Excess Liability Policy - What Is It?

Often called secondary insurance, the excess liability is an insurance product that covers excess amounts occurring over the insured sum by your primary insurer.

It provides and additional coverage which may include general liability, employers liability, a hired and non- owned auto liability policy etc.

The policy offers an umbrella protection when claim settlements exceed payout limits of your basic insurance policy. The personal excess liability policy protects your assets as an individual, while business excess liability policy safeguards your business from financial ruin.

Liabilities covered include bodily injury or property damage sustained by someone on your property or using your vehicles or equipment. It could also cover injury or damage occurring at your business or while conducting your business. Excess insurance kicks out when your primary policy cover is inadequate to cover claims or damages.

This shows the importance of a good excess liability cover, for a person who has a liability insurance cover on say his house or car, the excess insurance cover would increase the basic liability cover substantially. It then goes without saying then that one can only have an excess insurance cover only if he initially has the basic personal liability cover.

Excess liability insurance policy holders are offered coverage against injury and property damage caused by a policy holder; this would include claims arising from slander, false eviction, libel, false arrest and so on.

More to this a policy holder can receive additional funds to meet legal defense costs and so on. This benefit is available even when the lawsuit is termed groundless or not covered by the underlying policy.

The excess limit of liability is huge; it could go up to a good $1 million and beyond.

Considering the benefits it provides, the excess liability policy is quite inexpensive. It is possible to acquire a policy in excess of $ 1 million for just a few hundred dollars a year.

The excess policy is an additional policy and often the policy holder can get attractive discounts for holding multiple policies with the same insurer. Excess liability policies are subject to annual renewals and sometimes the eligibility for renewal could be jeopardized based on previous claim history of a given policy holder.

Though the basic insurance policies are essential for your survival, the excess insurance policy is one policy that you cannot do without whether you are a business owner or an individual, please consider the above mentioned and save yourself from excess worry and uncertainty by acquiring an excess insurance policy today.

Source: http://ezinearticles.com/6263038

titus young flu new england patriots clarence house contact