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Excess Liability
When excess liability insurance is added to a primary policy, the coverage limits are increased. Its goal is to fill in any coverage gaps and add an extra layer of protection in the event that the primary insurance, such as a general liability policy, is exhausted. When an insurance claim is filed, the insurance company receives a report. The primary insurance, on the other hand, covers all financial losses and damages. However, if the insurance claim exceeds the primary policy's policy limitations, excess liability insurance kicks in and pays the remaining claim costs.
How does excess liability insurance help?
Excess liability insurance can assist you in a variety of ways. When your primary liability insurance coverage is exhausted, an excess liability insurance policy covers you in the event of a lawsuit and other legal expenditures. It also protects you from personal injury and property damage. A commercial auto coverage may benefit from the inclusion of an excess liability insurance policy. The way a policy works is that it adds additional liability protection to a basic insurance policy.
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