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Excess Liability Insurance

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What is Excess Liability Insurance?

Excess liability insurance is a supplemental insurance policy that increases the limits of an existing insurance policy.

Excess liability insurance is an added layer of protection above and beyond the limits of a specific insurance policy (typically a General Liability Insurance policy). The excess provides additional coverage in the event of a claim that exceeds the limits of the primary insurance policy.

Example: Your General Liability (GL) policy has a limit of $100k. An Excess Liability policy provides a greater dollar limit on your GL policy, say $100k. If your small business was ordered by the court to pay a settlement claim of $200k, then $100k would be paid out from your GL policy, and another $100k would be paid out from your Excess Liability policy.

On What Insurance Policies Can I Have Excess Liability Cover?

Frequently Asked Questions

Is Excess Liability Insurance the same as an Umbrella Policy?

No, here's the difference...

Excess liability insurance does not expand the coverage of a specific policy. Example: If you take out a General Liability policy that excludes risks x,y,z, those risks won't be covered under the Excess Liability policy. The latter mirrors the former, only with a higher limit.

Umbrella policy claims can be applied to several existing liability policies. Example: If you have a General Liability, Professional Liability and Cyber policies, an Umbrella policy will let you claim on all of them. i.e. all their limits can be exhausted before your Excess Liability policy kicks in.

How much does Excess Liability Insurance cost?

Excess liability insurance premiums will vary depending on a number of variables, such as:

  • The policy's restrictions.
  • How much your underlying coverage is worth.
  • What your business does, especially in terms of industry and perceived risk.
  • Location.

Generally speaking, the cost will increase with the excess liability coverage limit you choose.

Your sector and risk tolerance will have an even greater impact on your cost because this form of insurance is intended to cover unforeseen claims that go beyond the parameters of your current policy.

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