What Does An Excess Policy Cover? - Farmer Brown Insurance Agency - Contractor Talk

What Does An Excess Policy Cover?

 
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Old 06-20-2019, 03:11 PM   #1
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What Does An Excess Policy Cover?


An excess policy is an insurance serves as the insurance of your insurance. It is a policy that provides coverage when an underlying liability policy has reached its limits. It makes sure that everything is covered, even if your primary coverage has reached its declared limits. It is if the claim exceeds the limits of the primary policy, it picks up the remaining costs that were not covered by the primary insurance. So if they have an Excess Liability for their GL Insurance, they can't use that coverage toward any other policy. That way, if they found liable for $5million in damages and their GL only covers $2 million, they can make a claim on the Excess Liability policy to pay the remaining $3,000,000. Excess Liability can only be applied to one underlying policy. That means you could write an Excess Liability policy that extends the coverage of their General Liability Insurance or any other policy do you have.

Excess Liability brings heart ease for a comparatively minor expense.
It helps the client to access more coverage when their liability policies are exhausted. The solitary purpose is to provide additional limits of insurance. The primary purpose is to close coverage gaps and to offer an added layer of protection in case the underlying insurance is maxed of all possible resources.

learn more on the Farmer Brown ebook:
https://contractorsliability.com/ebo...man-insurance/
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Old 06-22-2019, 12:01 AM   #2
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Re: What Does An Excess Policy Cover?


Does it cover the exact same things the original policy covers or does it give any additional coverage?


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