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What is the meaning of the term excess in a general liability insurance policy?
Wiki User
∙ 13y ago
An excess insurance policy is one, the coverage of which, sits "atop" the primary policy. That is, the excess policy provides additional indemnity benefits if or when the primary policy limits are exhausted.
In general, the primary insurer has a duty to settle a claim within its policy limits if it is possible to do so so as not to subject the excess policy to exposure. Normally, the excess insurer will track the underlying litigation to ensure that this is done. It may have a cause of action against the primary insurer if the primary insurer does not do this and the excess insurer is called upon to pay the claimant.
Wiki User
∙ 13y ago
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What is excess insurance mean on an subcontractors insurance?
The term 'excess' insurance is usually for liability coverage. An excess liability policy is also commonly referred to as an 'umbrella' policy because it offers additional coverage over other liability coverages. In the case of a subcontractors insurance, it would be a policy which would extend higher limits than the base policy on general liability and auto liability.
What is the average cost for liability insurance for an appliance repair business?
I just got a quote in Nebraska for 250 yr for general plus 500 yr for commercial excess liability.
What has the author David W Steuber written?
David W. Steuber has written: 'Issues involving excess liability insurance coverage' -- subject(s): Insurance, Liability, Liability Insurance
What is the cost of 5000000 General liability insurance?
Most insurance companies will write 1,000,000 per occurrence with a 2,000,000 aggregate. If you wanted a total of 5,000,000 you would need a 4,000,000 umbrella/excess liability policy. But to answer your question it depends on the type of risk.
What is the average premium for excess liability insurance for a 40-year old man?
The average premium fr excess liability insurance for 40-year old man will be arround would be $31-$40 a month.
What kinds of circumstances are covered by excess liability insurance?
Excess liability insurance gives you extra asset protection beyond your basic policy. It can help in the event of being sued by someone due to injury or negligence in your home or anywhere else.
What does Excess Liability insurance cover me for?
Excess liability coverage is designed to cover drivers who may have been involved in an auto accident and the injuries or bills exceed the insurance policy. It's kind of like your back up amount and can give you a little extra cushion and coverage.
Business umbrella insurance?
Umbrella or Excess Insurance provides an extra layer of limits, Usually sold in $1,000,000 increments above your current primary General Liability, Auto Liability and/or Worker's Compensation policies carried by a business. In NJ contact William J. Zester - VP MPPI, Inc. bzester@mppi.com
What is excess auto coverage?
I believe the term you are meaning to say is excess liability coverage. An excess liability policy act similar to an Umbrella policy that increases your liability limits on your underlying auto, home, boat, or rv policies at a very reasonable rate. An excess liability policy does differ from a true Umbrella policy so ask your agent to explain the differences and what is available for you.
What services does Electric Insurance provide?
Electric Insurance offers six products and services: Home Insurance, Auto Insurance, Condo Insurance, Tenants Insurance, Umbrella Insurance and Personal Excess Liability - GE Employee Benefit.
Do quota-share insurance agreements exist anymore or are excess layer agreements the only form of liability insurance?
Yes, the quota-share insurance agreements still exist to this day.
Does a commercial general liability policy also provide excess vehicular liability coverage beyond the coverage in the driver's separate mva policy?
No. A commercial liability policy specifically excludes liability arising out of the ownership, maintenance or use of a motor vehicle.
