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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.

Excess of Average Loss

Excess of loss ratio reinsurance where the excess point is recalculated annually as a moving average of the loss ratio experienced over an agreed number of preceding years and the ceding company is required to bear an agreed share of any loss in excess of that average.