MEDICAL,USA: 1. Insurance policy or bond that covers the insured against certain hazards. It applies only to loss or damage in excess of a stated amount. 2. Portion of a line that exceeds the insurance company’s net line or retention. 3. Insurance policy that pays over the primary amount of coverage.
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A secondary coverage that pays in excess of the primary policy. Excess insurance does not pay unless the amount lost exceeds a specified amount.
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UK: An insurance adding an excess layer to a primary insurance or other excess layers. It does not contribute to a loss until the limit of the primary or underlying insurances has been reached. Excess layers are used in liability insurance where the limits of indemnity of the underlying insurances do not meet the requirements of the insured.
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Coverage that applies on top of underlying insurance that is primary—insurance that pays until its coverage limit is exhausted at which point the excess coverage takes over. Also see Umbrella liability insurance.
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Insurance Policy designed to provide coverage over one or more similar primary coverage, and which does not pay until the primary Insurer has paid its limit for a particular loss.