More coverage means more protection.
Insurance is all about peace of mind, and excess liability coverage takes it to the next level. It works alongside your main insurance policy, most commonly one that covers costs you’d have to pay somebody else rather than your own costs.
How does your excess liability policy work?
An excess liability policy only pays out if and when your main policy has paid out in full and has reached your coverage limit. The excess policy then kicks in to pay any remaining costs. This means an excess liability policy is less likely to pay out than a standard policy, in turn meaning the premium costs are comparatively lower.
The difference between excess liability and umbrella insurance.
The term “excess liability” is often interchanged with “umbrella” and the distinction between the two can be blurry. Some insurers use the distinction that umbrella insurance can cover some risks and situations not covered by the standard policy, while excess liability simply adds on a higher payout limit. Because such distinctions in terminology aren’t always used consistently, you’ll need to check exactly what your policies offer.
To find out more about how excess liability insurance gives you that extra reassurance, contact us today.