Worried about reaching your coverage limit? Excess liability insurance may help cover excess costs.
More coverage means more protection.
Insurance fundamentally provides peace of mind, and excess liability coverage enhances this assurance. It operates in conjunction with your primary insurance policy, typically one that addresses expenses incurred by others rather than your own financial obligations.
How does your excess liability policy work?
An excess liability policy provides coverage only after your primary policy has fully paid out and has reached its coverage limit. At that point, the excess policy activates to cover any outstanding expenses. Consequently, an excess liability policy is less likely to result in a payout compared to a standard policy, which in turn leads to lower premium costs.
Why should you have excess liability coverage?
Regardless of the type of insurance you possess, your policy will invariably include certain limitations. By obtaining excess liability insurance, you may mitigate unforeseen expenses should your liability limits be exhausted.
The difference between excess liability and umbrella insurance.
The phrase "excess liability" is frequently used interchangeably with "umbrella policy," leading to some ambiguity between the two. Certain insurance providers differentiate them by stating that umbrella insurance can address specific risks and scenarios that a standard policy does not cover, whereas excess liability merely increases the payout limit. Due to the inconsistent use of these terms, it is essential to verify the specific offerings of your policies. If you wish to learn more about how excess liability insurance can provide you with additional peace of mind, please reach out to us to discuss your coverage requirements and available options.