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Excess liabilities

Insurance to cover the excess amount of liability for general average contributions, salvage charges, sue and labour charges and three-fourths collision liability where the full amount is not covered by a hull policy. It overcomes the problem of under-insurance and the rateable reduction in an insurer’s liability consequent upon a rise in value of the hull owing to a rise in tonnage values upon general average is assessed.

Excess liability insurance

An insurance arranged by tour operators in connection with US and Canada fly-drive holidays. The car company effects third party cover for limits in excess of the statutory minimum for the benefit of the car users. Nonetheless the high level of damages awarded to the victims of road accidents in North America may exceed the cover provided. The purpose of excess liability insurance is to cover the liability that is uninsured under the car company’s insurance arrangements.

Excess liability policy

A policy issued to provide limits in excess of an underlying liability policy. The underlying liability policy can be, and often is, an umbrella liability policy. An excess liability policy is no broader than the underlying liability policy; its sole purpose is to provide additional limits of insurance.
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A policy issued to provide limits in excess of an underlying liability policy. The underlying liability policy can be, and often is, an umbrella liability policy. An excess liability policy is no broader than the underlying liability policy its sole purpose is to provide additional limits of insurance.

Excess Limit

(i) The limit provided in a policy which is in excess of the basic limit. (ii) A limit provided in a separate policy with another insurance which is in excess of the limit provided in the basic policy.

Excess Loss Premium Factor

This expression is used in connection with retrospective rating plans. It is a factor which compensates the insurer for the fact that the insured has elected to limit the effects of any one large loss under the retrospective rating formula. For example, the insured might elect a loss limitation of 50,000, which would mean that would be the maximum limit of any one loss that would go into the retrospective calculation.