that might can help you in resolving this error.
The link is not exactly for Premier elements whereas the error:-1321 is the same and might be helpfull.
If you still face the problem please reply on the forums so that we can help you in better way.