Worried about reaching your coverage limit? Excess liability insurance may help cover excess costs.
More coverage means more protection.
Excess liability coverage works alongside your main insurance policy, most commonly one that covers the 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.
Why should you have excess liability coverage?
No matter what kind of insurance you have, there are always limits that are part of your policy. With excess liability insurance, you may be able to avoid unexpected costs if your liability limits are reached.
The difference between excess liability and umbrella insurance.
The term excess liability is often interchanged with an umbrella policy, 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.
Want to find out more about how excess liability insurance may help bring you extra reassurance? Contact us to go over your coverage needs and options.
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