Excess Insurance Law and Legal Definition
Excess insurance is used to supplement primary insurance on an excess basis or provide coverage above a self insured retention. It is a secondary insurance policy that covers a loss in excess of that covered under a primary policy. For example, the primary coverage is $500,000 and the excess insurance is $5 million. After the losses exceed $500,000, the excess insurance will pay for the losses up to a total of $5 million. It is a type of insurance which applies to such portion of a loss or damage that exceeds a specified amount.
Legal Definition list
Related Legal Terms
- Accelerated Life Insurance Benefits
- Accident Insurance
- Accidental Death and Dismemberment [Insurance]
- Accommodation Line [Insurance]
- Accountants Professional Liability Insurance
- Accounts Receivable Insurance
- Actual Cash Value Insurance
- Actual Delivery of Insurance Policy
- Actuarial Documents [Federal Crop Insurance Corporation]
- Actuarially Appropriate [Federal Crop Insurance Corporation]
