Perspective
Oct. 9, 2014
Excess insurer contract language amounts to free pass
Excess insurance is essential to businesses of medium or larger size because it provides catastrophe coverage at much lesser rates per dollar of coverage than primary insurance. By Kurt W. Melchior
Excess insurance is essential to businesses of medium or larger size because it provides catastrophe coverage at much lesser rates per dollar of coverage than primary insurance. There are two main reasons for this: The excess insurer is not often called on to defend cases since it need not defend until it is also bound to indemnify, meaning that the loss will exceed the amount of insurance below - also called the "inception point" - ...
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